Offshore company/bank account and payment gateways for e-commerce

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You can do that with a Cyprus company, Cyprus bank account, full nominees and Cyprus VPS!

I believe Cyprus is 12.5% Corporate Tax which is low but on the other side they have one of the highest Income Tax (35% ) in the European Union + Standard VAT Rate of 19% (Reduced rates 5% + 9%)(Reduced rates 9%)

do you think with that high-Income Tax company can survive?