Which countries have banking friendly to companies that get paid in bitcoin?

AliMan

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Quote from: alexsandria on November 23, 2019, 01:37:32 AM

There are lots of country out there accepting crypto currency. Those who are mentioned in some news, making some noise about banning, cracking down and other stuff about crypto are the top countries you need to avoid. Well, those who are remaining silent, and discreet about crypto are something more friendly though not totally, but at least they are open.

Basically that's the actual situation in several asian countries right now, they're not actually retaliating about crypto but open to whatever opportunities in line with it's acceptance for public use. In my country right now, there's no companies or private sectors that implemented crypto on their payroll yet or using crypto as their mode of salary. However, that's used on basic trading on both fiat and crypto trading, also being affiliated on payment services like bills payment, as part of their services menu choices.

Shenzou

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If you are going out of your way to look for a country to move in so you can start a cryptocurrency based company, than you are better off doing something else, what happens when suddenly that country changes its policies you will be in a deep trouble, i mean we though that china was the paradise for crypto mining and exchanges for a long time , and look at them right now, if you want to take teh risk than Malta is probably the best option since a lot of crypto related sites are based in there.

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Quote from: alexsandria on November 23, 2019, 01:37:32 AM

There are lots of country out there accepting crypto currency. Those who are mentioned in some news, making some noise about banning, cracking down and other stuff about crypto are the top countries you need to avoid. Well, those who are remaining silent, and discreet about crypto are something more friendly though not totally, but at least they are open.

It is not because they are silent meaning they are already in favor in Bitcoin or any form of cryptocurrency, they are just investigating all the possible things, meaning they are really doing their job, that they are checking the advantage and the disadvantage before they do action in banning them immediately which is a good thing for all of us.

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Quote from: fedojih273 on November 17, 2019, 12:31:02 PM

I want to establish a company to sell software to help in bitcoin trading.

I could get paid in fiat via a payment processor, but even still, banks have told me at one country I was going to incorporate in, that even getting euros or dollars on my account from such business would be a problem.
Is anyone aware of countries, preferably, of course, with a low tax rate, that don't have issues with their clients getting money from this?

Thanks.

I don't think you'll have an issue with this, where I've seen, bank accounts have only really restricted accounts or paused them, if there is a large amount of traffic or if they are engaging in crypto-trading, and are directly linked to exchange. Selling an item should be fine.

If you are working via a payment processor, and only accepting fiat, just make sure your able to work with one that won't randomly fuck over your company, and personally wouldn't work with PayPal, even though it is very convenient.

alexsandria

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There are lots of country out there accepting crypto currency. Those who are mentioned in some news, making some noise about banning, cracking down and other stuff about crypto are the top countries you need to avoid. Well, those who are remaining silent, and discreet about crypto are something more friendly though not totally, but at least they are open.

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Quote from: SquallLeonhart on November 22, 2019, 01:36:49 AM

and also in Africa there are countries like Nigeria , and much focus has been there lately.

As for Nigeria, I wouldn't say it is called a bitcoin friendly nation because the government hasn't been making any news on that aspect of financial transaction. They have not rejected it like some countries did before or now and they have not also made any supporting speech on it. People there who have knowledge about it are just doing what the globe is doing on it.

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There are lots of countries that are friendly to bitcoin. I think China lifted their ban on cryptocurrencies and there are other countries as well. Bitcoin is also used in the US, there are some laws though, and you should look into that and know wassup. Even in Europe there are also friendly countries like Sweden, and also in Africa there are countries like Nigeria , and much focus has been there lately.

There are even exchanges there already, like the UK Luno exchange. I even discovered that Link has been there since and functioning for years, and their banks are really friendly with crypto exchanges. There are many good countries that are good, if you check Wikipedia you will see every country that allows Bitcoin.

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Quote from: fedojih273 on November 17, 2019, 12:31:02 PM

I want to establish a company to sell software to help in bitcoin trading.

I could get paid in fiat via a payment processor, but even still, banks have told me at one country I was going to incorporate in, that even getting euros or dollars on my account from such business would be a problem.
Is anyone aware of countries, preferably, of course, with a low tax rate, that don't have issues with their clients getting money from this?

Thanks.

I am not sure with tax rates but I guess you have a handful of choices in terms of countries that are crypto friendly. Lichtenstein is one country which shows a lot of friendly gestures toward crypto. You can also choose Malta. Estonia is also a choice. In Asia, you have countries such as Japan and Singapore that have got no problems with crypto. But you need to do a more meaningful research and coordination to make your business successful and hindrance-free

error08

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The list has been mentioned, some countries like malta, bermuda, switzerland, germany, estonia, georgia and belarus are bitcoin-friendly countries.
But for some countries that might be a problem to receive fiat money via bank, why not using bitcoin as the payment method? Then you can instantly convert bitcoin into cash through some exchanges depending on which country you live in.

