Hi, we need some help here. This is a 2 bit question and we would greatly appreciate any advice. Who we are and what we do: We are in the business of apartment rental in Ukraine. We have about $150,000 in annual revenues which come through electronically. We have created a Seychelles corporation to lower our tax liability and we would like to become completely offshore. However, our processing is currently done through a US company so I wish to our merchant to one which would be fine linking to our new Seychelles Corporation. The processor obviously must be reliable, with relatively normal fees and which works with reputable banks. Can anyone recommend any merchant processor out there which would work with us? We have been in business for over 5 years and our chargeback rate is absolutely minimal. Further, the 2nd part of my question is to those which know US tax laws. Is it even necessary to switch to offshore merchant processing (from US based currently) in order to mitigate tax liability? Or can the amounts received here in US be simply being wired over to the bank account associated with our Seychelles Corporation? Any help would be greatly appreciated. Thanks in advance
I can help you if you explain this to me in details. You can call me as well to talk. Kind regards, Yogesh
Hi Yogesh. what is your phone number? How can I reach you. The alternative option we are considering now is simply opening a bank account offshore and sending rental receipts there which will be taken out by my partner located in Ukraine. Failsafe payments, we are open to perhaps opening another offshore shell to solve this issue. What do you recommend? Thanks in advance
hey bastardino, Are you living in the US? I understand your partner is in the Ukraine, Correct? I live in Ukraine as well you may have your partner check with Privatbank (http://www.privatbank.ua/en.html) they have merchant processing and are a Ukrainian bank. I do not know however what services they could offer a company as I haven't need those services yet. Their fee is like 3% + 1 UAH. I am also interested in a Seychelles as an expat it makes the most senses. Who did you use to incorporate? Several of the companies I have been investigating also offer merchant services with bank accounts in the Seychelles as well, so that maybe a place to start. If your living in the US I would (I am not an account and you should seek proper advice) based on the information I have gathered ) not be transferring money via wire to an account off shore and than back to pay yourself. If you have your merchant account and checking/banking account all off shore then it looks like your just working for a company. It should also be hard to pin down who the owner of the company because you have moved it all off shore. And that was the whole point of the Seychelles Corp. to begin with.