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Author Topic: Setting up Business for 50-100K Weekly BTC transaction  (Read 36 times)
LShubha
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January 24, 2018, 11:50:45 PM
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Hi,
I live in the US but have requirements to setup a corporate/High net worth account to handle 50-100K per week transaction to buy BTC.

The funds will come via international wire transfers into US bank account. The origin of transfer will be India.

I am looking for someone who I can speak with to give me legal and tax advise on how to go about setting this up.

Thanks
LS
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palle11
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January 25, 2018, 11:07:05 AM
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You raised three issues in your 3 paragraph write-up.

First, you didn't clearly state if you want to register a company but the word corporate in business environment connotes company or unit. So, if you want to operate a company, simply approach the organization responsible for registering a company based on the appropriate Act/statute. And, I think if you want to open a bitcoin wallet account you can do that.

Then, talking about the final point about the legal and tax advice, you have to understand that if you have a dual business running concurrently in different countries where tax is levied, you have a choice to choose where you want your tax allegiance to dually or you pay differently.

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January 26, 2018, 06:47:40 PM
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Hi,
I live in the US but have requirements to setup a corporate/High net worth account to handle 50-100K per week transaction to buy BTC.

The funds will come via international wire transfers into US bank account. The origin of transfer will be India.

I am looking for someone who I can speak with to give me legal and tax advise on how to go about setting this up.

Thanks
LS

In further corroborate what the earlier poster said, the best bet for you is to set up a company because there is no way you want to receive such amount on a weekly basis as an individual that your account will not be flagged it can happen in other countries but not in the United States.

What you need to do is to first seek legal expert specialised in matters of business and money matters to guide you in doing this. You might be able to register a company online like we have it here but beyond that, there are several forms to fill at the level of the banks, verification to comply with and some authorisation to get before being allowed to have access to that amount of money.

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January 27, 2018, 01:24:59 PM
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The US is not the best country for business in bitcoins. I think you need to look for another country to register your business. For example, Japan. Perhaps soon the United States will try to ban bitcoin. Unless of course they buy up all the coins in order to use the bitcoin market to their advantage. Americans are accustomed to the fact that the king of the foreign exchange market in the world is a dollar. They will never accept the fact that the king can be bitcoin.

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