Offshore structure for gambling affiliate website

[vmz]

I've read many posts and threads on this forum the last couple of days and all were pretty helpful. Now I'm looking for some advice or oppinion about the following structure I'm thinking about creating.


First of all my collegue and I run a couple of websites where we advertise sportsbooks and a few casinos through their affiliate system. I was thinking about opening an offshore company in Belize or Seychelles with a bank account in Cyprus. From what I've read on this forum, Cyprus banks might not accept this activity unless there are some contracts showing we only do advertising. My first question is, how do they know we're gambling related? Most affiliate programs operate as a separate entity from the main sportsbook or casino adn sometimes even we have trouble identifying who sent the money.


If we can create this offshore company with a bank account, we were thinking about opening a company in our home country that would work for the offshore company for a monthly fee (less, than the profit of the offshore company). This way we could have a salary, insurance etc. in our home country without anyone asking questions. The rest of the profits would stay in offshore bank accounts. It should work assuming the offshore banks are safe, right?

 

[JohnLocke]

If nothing can lead to information about the activity of the account holder or the same leads to sport booking etc. then there are no issues to open a bank account in Cyprus. If the activity is advertising for such business then there isn't any problem as well.

 

[vmz]

Thanks, Admin. Which jurisdiction would be better in this situation? Belize or Seychelles? I've seen other affiliates registered in Belize so somehow it looks better to me, but I might be wrong.

 

[JohnLocke]

It actually doesn't matter. Seychelles has a better privacy protection compared to a Belize company. We incorporate almost the same number each day of Belize and Seychelles companies it is difficult to say what is better.

 

[Zqq]

In order of popularity, almost all gambling affiliates I have dealt with (100+) that use offshore corporations are registered in British Virgin Islands, Belize, Costa Rica, and Seychelles. Most of them bank with First Caribbean in Bahamas or BVI, BOV in Malta, or any of the Cypriot banks.

 

[vmz]

Thanks guys. As I've read on the forum Moneybookers accepts Cypriot bank accounts which is great for us.

 

[Zqq]

For personal accounts, Moneybookers only allow foreign bank accounts after you have withdrawn to an account in the same country as the address on the account. For business accounts, they are more flexible.

 

[vmz]

Do you know if Moneybookers accepts company bank accounts in St. Vincent and the Grenadines?

 

[Zqq]

No, I don't know.

 

[vmz]

I talked to Moneybookers, they are fine with St. Vincent. Now I only need to choose between Belize, Seychelles and St. Vincent.


St. Vincent was recommended by a friend of a friend who can do the incorporation and we can also meet in person easily and the St. Vincent bank has an office in Budapest, which is close (40 min flight).

 

[vmz]

Admin: how big is the VIP forum? I'm thinking about subscribing.

 

[JohnLocke]

:bt: we appreciate both the talk about moneybookers and our VIP forum, however, it is not relevant for this thread so please open a new thread in the respective forums:whistle: