Offshore Company + Bank Account + Paypal Required

[busdriver]

So summarizing for PayPal:

@ProtectAssets said
- Gibraltar works (no withdrawal to local bank account) and
- Hong Kong works (not really tax-free but offers withdrawal to a HK bank account).
I can confirm Hong Kong works well with PayPal, but ... a HK company is not that cheap (accounting, auditing, BR/government fees, registered office), company needs to pay income tax on offshore income or needs to get exemptions (difficult/pricy) and opening a bank account became more difficult recently.

@jawadhk said
- Seychelles works (is not pricy, no withdrawal to local banks from PayPal).

@pontiacG8 said
- Cyprus works (and I found that somewhere else too, but with VPN and no withdrawal to local banks from PayPal)

If that is true, why are people asking at all? Maybe it's not as easy ...

I was looking at Belize and it seems it will work BUT ... it will be a bit tricky and might requite
- VPN (dedicated/private IP, not shared like HideMyAss because PayPal knows those IP numbers)
- a local (Belize) utility bill
- a Belize issued Visa card (for verification and payout)

 

[negon]

Seems there is a solution to get a PayPal account with ID documents, Cyprus bank account and even Belize or other offshore company. You just need to buy it as an package.

@busdriver don't you think it can be done with a VCC for Belize? or does it need to be from Belize at all, as far as I have seen it does not. VPS provider for Belize is already posted in the forum for this.

 

[busdriver]

I think a local agent in Belize could format an IBC (with bank account) and also be it's (nominee?) director. Than the agent could also create and verify a PayPal account there. That agent would have all local documents needed (like proof of Belize address) and as director he would be the contact person for PayPal.
I had such a case the past in HK, PayPal did not ask for a new proof of address (or any other documents) when the contact person (director) was changed later. One could assume that would be the same still/in Belize.

@auric :
VCC: I don't know if a VCC would do. If PayPal can check the country of the VCC, it would detect it's not from Belize.
VPN: PayPal says they would only accept a Belize Visa card, but that is for pay-outs. I don't know what verification they do in countries where they don't offer withdrawal to the local bank account.
I would expect PayPal to know the common VPN providers (like hide-my-a*s). PayPal did know them years ago and block the log-in with one would connect from a VPN provider IP. But it should work if one would have a dedicated IP number (or RDP server with browser which would be safer and probably a bit more costly).

Last edited: Jul 28, 2016

 

[dotbloup]

for paypal, there is 2checkout, it is a payment gateway, which allows to pay through credit/debit card and paypal in Belize & Seychelles.

 

[dotbloup]

Paypal:
In Seychelles, Belize, BVI, Panama, people are required to link their Paypal account to a US bank account. They can't link to a local bank account. Consequently, it is useless to open a local bank account.

In fact, it is not paypal but the USA that is behind this trick. To open a bank account in the US, a foreign company has to apply for a EIN which will allow the US tax authority (IRS) to monitor the revenue from this company and ask the director for taxes on US derived income on paypal revenue. (US customers who by something from you on paypal).

The real trick that people did until know, they used to transfer the paypal amounts (company) to another paypal (private) from where they could do a wire transfer to "extract" the money they earned from Paypal to their bank account.

 

[busdriver]

Does PayPal indeed expects a citizen of Belize or the Seychelles to have a US bank account? Given the location I could maybe see a Belize business person having a US bank account. But a person from Seychelles - I don't think so. That's just not realistic.

 

[JohnLocke]

dotbloup said:
In fact, it is not paypal but the USA that is behind this trick. To open a bank account in the US, a foreign company has to apply for a EIN which will allow the US tax authority (IRS) to monitor the revenue from this company and ask the director for taxes on US derived income on paypal revenue. (US customers who by something from you on paypal).
Click to expand...

Do you have any link or something to cross check this statement? I'm curious where this comes from.. I'm not surprised if it indeed comes from the US government.

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[JohnLocke]

busdriver said:
VCC: I don't know if a VCC would do. If PayPal can check the country of the VCC, it would detect it's not from Belize.
Click to expand...

Actually it seems that it is possible you just need a VCC that match the country that you opened the account in. That's not difficult to get and also not expensive.

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[dotbloup]

busdriver said:
Does PayPal indeed expects a citizen of Belize or the Seychelles to have a US bank account? Given the location I could maybe see a Belize business person having a US bank account. But a person from Seychelles - I don't think so. That's just not realistic.
Click to expand...

