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When considering to setup a new business and if the business will conduct business online, it is common for many to just register a company for instant in the BVI (British Virgin Islands) once this company is registered the hunt for a bank account start and often also a merchant account to accept credit card payments. What people will face is that it is often complicated to become each or the other for the company in the British Virgin Islands, often a BVI company will be rejected by the banks and without any reason.

Now you wonder why?
A company in the British Virgin Islands is often very difficult to track down the ownership of, furthermore it don’t fit in any jurisdiction where it is of benefit to open a bank account or even a Merchant account to accept credit cards, it is possible to become both for the company in the British Virgin Islands, but often the fees and rates which apply are high and even if you have the benefit of 0% Tax that the company in the British Virgin Islands pays, then it will kill your cash flow and you are left over with a solution that not really work.

How can I setup the perfect solution for my British Virgin Islands company?
It is recommended that registering the company in the British Virgin Islands is done as a Holding company and at the same time as a International Business Company, once the BVI company formation has take place the British Virgin Islands Company is registering a company in an European country for instant Cyprus which gives you many of the benefits a company in the British Virgin Islands also have, but it tops up with the many possibilities to open a Bank Account for instant in Cyprus which comes with a high level of banking secrecy and also important it is possible to become a merchant account for your company in Cyprus.

Why should I have both a company in British Virgin Islands and Cyprus?
The reasons are many, but one of the reasons are secrecy, privacy and assets protection, you will have the best setup for all three factors mentioned by creating such a company structure. Also if you later on will extend your business venture with some different business activities you will be easily moving forward to separate this in another company and can move all dividend on profits free of tax to your company in the British Virgin Islands.

For more information on how to register a company in the British Virgin Islands or in Cyprus, please visit our website, we have specialized to setup professional offshore companies and bank accounts in Cyprus further to open Merchant Accounts with the trusted banks in Europe.