Pros and Cons Offshore Company Cyprus or elsewhere - GoFuckYourself.com

tol120 · 09-09-2013, 05:20 PM

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?

247mg · 09-09-2013, 09:53 PM

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

Dmcontent · 09-09-2013, 10:48 PM

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

AsianDivaGirlsWebDude · 09-09-2013, 10:51 PM

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

ADG

Konda · 09-09-2013, 10:51 PM

You can get the corp in Cyprus and the bank account with Wirecard in Germany

globofun · 09-09-2013, 11:44 PM

Belize could be a better option.....

247mg · 09-09-2013, 11:55 PM

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.

DWB · 09-10-2013, 06:26 AM

I wouldn't bank in Cyprus.

Nick Tosser · 09-10-2013, 07:01 AM

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 !

tol120 · 09-10-2013, 05:09 PM

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?

Tom.K · 09-11-2013, 02:03 AM

Quote:

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

09-09-2013, 05:20 PM	#1
tol120 Registered User Join Date: Sep 2008 Posts: 38	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?

09-09-2013, 09:53 PM	#2
247mg Yellowplum / 247mg Industry Role: Join Date: Feb 2008 Location: Nicosia, CY Posts: 2,159	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 __________________ 247mg.com - Indian Affiliate Program - Over 50+ Sites To Promote - Monetize Your INDIAN Traffic Today!

09-09-2013, 10:48 PM	#3
Dmcontent Confirmed User Industry Role: Join Date: May 2006 Location: Algarve - Prague - Toronto Posts: 492	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 __________________ :Skype: DMcontent

09-09-2013, 10:51 PM	#4
AsianDivaGirlsWebDude Purveyor, Fine Asian Porn Industry Role: Join Date: Jul 2004 Location: San Francisco Bay Area Posts: 38,323	Make sure you understand the tax law in all of the countries which you operate in. ADG __________________ Asian Diva Girls - Exclusive Photos and Videos Asian Diva Girls Affiliate Program (50% ccBill Revshare)

09-09-2013, 11:44 PM	#6
globofun Buk Lau Industry Role: Join Date: Aug 2005 Location: Rangahan Titomangoyamteerumgae Posts: 2,651	Belize could be a better option..... __________________ Wanna Make Huge Profits? Listen to me carefully: I will not tell you how to make money in this business and I won't give you a Fucking Link to a sponsor so I can make 5% of nothing....get yourself a Fucking Plan, stick to it, don't be a Lazy Bitch, and you will make money!

09-09-2013, 10:51 PM	#5
Konda ... Industry Role: Join Date: Apr 2003 Posts: 2,280	You can get the corp in Cyprus and the bank account with Wirecard in Germany

09-09-2013, 11:55 PM	#7
247mg Yellowplum / 247mg Industry Role: Join Date: Feb 2008 Location: Nicosia, CY Posts: 2,159	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. __________________ 247mg.com - Indian Affiliate Program - Over 50+ Sites To Promote - Monetize Your INDIAN Traffic Today!

09-10-2013, 06:26 AM	#8
DWB Giggity Industry Role: Join Date: Jul 2003 Location: S.E. Asia Posts: 31,779	I wouldn't bank in Cyprus.

09-10-2013, 07:01 AM	#9
Nick Tosser Confirmed User Industry Role: Join Date: Jun 2008 Location: Worldwide Posts: 168	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 at 07:03 AM..

09-10-2013, 05:09 PM	#10
tol120 Registered User Join Date: Sep 2008 Posts: 38	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?