You have to make the difference between your company and yourself. In fact, Paypal obliges a company in Belize with a Paypal account to have a US bank account.
Then, you have to ask an agent in the US to obtain an EIN code for this particular belize company.
Then, you have to travel in the US to open a bank account for this belize company
After X years, you may receive a letter from the IRS (US tax authority) in your country asking you to pay US tax on the income that you have made from Paypal coming from US citizens & IT WILL HURT

Do you get a better picture now?

 

[busdriver]

That applies to citizens of the Seychelles ? Hmm... I hope we will have one day an alternative to PayPal. Unfortunately no real alternative exists yet.

 

[JohnLocke]

dotbloup said:
You have to make the difference between your company and yourself. In fact, Paypal obliges a company in Belize with a Paypal account to have a US bank account.
Then, you have to ask an agent in the US to obtain an EIN code for this particular belize company.
Then, you have to travel in the US to open a bank account for this belize company
After X years, you may receive a letter from the IRS (US tax authority) in your country asking you to pay US tax on the income that you have made from Paypal coming from US citizens & IT WILL HURT

Do you get a better picture now?
Click to expand...

Yes I get, thanks.

Okay, lets discuss this a little further to share ideas 🙂

Say I don't want to open a PayPal account for my Belize company but I open the account (using VPN) with PayPal Belize and in a persons name in Belize, I have the utility bill and passport and submit it to paypal. Now they will request me to verify the account with a credit card, I have a VCC (Belize) which I'm using to verify my account.. now I have a verified personal PayPal account.

So far so good. Now I'm going to open an account with one of the banks in Belize in my own name (just for this example) and add this account to my PayPal account. To the bank I tell them that I have a partnership with another guy (the guys name that I used for the account opening) so they will accept the incoming transfers from PayPal.

Now I have a PayPal account that I can use to accept payments from customers and I can withdraw the money to my bank account in Belize?

How does that sound? did I miss something?

If you think this EIN number is only for Belize and Seychelles accounts then I could do this with any other country.. BVI, Seychelles, Cook Islands, Cyprus, Latvia, Panama, Dominica, Gibraltar, Brazil?

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[negon]

Interesting topic, as doutbloup said SEYCHELLES and Belize require a EIN.. but OK if you can do the same with any other country.. let's have some discussion about it maybe we can find a solution all together 🙂

 

[negon]

busdriver said:
That applies to citizens of the Seychelles ? Hmm... I hope we will have one day an alternative to PayPal. Unfortunately no real alternative exists yet.
Click to expand...

Does someone has tried wmtransfer.com / Business / For online stores / Widget / button they seem to be the answer for Russia ?!

 

[JohnLocke]

auric said:
Does someone has tried wmtransfer.com / Business / For online stores / Widget / button they seem to be the answer for Russia ?!
Click to expand...

Great alternative but still it's not PayPal 🙂

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[redeye]

You may want to read the threads below:
Opened new account but they require me to add USA account?
Offshore business, cyprus account, Verified Paypal account questions and thoughts.
How to get your PayPal verified without phone verification?!

That may help you!

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Only the early bird catches the worm.

 

[suzy]

How to get a PayPal account even you got banned, your PayPal account is limited or what else the reason is that you can't use your PayPal account, you may want to read this thread Verified Paypal Accounts for every Country 🙂 Here you find all what you need to reconcile / unlimit your PayPal account.

 

[hungryit]

OP have you visit this forum lately there are solutions to your problems with PayPal even if you live in a banned country or your PayPal account has been limited you can find a way to resolve the issue.

 

[Houdini]

I need a solution for PayPal have been in contact with @auric as suggested by many members on this forum. Will let you know how it works once I get it setup 🙂

 

[hungryit]

It will Work I hope for you.

 

[cutmetwo]

jawadhk said:
Hey,


I am running a hosting business and looking to get an offshore company registered + Company Bank Account (For bank wire) + Paypal account for online payments. Please guide me which country suite me best with least expenses and annual fees plus bank account with paypal, online banking + debit card. I need debit card to cash out funds any where in the world. I searched for this on google and browsed many sites but I am not sure which one is reliable, there could be a scam which I want to avoid. I am from Asian country and want some credible country to mention address and get benefit of online payments plus bank wire. Please guide me in this regard.
Click to expand...

I'm looking for exact this solution. Need company and paypal + bitcoin if possible?