Need advice on starting a Bitcoin ONLY company.

[KawalGrover]

I've asked this question on Reddit as well, and wanted to cross post this on this forum:

So, I've heard Nic Cary talk about how Blockchain is a company that does not have ANY bank accounts.

I have a few questions:
1. Where in the world should such a company be created/registered?

2. The company has to be structured so that it passes the 'legitimacy test' for companies like Coinvoice and others that will help the conversion of FIAT to BTC.
[I want the company to be able to invoice in BTC and if the customers pay in USD then do the invoicing through a company like coinvoice to handle the conversion, and perhaps a similar conversion for other FIAT currencies (EUR, INR, etc). ]

3. Has the simplest rules and formalities and the lowest tax burden in terms of operating an entity.

4. Any other things I need to be aware of or should consider.


Thanks for all your help and feedback in advance.

[franky1]

not in the USA, especially not in new york.

but really apart from that it does not matter. as long as you block any new york customers

[Possum577]

You may have a hard time getting real advice in this public forum. Governments could see any advice that's given to you as participation in any "wrong doing" they see you involved, that is if your business were to take off.

Good luck with it.

[FUR11]

I guess that will be really difficult. In most countries I guess you have to adhere to local laws and file your income or transactions in the local FIAT currency. You'll need a very savvy accountant if you want to do that.
Also: What is your company doing? I mean, you need a business plan first. Some merchandise you plan on selling or some kind of service you are planning on offering!

[Meuh6879]

not in eurozone (aka. non-crashed country) ... bankster blacklist and shutdown account (need national tresor accreditation)

[iluvpie60]

I've asked this question on Reddit as well, and wanted to cross post this on this forum:

So, I've heard Nic Cary talk about how Blockchain is a company that does not have ANY bank accounts.

I have a few questions:
1. Where in the world should such a company be created/registered?

2. The company has to be structured so that it passes the 'legitimacy test' for companies like Coinvoice and others that will help the conversion of FIAT to BTC.
[I want the company to be able to invoice in BTC and if the customers pay in USD then do the invoicing through a company like coinvoice to handle the conversion, and perhaps a similar conversion for other FIAT currencies (EUR, INR, etc). ]

3. Has the simplest rules and formalities and the lowest tax burden in terms of operating an entity.

4. Any other things I need to be aware of or should consider.


Thanks for all your help and feedback in advance.

You would be a lot better off starting a business and also accepting bitcoin. Do you really want to limit yourself to only being able to get bitcoins. The amount of business you are forcing yourself to lose is mind boggling by ONLY accepting bitcoins. This makes me think you are being more idealistic than serious about starting a business. The amount of headaches you are going to need to go through for bitcoin only is probably not worth the effort currently. You are going to have to do most of the legwork yourself and it is going to be hard and if you mess up you're screwing yourself because the government IS NOT going to be nice to you.

[Ron~Popeil]

The only time you would absolutely have to deal with fiat would be tax time. If you are selling goods you will have to also deal with sales tax and getting your suppliers to take bit coin as payment. I would start with an excellent accountant for sure.

[keithers]

IMO if you are starting a company that will have paying customers, you should try to accept as many payment options as possible.   You could be leaving money on the table.  Limiting yourself to only BTC, you will lose out on some potential sales.   

For instance, I have been on some sites where they only accepted BTC, and I chose not to buy anything because I didn't want to spend any BTC at the time.   I would have used my debit or credit card if it was possible.

[commandrix]

Don't count this as advice, but here's a link to a table that lists each nation's corporate tax rates. Click on the "Show" link for each one because sometimes the figures can be a little misleading, but if you've ever thought of registering your business in another country for tax reasons...

[DavidHume]

What service are you offering? Hard to start a business if there is no demand for it.

[Omikifuse]

Bitcoin is not considered as currency in most of the world.

So you probably are beyond most regulations, unless you have an exchange

[Mobius]

Bitcoin is still too much of a niche market for this to really having any serious chances of succeeding. If you were to use a company that were to charge a customer's bank account or Credit card to buy bitcoin to pay you then either you or the customer would need to pay a large spread verses the price of bitcoin on major exchanges, putting this method at a great disadvantage.

[luckyluigi]

An offshore company with 0% tax and no annual reporting. Getting a bank account is usually the hard part, and since you don't need one, you can have it setup tomorrow basically. And if you wanted to not pay taxes... well it could probably be done easily (not legal advice bros). A lot of people avoid taxes using FIAT, with bitcoin only, you'd have to try to get caught.

[keithers]

An offshore company with 0% tax and no annual reporting. Getting a bank account is usually the hard part, and since you don't need one, you can have it setup tomorrow basically. And if you wanted to not pay taxes... well it could probably be done easily (not legal advice bros). A lot of people avoid taxes using FIAT, with bitcoin only, you'd have to try to get caught.

you may be able to get by doing this if you aren't making much money, but if you plan on using this business as a living, it is highly advisable to follow the tax laws of your country.   You typically don't want to start your company from the ground floor, breaking laws straight out of the gates...lol

[waldox]

i wonder if you can incorporate on sea world (platform off of england) or in the high seas

[hualehua]

there are many diff with your company.

[countryfree]

I've asked this question on Reddit as well, and wanted to cross post this on this forum:

So, I've heard Nic Cary talk about how Blockchain is a company that does not have ANY bank accounts.

I have a few questions:
1. Where in the world should such a company be created/registered?

2. The company has to be structured so that it passes the 'legitimacy test' for companies like Coinvoice and others that will help the conversion of FIAT to BTC.
[I want the company to be able to invoice in BTC and if the customers pay in USD then do the invoicing through a company like coinvoice to handle the conversion, and perhaps a similar conversion for other FIAT currencies (EUR, INR, etc). ]

3. Has the simplest rules and formalities and the lowest tax burden in terms of operating an entity.

4. Any other things I need to be aware of or should consider.


Thanks for all your help and feedback in advance.

1. Easy! BTC belongs to cyberspace so your company must be there, too.
2. Didn't you say this was to be a BTC only company? There shall be no Fiat to BTC conversion. You must convince your clients to pay you with BTC.
3. You write your own rules in cyberspace. You're a free man and you don't pay tax to anyone, just like I do.
4. Plenty, but I'm afraid it won't come free. Send me a PM if needed.

[desired_username]

not in the USA, especially not in new york.

but really apart from that it does not matter. as long as you block any new york customers

Franky1, It was only a proposal nothing more. Even if these pathetic suggestions are accepted, it cannot be enforced especially on companies residing in other countries.