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Improved Setups for existing Belize Offshore Company

D

dpastco

Advance Member
Jun 11, 2013
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#1
I am currently thinking about changing my setup for an existing business.


Currently I am running the business with an Belize IBC and 2CO as payment provider.


The only downside is the W8-BEN at 2CO, so I am looking for ways to avoid it. I also like to have my new IBC outside Belize, as one payment processor I'd like to use (webmoney) is registered in Belize and cant do business with Belize companies.


I was thinking about a Foundation in Belize or Nevis owning a Seychelles IBC.


Bank Account I am not sure yet, butI thought about Mauritius.


Can anyone give me an indication weather this setup is sound or any arguments against it and what the running cost for this setup can be?


Thanks in advance
 
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#2
Your setup sounds ok. It's a good alternative to have a Foundation in either Belize, Nevis or even the Seychelles to own a IBC which also either can be in Belize, Mauritius or the Seychelles.


For banking you may look beside Mauritius into Cyprus banking as well. In regards to 2co, it seems they accept most offshore constellations for their credit card processing.
 
#3
The only downside is the W8-BEN at 2CO, so I am looking for ways to avoid it. I also like to have my new IBC outside Belize, as one payment processor I'd like to use (webmoney) is registered in Belize and cant do business with Belize companies.
Click to expand...
What is W8-BEN ? I'm haven't heard of that before.
 
#4
Hi there,

I could find at 2CO website that;

"All international Sellers who are being paid in US Dollars and/or paid to a US Bank Account must comply with this new law. As a result, international Sellers may need to certify their non-US status and their address by filing an IRS Form W-8BEN. International Sellers are encouraged to fill out the form and email it directly to 2Checkout at: [email protected] Form W-8BEN can be found at: http://www.irs.gov/pub/irs-pdf/fw8ben.pdf. Please note that US Sellers living abroad may still be required to provide a tax ID number (Social Security Number (SSN), Employer Identification Number (EIN), or Individual Tax Identification Number (ITIN)). 2Checkout will be contacting those international Sellers affected by this law via email and/or mailing address."

How frequent should it be done? Is too costly or cumbersome paperwork? Why are trying to avoid? Have you looked at Neteller as well?
Thanks.
John
 
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#5
Damn they are making it complicated for sellers after all. Stupid US regulations!

What do you mean how frequently should it be done?
 
#6
Sorry for being lame, But I will go to same route that's why I'm asking. I'm forming a Nevis LLC with Nevis bank account for my pure internet services business. I checked my options and so far I could find 2CO and Neteller to use with my setup. I like First Atlantic Commerce most but they require at least 6 months online payment history, maybe you can think of.

2CO is still an open option for me so I'm wondering how hard is to form a W-8BEN. I meant if it is once in year process to form it or not.
Did you able to find a good replacement for 2CO?
Thanks.
John
 
#7
What you think about Stripe.com and Skrill they are some good alternatives it seems. You want to get in touch with your agent that is registering your Nevis company and ask if they can handle all tax filing and accounting for you and what the costs are. I would defiantly get it done by them because they must know exactly what and how to do in matters of tax and accounting.
 
#8
Hi there,
Thank you but Stripe does not support Nevis jurisdiction.
I see that Skrill supports it but not for credit card processing.
Meanwhile I don't need to file tax and keep official accounting as I'm not US citizen. I will not do business in Nevis as well. This is one of the reasons I've selected Nevis jurisdiction.
In Nevis, there is just yearly fee to keep the company up and running which is around 900$ including registered agent fee.
John
 
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#9
John Carter said:
Meanwhile I don't need to file tax and keep official accounting as I'm not US citizen. I will not do business in Nevis as well. This is one of the reasons I've selected Nevis jurisdiction.
In Nevis, there is just yearly fee to keep the company up and running which is around 900$ including registered agent fee.
Click to expand...
This is what I want!! Is this in the USA?
 
#10
It is for offshore setups in my case in St. Kitts and Nevis.
In US, Wyoming LLC would be good option. There is minimum annual license tax in Wyoming which is 50$/year.
If you are neither US citizen nor resident and If you don't have US income (only worldwide customers except US) then it can be your way.
If you have US customers you need to file and pay federal income tax. If you don't have employees you can get ITIN (assuming you are alien) to file it. If you have employees then you need to get EIN and also deal with employees' tax related chores.
If you have Wyoming customers you also need to collect, submit and pay state sales tax (varies between %4-7 according to your goods/services) Population is 400K so it is wise to prevent them buying from you to avoid this extra work. If you prevent Wyoming customers to buy from you then you do not need to collect and file and state sale tax.

On top of that;
In order to get payment via your internet business with credit cards you need to visit US (If you are not already there) and open a corporate bank account. Then you can reach hundreds of payment processors available in US and worldwide.
Hope this helps.
 
#12
Emirates said:
But I can open an bank account not in the USA for the Nevis company correct?
Click to expand...
No you can't.

John Carter said:
It is for offshore setups in my case in St. Kitts and Nevis.
In US, Wyoming LLC would be good option. There is minimum annual license tax in Wyoming which is 50$/year.
If you are neither US citizen nor resident and If you don't have US income (only worldwide customers except US) then it can be your way.
If you have US customers you need to file and pay federal income tax. If you don't have employees you can get ITIN (assuming you are alien) to file it. If you have employees then you need to get EIN and also deal with employees' tax related chores.
If you have Wyoming customers you also need to collect, submit and pay state sales tax (varies between %4-7 according to your goods/services) Population is 400K so it is wise to prevent them buying from you to avoid this extra work. If you prevent Wyoming customers to buy from you then you do not need to collect and file and state sale tax.

On top of that;
In order to get payment via your internet business with credit cards you need to visit US (If you are not already there) and open a corporate bank account. Then you can reach hundreds of payment processors available in US and worldwide.
Hope this helps.
Click to expand...

So if a Delaware/Wyoming company would sell to customer in Texas or Florida it would not pay any federal income tax? Too good to be true.
 
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