Pros and Cons Offshore Company Cyprus or elsewhere

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  • tol120
    Registered User
    • Sep 2008
    • 38
    #1

    Pros and Cons Offshore Company Cyprus or elsewhere

    hi there,

    several EU merchants provide a better rate for EU based companies. So I was wondering what exactly the pros and cons of offshore companies are.

    Pros
    - better rates, usually more flexibility re fraud rules, integration, etc
    - better corporate tax rates

    Cons
    - more accounting requirements and maintenance costs
    - will your resident country have an issue with this setup? if they see large sums of money coming in from Cyprus for example will they think you're evading tax when in fact it's more about getting a better rate or even being able to get a merchant account in the first place?

    Also
    1) Cyprus has had banking issues recently? Is this is still a problem and how?
    2) What EU country would be the best to setup in?
    3) Are banks requiring actual residence of the director in said country?
    4) other pros and cons re offshore companies/ tax havens?
    Tags: merchant account, offshore company, tax haven
    • 247mg
      Yellowplum / 247mg
      • Feb 2008
      • 2162
      #2
      No bank in Cyprus accept adult company so better go some where else. Also agent wont tell bank that this is adult company and later you fucked
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        Comment

        • Dmcontent
          Confirmed User
          • May 2006
          • 497
          #3
          Best option

          1 - Cyprus company bank in latvia
          2 - Office and bank in any european country company in Cyprus

          At the moment I do not recommend to open office in Cyprus or bank account for that matter.

          If you do open account in Cyprus best bank to do it is Pireus Bank it´s friendlier then the others regarding adult
          Telegram: @Beavercash

            Comment

            • AsianDivaGirlsWebDude
              Purveyor, Fine Asian Porn
              • Jul 2004
              • 38323
              #4


              Make sure you understand the tax law in all of the countries which you operate in.



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                • Konda
                  ...
                  • Apr 2003
                  • 2280
                  #5
                  You can get the corp in Cyprus and the bank account with Wirecard in Germany

                    Comment

                    • globofun
                      Buk Lau
                      • Aug 2005
                      • 2651
                      #6
                      Belize could be a better option.....
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                        • 247mg
                          Yellowplum / 247mg
                          • Feb 2008
                          • 2162
                          #7
                          contact me over icq and i will hook you up with best guy to do it for you. company in Schyelles and bank account in Saint Vincent and the Grenadines or any other you require and price is also reasonable.
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                            Comment

                            • DWB
                              Registered User
                              • Jul 2003
                              • 31779
                              #8
                              I wouldn't bank in Cyprus.

                                Comment

                                • Nick Tosser
                                  Confirmed User
                                  • Jun 2008
                                  • 174
                                  #9
                                  Cyprus is the ideal place to locate an intermediary company, due to the combination of tax treaties and a low-tax regime in even within the European Union. Companies tax rate in Cyprus is 12.5% but for the adult bizness your company in Cyprus and bank account in Germany is better !
                                  Last edited by Nick Tosser; 09-10-2013, 06:03 AM.
                                  “We waste time looking for the perfect lover, instead of creating the perfect love.”
                                  ― Tom Robbins

                                    Comment

                                    • tol120
                                      Registered User
                                      • Sep 2008
                                      • 38
                                      #10
                                      from talking more to people it indeed appears that banking in Cyprus is not a good idea, but it's feasible to be incorporated in Cyprus and have a bank account elsewhere

                                      but I'm wondering if paying the lower corporate tax rate in Cyprus is somehow seen as tax avoidance or is it ok as tax minimisation as long as you declare, and how does an international co holding affect your local tax bill?

                                        Comment

                                        • Tom.K
                                          Confirmed User
                                          • May 2011
                                          • 422
                                          #11
                                          Originally posted by tol120
                                          from talking more to people it indeed appears that banking in Cyprus is not a good idea, but it's feasible to be incorporated in Cyprus and have a bank account elsewhere

                                          but I'm wondering if paying the lower corporate tax rate in Cyprus is somehow seen as tax avoidance or is it ok as tax minimisation as long as you declare, and how does an international co holding affect your local tax bill?
                                          some countries will expect from you to pay income tax for business you did there if you spend (and work) more than 183 days per year there (this is especially checked in Germany) so if you have Cyprus or offshore company and doing sales over internet, it is smart to move around

                                          it is hard to prove as you can move freely in EU...

                                          also you have to see what are you going to do with VAT, not only with income tax (as I remember, you can choose to pen non-resident Cyprus company and choose to have 0 income tax, but you can't get EU VAT number)

                                          other thing, maybe not important for you, but maybe it is - Cyprus does not recommend to have employees in that company so if you plan agency/content production on your own, maybe is even better to open local company as you will have daily expenses and bills. if job is internet based and you open Cyprus or offshore, be careful where are you living
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