Bitcoin Forum
August 18, 2019, 04:12:12 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: I would like to start an Internet only Bitcoin business but...  (Read 692 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic.
myfirst
Full Member
***
Offline Offline

Activity: 156
Merit: 100


Crypto Currency Developer


View Profile
July 08, 2015, 01:49:34 AM
 #1

I live in a place where the laws are really strict and limit my ability to start a Bitcoin based business unless I am a multi-millionare.
What countries would allow a foreigner with no physical presence to register a business that would only exist 'virtually' on the Internet.

Can I legally operate this business that would only exist on the Internet from my home country without having to move?
Can I 'host' the services on computer systems in my home country?
Would the laws of my home country still be applicable in any of the above cases?
What if my home country is the United States? Does this complicate things further?


Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1566101532
Hero Member
*
Offline Offline

Posts: 1566101532

View Profile Personal Message (Offline)

Ignore
1566101532
Reply with quote  #2

1566101532
Report to moderator
1566101532
Hero Member
*
Offline Offline

Posts: 1566101532

View Profile Personal Message (Offline)

Ignore
1566101532
Reply with quote  #2

1566101532
Report to moderator
1566101532
Hero Member
*
Offline Offline

Posts: 1566101532

View Profile Personal Message (Offline)

Ignore
1566101532
Reply with quote  #2

1566101532
Report to moderator
dsattler
Legendary
*
Offline Offline

Activity: 924
Merit: 1000


View Profile
July 08, 2015, 06:11:36 AM
 #2

I live in a place where the laws are really strict and limit my ability to start a Bitcoin based business unless I am a multi-millionare.
What countries would allow a foreigner with no physical presence to register a business that would only exist 'virtually' on the Internet.

Can I legally operate this business that would only exist on the Internet from my home country without having to move?
Can I 'host' the services on computer systems in my home country?
Would the laws of my home country still be applicable in any of the above cases?
What if my home country is the United States? Does this complicate things further?




Have a look at Isle of Man, they are very crypto-friendly!

http://www.telegraph.co.uk/technology/11109256/Creating-a-Bitcoin-Island-just-off-the-English-coast.html

Bitcointalk member since 2013! Smiley
waterpile
Hero Member
*****
Offline Offline

Activity: 602
Merit: 500


View Profile
July 08, 2015, 01:35:25 PM
 #3

I live in a place where the laws are really strict and limit my ability to start a Bitcoin based business unless I am a multi-millionare.
What countries would allow a foreigner with no physical presence to register a business that would only exist 'virtually' on the Internet.

Can I legally operate this business that would only exist on the Internet from my home country without having to move?
Can I 'host' the services on computer systems in my home country?
Would the laws of my home country still be applicable in any of the above cases?
What if my home country is the United States? Does this complicate things further?

You might want to consult a professional lawyers on these matters coz asking here in the forum you might get answers which are not true.
OnkelPaul
Legendary
*
Offline Offline

Activity: 1043
Merit: 1002



View Profile
July 08, 2015, 01:42:57 PM
Last edit: July 08, 2015, 01:55:18 PM by OnkelPaul
 #4

You might want to consult a professional lawyers on these matters coz asking here in the forum you might get answers which are not true.

In particular, you can't expect any meaningful answer if you don't explicitly state your home country and the business you want to start (because that's the main factors determining whether legal restrictions apply, and to which extent they apply when your business is registered abroad).
Since it would probably unwise to discuss these things in an open forum, taking this to a knowledgeable lawyer is the right thing to do.
Note however that businesses that would be illegal in your country most likely don't become legal just because you're registering them in another country while still being the proprietor and hosting in your country. Of course, you may be able to hide behind layers of "privacy protection" and mail forwarding services etc. but these are most often signs that your business is shady at least and probably illegal too.

Onkel Paul

I should add that legality and morality are two different things. In some jurisdictions businesses that I consider morally wrong are legal, while in other jurisdictions businesses that I would be ok with are illegal. Doing illegal things that are compatible with your morals might feel ok but still could get you into trouble. In a democracy, there are processes to change laws (admittedly these work mostly on glacial timescales and are largely driven by those who are already in power). In an undemocratic country, you options are even more limited.

noel57
Sr. Member
****
Offline Offline

Activity: 392
Merit: 250



View Profile
July 08, 2015, 09:18:15 PM
 #5

I once faced with a similar problem but I was able to get started by searching for offshore bank account and I got a decent account offshore. The countries you can use are many, just search for offshore company setup in Cyprus or use any country that you have in mind.

myfirst
Full Member
***
Offline Offline

Activity: 156
Merit: 100


Crypto Currency Developer


View Profile
July 08, 2015, 09:28:05 PM
 #6

You might want to consult a professional lawyers on these matters coz asking here in the forum you might get answers which are not true.

Professionals wants lots of money that I don't have, which is why I would settle for some free advice from knowledgeable community members only as a start.

In particular, you can't expect any meaningful answer if you don't explicitly state your home country and the business you want to start (because that's the main factors determining whether legal restrictions apply, and to which extent they apply when your business is registered abroad).

Lets say the home country is USA and I want to start a Bitcoin <-> USD brokerage.

I've read through https://bitcointalk.org/index.php?topic=454795. I want to remain as loose as possible in regards to KYC and AML, not for the sake of running shady a business, but more so to avoid having to spend out thousands of dollars that I don't have.  When my business is successful and I have built some wealth, then I would go through the proper channels to ensure compliance with all these laws.
dsattler
Legendary
*
Offline Offline

Activity: 924
Merit: 1000


View Profile
July 09, 2015, 05:59:10 AM
 #7

Do you know Erik Voorhes?

He is the founder of shapeshift.io, where you can exchange bitcoin and major altcoins without any registration. He moved to Panama because he couldn't run this type of company in the U.S.:

https://en.m.wikipedia.org/wiki/Erik_Voorhees

Bitcointalk member since 2013! Smiley
Bitcoin Explorer
Hero Member
*****
Offline Offline

Activity: 854
Merit: 500



View Profile
July 10, 2015, 02:53:49 AM
 #8

I live in a place where the laws are really strict and limit my ability to start a Bitcoin based business unless I am a multi-millionare.
What countries would allow a foreigner with no physical presence to register a business that would only exist 'virtually' on the Internet.

Can I legally operate this business that would only exist on the Internet from my home country without having to move?
Can I 'host' the services on computer systems in my home country?
Would the laws of my home country still be applicable in any of the above cases?
What if my home country is the United States? Does this complicate things further?




Have a look at Isle of Man, they are very crypto-friendly!

http://www.telegraph.co.uk/technology/11109256/Creating-a-Bitcoin-Island-just-off-the-English-coast.html
That's a really nice article, I think that even ChainPay (payment processor) is based in the Isle. Moreover, Switzerland also deserves a mention.

HashBTC
Full Member
***
Offline Offline

Activity: 212
Merit: 100



View Profile WWW
July 10, 2015, 02:28:24 PM
 #9

As a current business accepting bitcoin our advise to you would to be 100% adopt bitcoin as a payment method. However due to bitcoin being a relatively new currency it is advised that you also accept other methods of payment. After all, if someone uses bitcoin they will checkout with bitcoin. If not they will use an alternative method and possibly be interested/invited to try the bitcoin.

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!