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Quote from: AjithBtc on November 21, 2019, 10:47:56 AM

From my view Japan and Estonia seems to have good support for technology and cryptocurrencies. Japan has supported with the establishment of small scale businesses firms to accept bitcoin into business eliminating the usage of card for transactions. Estonia has already integrated everything into blockchain technology. Possibly registering into Estonia seems to be good. Apart from these two, Singapore seems to be much more friendly for fintech development.

Estonia maybe small country but when adopting bitcoin as legal currency and have banking friendly to companies with bitcoin give positive side for bitcoin become allowed transaction in europe, there are less country want to adopt with bitcoin and altcoin as legal currency digital payment, I think when Europe have allow bitcoin will give positive with many big investor come from Europe for investing with crypto world.

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From my view Japan and Estonia seems to have good support for technology and cryptocurrencies. Japan has supported with the establishment of small scale businesses firms to accept bitcoin into business eliminating the usage of card for transactions. Estonia has already integrated everything into blockchain technology. Possibly registering into Estonia seems to be good. Apart from these two, Singapore seems to be much more friendly for fintech development.

sana54210

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I think best case scenario for you would be to get paid in any other currency to your bank account.
That way people could pay you in bitcoin or anything else but the money will be dollars or whatever your fiat is to your bank account. How can you achieve this?

You could have a local exchange website that deals with your fiat and you could have a separate account there where people would be paying you bitcoins and you will get your own fiat right away and send to your bank account and invoice those sales in fiat instead of btc, so in this scenario people are still paying you the same bitcoins but at least you don't have to worry about laws and taxes in bitcoin form. That is except USA of course, if you are in USA there are tons of ways you could pay in bitcoin as well.

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USA is the easiest one for sure. Specially Ohio which also gets taxes in crypto form as well so they are literally allowing people to not only do business in crypto but you don't even have to change it to fiat and give it to them, you can make money in crypto and pay crypto taxes which makes things easier.

You can also be a person who lives abroad and somewhere unrelated and you could definitely open a business in Ohio (or even Delaware where its very tiny taxes) so its not a problem at all. I don't know how much you are willing to spend on the procedures of opening a place which would certainly cost a bit but if you can handle the startup cost of it then the rest of it will be super easy for sure. I am just telling this from what I read tho, not my personal experience.

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Quote from: AicecreaME on November 19, 2019, 04:58:47 AM

I could say that you could do that in Japan, that a hundred percent sure about that since cryptocurrency is already legal to them and they are using it. Here in our country, banks and government are also nice to companies that are offering their services in exchange of bitcoin, fiat, and other cryptocurrencies, maybe you just got to provide all the stuffs that they need to trust you, and to verify your company's legitimacy.

Japan says only taxing the use of cryptocurreny as well as the trading profit from people although that may not be true but imagining a foreign person setting up a business and earning huge chunk of money from cryptocurrency could potentially raise suspicion considering the negative perspective people usually have although in japan they seem to be more open minded in this case. Also it wont be that easy to setup a company there considering there are really expensive.

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Quote from: fedojih273 on November 17, 2019, 12:31:02 PM

I want to establish a company to sell software to help in bitcoin trading.

I could get paid in fiat via a payment processor, but even still, banks have told me at one country I was going to incorporate in, that even getting euros or dollars on my account from such business would be a problem.
Is anyone aware of countries, preferably, of course, with a low tax rate, that don't have issues with their clients getting money from this?

Thanks.

hmmm ... this is quite a problem. But why don't you try to set up a company in your home country and test it for a few months? then you will have a sufficient customer base and a little capital to develop more in another country, I think it will be easier.
And when you want to expand, I recommend starting a company in the Philippines because the government is really backing bitcoin and banks are doing the same. you probably won't have any trouble doing that.

AicecreaME

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I could say that you could do that in Japan, that a hundred percent sure about that since cryptocurrency is already legal to them and they are using it. Here in our country, banks and government are also nice to companies that are offering their services in exchange of bitcoin, fiat, and other cryptocurrencies, maybe you just got to provide all the stuffs that they need to trust you, and to verify your company's legitimacy.

mersal

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Even if your country accept bitcoin transactions still they don't consider it as currency so you maybe asked for high tax amount compared to fiat money payment so make sure you included tax rate into the price of product you are selling.

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Quote from: fedojih273 on November 17, 2019, 12:31:02 PM

I want to establish a company to sell software to help in bitcoin trading.

I could get paid in fiat via a payment processor, but even still, banks have told me at one country I was going to incorporate in, that even getting euros or dollars on my account from such business would be a problem.
Is anyone aware of countries, preferably, of course, with a low tax rate, that don't have issues with their clients getting money from this?

Thanks.

You are unlikely to find any country or payment processor that supports bitcoin per se, because they are all imminently going to be discriminatory against BTC. You can really only rank them based on the degree of discrimination instead.

Malta is one of the countries, and there are a ton of other safe havens out there that you could look into like the Cayman Islands, HK, etc., but a lot of them are not feasible whatsoever.

