Not sure which company to incorporate
- Thread starter hayabusa
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Okay I see, it may be a Visa or MC regulation specific to your business area and that's the problem. Sometimes it helps to get started with what is possible and work out a good relationship with the bank so on long term you may be allowed a possible solution for your business. This won't help you now I know, so you will need a short term solution and work on a long term in the meantime.
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What solution did you find to solve your problem? Have you been looking into some Gibraltar, Anguilla, BVI or Cyprus company setup and approach some of the hundreds of payment service providers in Europe?
You will need to setup a company in the USA i.e. Delaware, Nevis or some of these tax havens there 😉
I found a few other merchant account providers who is willing to accept crowdfunding biz but i need to setup a company in EU. So now i'm thinking if i should go with UK(cheaper to setup) or cyprus. I am also considering of starting a adult site but i'm not sure which bank in which country will be willing to accept adult biz.. unless i do not inform︀ the banks i'm going to be doing crowdfunding or adult related biz. But i'm worried︁ what if they found out and close my account? so i'll trying to find a︂ good solution.
You can get a company in UK, and a bank account in one of the countries they support. Take note, the bank must be in one of the EU country they support. You can also get a USA company but you must be able to travel to U.S to open the bank account and you will also need to apply for a EIN(employer identification number) .. and the get the EIN, you must apply for a ITIN. In my country to get the ITIN, i need to spend about︀ $1000 sgd.
So as you see, it's must more difficult and time consuming to get︁ one Incorporated in the U.S. And no, you can't use a bank in EU country︂ for the USA company according to stripe.com. Hope this helps. So i'm going for a︃ EU country that will stripe supports or i'll find a merchant account provider who is︄ willing to accept crowdfunding biz with no rolling fees(this is imp for me ) And︅ i'll have to pay the users 95% of the money they got. If the rolling︆ fees is 10%, i'll have to fork out 5% of my own money. cheers
So as you see, it's must more difficult and time consuming to get︁ one Incorporated in the U.S. And no, you can't use a bank in EU country︂ for the USA company according to stripe.com. Hope this helps. So i'm going for a︃ EU country that will stripe supports or i'll find a merchant account provider who is︄ willing to accept crowdfunding biz with no rolling fees(this is imp for me ) And︅ i'll have to pay the users 95% of the money they got. If the rolling︆ fees is 10%, i'll have to fork out 5% of my own money. cheers
For Adult︀ billing there is only 1 payment processor (in my opinion) and that's CCBILL they seem︁ to be expensive at first look but once you get started and get success with︂ your business and get affiliates you will see they are every penny worth it. They︃ will handle all billing and payment aspects for you and are the No.1 used 3rd︄ payment processor in the Adult industry.
For your crowdfunding business I would start with a︅ UK Company if you don't have the Money (or want to spend the Money) on︆ a Cyprus corp. this get you started cheap and you can see where it all︇ goes. If you are 100% sure this will Work for you a Cyprus Company is︈ the only way to go for the beginning because of tax reasons later on.
For your crowdfunding business I would start with a︅ UK Company if you don't have the Money (or want to spend the Money) on︆ a Cyprus corp. this get you started cheap and you can see where it all︇ goes. If you are 100% sure this will Work for you a Cyprus Company is︈ the only way to go for the beginning because of tax reasons later on.
HI jpay, thanks for all the info , appreciate it .︃ So far from the research i have done in regards to my country(singapore) even if︄ i got a cyprus company incorporated... I'll still need to pay personal income tax for︅ any amount i transfer to my local bank account. And also for both UK and︆ cyprus companies, since i'll be making profits/sales outside of the country... it seems i don't︇ have to pay tax as i'll be considered a non resident and without a permanent︈ establishment in UK or crypus.
As you mentioned, UK is much cheaper to incorporate. So︉ even if i got a cyprus company incorporate , i won't be paying taxes from︊ sales/profits/ trades done outside of cyprus and since i won't get taxed in cyprus, i'll︋ have to pay the tax in my country(singapore) . So it's like not much of︌ a difference . Please correct me if i'm wrong as i want to make sure︍ i am making the right decision. I don't mind getting a cyprus company incorporated but︎ i don't see much difference with a UK company for my situation. thanks
As you mentioned, UK is much cheaper to incorporate. So︉ even if i got a cyprus company incorporate , i won't be paying taxes from︊ sales/profits/ trades done outside of cyprus and since i won't get taxed in cyprus, i'll︋ have to pay the tax in my country(singapore) . So it's like not much of︌ a difference . Please correct me if i'm wrong as i want to make sure︍ i am making the right decision. I don't mind getting a cyprus company incorporated but︎ i don't see much difference with a UK company for my situation. thanks
Oh ok thank you for this info. Do you think or is it advisable to tell the banks that i'll be doing a crowdfunding or adult related biz? i tried a few and they rejected such internet business. They did say they will allowed a internet retail/ecommerce business. So maybe i'm thinking i'll just tell them it's a online retail/ecommerce biz? would that︀ work? will they check this or find out? thanks
You are totally︆ right with the information you researched, hayabusa 🙂 If you ask me a UK company will︇ be sufficient for your purpose and your situation. The only I can think about is︈ that if you later on want to relocate / Redomicile your UK company it may︉ implicate some sort of tax, please clarify that with a specialist in the UK!
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