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

[fedojih273]

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.

[Lucius]

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

[alyssa85]

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.

[Kprawn]

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. 

[Hippocrypto]

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. 

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.

[hugeblack]

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."

[Febo]

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.

[ReiMomo]

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.

[YOSHIE]

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.

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.

[acdc]

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.

[sikke]

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.

[mersal]

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.

[AicecreaME]

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.

[rose9696]

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.

[JeffBrad12]

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.

[el kaka22]

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.

[sana54210]

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.

[AjithBtc]

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.

[cotton ball]

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.

[error08]

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.