Searching for a jurisdiction with simple company accounting

[nerevar]

Hi All,


great forum, read a lot in the last few days but still have some questions and will greatly appreciate any help.


Here's the situation: we're selling subscription web apps and other e-goods (ebooks, graphics, etc.) and services. Nothing high-risk, mostly business and internet marketing related stuff. Most of our business is now running through PayPal and the problem is with our local accounting laws. They're catastrophically complex, very PayPal-unfriendly (each transaction must be processed and noted by an accountant) and it's costing us a lot of money and time to get everything in order for our tax man.


This is why we want to find a jurisdiction which has simple accounting where we could open a company and process all our payments through it. We're not looking to offshore or avoid tax, we're just trying to avoid our country's accounting laws which push us into illegal area just because we do "non-conventional" business - online.


We're also in talks with an advisor which is researching options in UK, Delaware and his latest suggestion BVI. We read on this forum that BVI is too risky for PayPal so we're leaning towards Delaware.


The requirements:


- easy company accounting


- PayPal-friendly


- preferably online formation


Thanks in advance!

 

[Zqq]

Your advisor has given some good suggestions. UK and Delaware are good candidates. Another jurisdiction to look into is Hong Kong. Almost everything can be done online and the jurisdiction is very open to foreign ownership of companies. The same goes for Singapore, except a Singapore-resident director is usually required, which drives up the costs.

 

[coromandel]

HK is great but you will have an issue setting up a bank account remotely (see my other thread)

 

[georgegt]

Hi!! You can open your business in Guatemala also.

 

[eclipse]

How is Guatemala and Hong Kong compared to Seychelles and BVI for instant? I mean in yearly maintaining and fees?

 

[georgegt]

Guatemala the yearly maintaining is around $. 850.00 (if you use the basic package) if you use the full package $. 1,250.00

 

[porkmorck]

You know if it's possible to get paypal account for a company in Guatemala ?

 

[georgegt]

so sorry for not answering before. Will have to ask.

 

[jorge]

so sorry for not answering before. Will have to ask.

Any news yet please?

 

[georgegt]

It is not posible to get paypal yet for a Guatemalan Corporation, but you can use pioneer.com.

 

[JohnAlley]

It is not posible to get paypal yet for a Guatemalan Corporation, but you can use pioneer.com.

Do you know of any "local" payment processor in Guatemala that can help process Visa / MC for regular non hogh risk business?

 

[porkmorck]

It is not posible to get paypal yet for a Guatemalan Corporation, but you can use pioneer.com.

hmmm payoneer is not an option for sorry.. any merchant account providers available in Guatemala maybe?

 

[georgegt]

Do you know of any "local" payment processor in Guatemala that can help process Visa / MC for regular non hogh risk business?

​Yes actually there is a local payment processor in Guatemala, the bank that provides this service is Bac.

 

[buzzoffshore]

Do you know if they accept High Risk business or in general are difficult to open an Merchant Account with? I assume they only accept local companies for the application and processing right?

 

[JohnAlley]

​Yes actually there is a local payment processor in Guatemala, the bank that provides this service is Bac.

Are they complicated to apply for an merchant account with if we do a Guatemala company formation and appoint your nominees? Just wonder how this works and compare it with RBS WorldPay.