Offshore company in Cyprus for Adult Entertainment business, is it possible?

[tax-haven]

Hi

I have a friend who has a Adult Entertainment website (actually it is a **** site) now he is considering to incorporate offshore actually in Cyprus, the question is if there are any problem for him to open a company in Cyprus considering his business activities?

Also can he open a bank account in Cyprus for the company there?

If above ifsn't possible will it be possible to do so in any other offshore jurisdiction?

Thank you for your attention.

[Admin]

I don't see any problems why you shouldn't be able to form a company in Cyprus, as long as it is legit Adult stuff he is selling there are no problems.

In regards to the bank account opening, it can be a little more difficult, many of the banks in Cyprus do no like the Adult Entertainment biz, therefore it can be complicated, however there are a few alternatives available.

[pluma]

Second that, we have a Cyprus company for our Adult biz and it works like a chame, no problems at all, have run the biz for almost 6 months now, never has anyone asked any questions.

[sonato]

May I ask which bank it is you have your bank account now ? Pretty interesting since most of the Adult webmasters I know have opened their accounts in Latvia for some reason I cant figure out.

[clemens]

It is very easy, you put up a website with some e-com stuff and apply as an e-commerce business, the money entering the account will in anyway not come from people that buy **** but from some payment processor, so actually it is not a lie

[bizman]

There is also another easy way, you simply have the offshore company only for offline activities, no one will ask questions in regards to website.

[jpay]

lol - seems you guys know the game

[cangarooo]

I've opened a company in Cyprus for one of my customer involved in the online **** activities.

As mentioned by someone, the company it's just an off-shore for the offline activities.
The payments come only via web using credit cards and the bank is accepting it without any problem.
Additionally, the server where the site is, it's not located in Cyprus but outside EU area in order to avoid any possible restriction.
The bank we used for this action is Societe General in Cyprus. If you need more info, contact me via private message.

Bye bye

[clemens]

Thank you very much cangarooo, valuable information you offer here..

[drillbill]

Some of the banks as I know have stopped opening bank accounts for Adult, even they closed already opened accounts, this was the case for one of my partners which has an bank account with USB bank.

[power]

Not all banks in Cyprus mind about opening bank accounts for Adult. I know at least of 2 which do this.