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Problem with PayPal and RAK company

T

Taj

Offshore Agent
Dec 3, 2015
1
6
3
#1
Hello, i have just opened RAK (United Arab Emirates) company and i have bank acc in St Vincent and Grenadines. The nominee is from Seychelles. I have few problems with PayPal.


1. I need to verify PayPal account with credit card of thw account holder. How am i supposed to get credit card registered on nominee? You can open bank account and get credit card for your company but this card will be issued on you, not on the nominee.


2. Ive called PayPal and they told me that i have to get bank account in the same place as company (in the same country), but owner can be in other country. Well, when they will ask me for verification of bank account? For now they just asked me to verify my credit card and i used VCC, is that not enough?


3. Is it possible to open company in country A, have virtual office in country B and bank account also in country B? Where should i open PayPal then, in country A or in country B?


4. My company adress has PO Box adress, PayPal do not accept PO Boxes. What should i do?


5. The biggest problem i have right now is fact that i cannot open any bank account in UAE if im using nominees. So probably i will have to open some other company. What jurisdictions do you recommend? Will seychelles company with seychelles bank account (opened only for verification) work? Most of serious offshores are registered in HK, why? Do they have some ewsier procedures when opening paypal account?


If anyone could help me i would be pleased =)
 
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#2
I was wondering why you have appointed nominees from the Seychelles and not local nominees? wasn't even aware that it was possible to do.


Regardless how you are doing, it will not Work, paypal has so many restrictions on the creation of accounts that only if you are a local Company with real business address and people you will suceed to open an account.


Your best choice in your situation is to open an Neteller, Skrill or 2co.com account.


just my 2cents.
 
#3
1. I need to verify PayPal account with credit card of thw account holder. How am i supposed to get credit card registered on nominee? You can open bank account and get credit card for your company but this card will be issued on you, not on the nominee.
Click to expand...
That's the problem most are facing, you will need to have the nominees to signup for the account and use their personal data to verify the paypal account, actually that will bring a high risk burden for then nominees.


You will have to forget about a direct PayPal account for your offshore company and use payment processors like 2co or similar, it will not work.
 
#4
5. The biggest problem i have right now is fact that i cannot open any bank account in UAE if im using nominees. So probably i will have to open some other company. What jurisdictions do you recommend? Will seychelles company with seychelles bank account (opened only for verification) work? Most of serious offshores are registered in HK, why? Do they have some ewsier procedures when opening paypal account?
Click to expand...
I'm not sure if that statement is correct, I have seen many of my business partners incorporate in Belize and open accounts in many different offshore jurisdiction for instant in Mauritius, Seychelles, St. Vincent and Cyprus. There are a few large corporations that go the HK way but it requires accounting, annual tax reports, personal visit and lots of lots hurtles you need to sort out. Personally I'm on the look for a Seychelles corp + cyprus account as I read here it's what most are doing and Belize don't seem to offer me same privacy.


On the other hand I heard and read about Cook Islands and St. Vincent for incorporation and doing my research as we speak.
 
#5
4. My company adress has PO Box adress, PayPal do not accept PO Boxes. What should i do?
Click to expand...
Your only option is to get a company with a real office that can supply you with an electricity or water supply bill for this address. There are some Office buildings where you can rent cheap office space, for instant in Pakistan, Cyprus, India, Poland and the Baltic countries. That would help you to get your paypal account verified.
 
#6
1. I need to verify PayPal account with credit card of thw account holder. How am i supposed to get credit card registered on nominee? You can open bank account and get credit card for your company but this card will be issued on you, not on the nominee.
Click to expand...
You can get a trustee to apply for the credit card so it will be his name and country on the card! It's not going to be cheap!
 
#7
If you ask me I would go for a Trust or Foundation and ask the Agent to provide you with all the mandatory people (trustee, protector etc.) for your setup, open an offshore account and let them manage it, how to go about the paypal account I don't know how this works with a foundation or trust but it must be something similar to a simple offshore ibc.
 
#8
As some already have suggested, you may need to file a company in your own jurisdiction for PayPal purpose only, once the account is active, verified and they are satisfied with the documents, you can more all shares into a holding company which may be offshore and then use the money as you want. Most often this can be done in an tax free enviroment but you will need to consult a local tax lawyer or tax firm.
 
#9
While most already told you it I just want to outline it a little more, it seems your entire setup is a total fail and has not been adjusted to what you wanted nor may you have informed the Agent that helped you to set all of this up about what exactly it is you try to archieve, that said I have never seen a RAK corp with Seychelles nominees whoever has done this job for you is a total fail, sorry to say so.
 
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#11
I will be following this thread waiting for some solution that will help to get it sorted out :)
Click to expand...
you found a solution already?
 
#12
Forget about RAK unless you get a full managed offshore company where you pay someone to open the paypal account from Dubai directly for you, this will only work if that person don't already has a paypal account.
 
#14
Taj said:
Hello, i have just opened RAK (United Arab Emirates) company and i have bank acc in St Vincent and Grenadines. The nominee is from Seychelles. I have few problems with PayPal.


1. I need to verify PayPal account with credit card of thw account holder. How am i supposed to get credit card registered on nominee? You can open bank account and get credit card for your company but this card will be issued on you, not on the nominee.


2. Ive called PayPal and they told me that i have to get bank account in the same place as company (in the same country), but owner can be in other country. Well, when they will ask me for verification of bank account? For now they just asked me to verify my credit card and i used VCC, is that not enough?


3. Is it possible to open company in country A, have virtual office in country B and bank account also in country B? Where should i open PayPal then, in country A or in country B?


4. My company adress has PO Box adress, PayPal do not accept PO Boxes. What should i do?


5. The biggest problem i have right now is fact that i cannot open any bank account in UAE if im using nominees. So probably i will have to open some other company. What jurisdictions do you recommend? Will seychelles company with seychelles bank account (opened only for verification) work? Most of serious offshores are registered in HK, why? Do they have some ewsier procedures when opening paypal account?


If anyone could help me i would be pleased =)
Click to expand...
I only able to help with Paypal question. If you're not able to verify paypal using your CC, I suggest you to use VCC. It's simple and easy. And also it cost lower than 10$
 
#17
You should've thought about having a nominee first before applying on PayPal. They are very strict with their policies regarding Personal Documents and Information, and if they found out that the documents you will submit or you submitted is fake, they will decline the verification and the worst part is they will limit or blocked the account.
 
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