You need to take feasibility into account as well as the rate of tax, and support for BTC, because that's just as important.

acdc

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There are many crypto-friendly countries, and you can try starting a company there. Japan is a good choice, cryptocurrencies are welcomed in this country and the country also has high transparency.
If you don't like Japan, Singapore and Hong Kong are also not bad choices.
There is always a preference for technology companies, so you should hire a lawyer in the country where you open the company, they will know how to best optimize the tax for your company.

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Quote from: fedojih273 on November 17, 2019, 12:31:02 PM

I want to establish a company to sell software to help in bitcoin trading.

As said by @Lucius, in the link below there are several countries that are friendly with local banks.
Especially with crypto like bitcoin.

Quote from: Lucius on November 18, 2019, 09:56:01 AM

Bitcoin Friendly Countries
Crypto friendly bank rankings

The core problem is, which country you are in, if you are in the country mentioned above, I'm sure you can set up your company.
And there are also discussed tax issues, each country.

ReiMomo

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I will suggest that to hire a lawyer towards this matter because they know more than us when it comes to government jurisdictions and the law should be followed before having your own business. Collaborating in some banks in your country and asking regarding this matter is the best steps towards your planning project. You can use any payment processors that accept Bitcoin and directly transfer to your bank account.

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Quote from: fedojih273 on November 17, 2019, 12:31:02 PM

I want to establish a company to sell software to help in bitcoin trading.

I could get paid in fiat via a payment processor, but even still, banks have told me at one country I was going to incorporate in, that even getting euros or dollars on my account from such business would be a problem.
Is anyone aware of countries, preferably, of course, with a low tax rate, that don't have issues with their clients getting money from this?

Thanks.

You need to focus on banks and not on countries. Some banks are friendly then others. There are little countries where country itself pressures banks to not serve people/companies dealing with crypto.

hugeblack

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Maybe it's a bad choice but what do you mean by a company. Is it a small investment activity or a huge project?
If you have a limited number of customers you can try Bitpay or Coingate.
For medium companies, you need to review the banking restrictions and build a payment system taking into account several things before you start. "You can't build a business just because the state imposes little BTC taxses or is friendly to cryptocurrencies."

Hippocrypto

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Quote from: Kprawn on November 18, 2019, 10:10:38 AM

I would suggest sending a customer support ticket to one of your local Bitcoin exchanges, asking which Banks they use and then opening a Bank

account at these Banks, because these exchanges are doing large Bank transfers and deposits and withdrawals at these Banks and they are still in

operation. I did this with my local exchange and opened a new account at 3 new Banks and I had no problems with any of them. You are going to

have to deal with transactions that would be "red flagged" so you will have to use Crypto friendly Banks. Wink

Right now I was using only two banks like my main bank where my main salary goes to, and it would also be the options for my crypto converted money. On the other part of that, my secondary bank was only set to be dedicated for my local exchange cash out, and that's autoconvert in my country's bank that has complete affiliations with regards to making secure deposits.

Everthing was transparent between me and the exchange I am using in order to avoid serious scrutiny, if there's possible circumstances to arise. KYC should be passed to become confident with our personal transactions.

Kprawn

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I would suggest sending a customer support ticket to one of your local Bitcoin exchanges, asking which Banks they use and then opening a Bank

account at these Banks, because these exchanges are doing large Bank transfers and deposits and withdrawals at these Banks and they are still in

operation. I did this with my local exchange and opened a new account at 3 new Banks and I had no problems with any of them. You are going to

have to deal with transactions that would be "red flagged" so you will have to use Crypto friendly Banks. Wink

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Quote from: fedojih273 on November 17, 2019, 12:31:02 PM

I want to establish a company to sell software to help in bitcoin trading.

I could get paid in fiat via a payment processor, but even still, banks have told me at one country I was going to incorporate in, that even getting euros or dollars on my account from such business would be a problem.
Is anyone aware of countries, preferably, of course, with a low tax rate, that don't have issues with their clients getting money from this?

Thanks.

You are better off making a visit in person to your local bank manager to ask for help with it - most banks will make an exception for you if they know you and you have a track record with them.

As for taxes - they're nothing to do with where you bank and everything to do with where your customers reside. They will pay tax in the place they reside according to the rules of that jurisdiction.

Lucius

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There are countries that are very friendly towards cryptocurrency, so if you go in that direction, you are narrowing your choices to some 10+ countries. Based on an article I found, there is a country that has a 0% tax on all crypto-related business until 2023 (Belarus), or maybe something EU based (Malta), or exotic (Bermuda). I suggest you read the article, but not take that information for granted, further research and verification are necessary.

Bitcoin Friendly Countries
Crypto friendly bank rankings

fedojih273

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I want to establish a company to sell software to help in bitcoin trading.

I could get paid in fiat via a payment processor, but even still, banks have told me at one country I was going to incorporate in, that even getting euros or dollars on my account from such business would be a problem.
Is anyone aware of countries, preferably, of course, with a low tax rate, that don't have issues with their clients getting money from this?

Thanks.

Topic: Which countries have banking friendly to companies that get paid in bitcoin? (Read 285 times)