Forming a company in Cyprus, good option for a SaaS Company?

Hello everyone,

We are small company based in Canada, and we are looking to incorporate offshore now.
Based on my research i found cyprus is a good option for me, but i just want to make sure before i proceed further.

We are running a legit SaaS business and we are making around 50 to 60k per month and we are processing all payments on stripe for the last 2 years.

Main objective is to move offshore get some tax reduction.

Questions related to Cyprus.

1. Which are the payment processors / gateways available in Cyprus and what's the approval rate?
2. Do banks provide USD accounts? and will the provide a credit / debit card? (credit card with a deposit).
3. We have few remote employess located around the world, is it possible to wire out money easily to our employees easily from a Cyprus company?

And , again Cyprus is the best choice for me or is there anything better than Cyprus.

HK & SG was an option but HK not sure whether banks will approve and SG needs 30k deposit.

Let me know whats best for me.

Admin said:

You can use any EU payment processor for a Cyprus company, i.e. WireCard, RSB WorldPay etc.

Yes, and YES it's a visa debit card

Yes, no problem they support all types of transfers i.e. SEPA, IBAN and Swift. No problems and directly from within the Internet banking.

Pretty easy to go around.

Thanks for the response, have one more question.
Our incoming funds will be in USD, the bank account which will be opened will be in USD or EUR?
And is it possible to wire payments out in USD itself if account is in USD?

And which is the most trusted agency which i can go with if i want to form a cyprus company and what documentation they require?

Thanks

auric said:

you can open both with Cyprus banks, no problem at all!

yes it's possible directly from your USD account.

depends, if it is all white go with offshorecorpgroup.com I use them on a regular basis the same as many others here.

If it is with darks, we are a few guys here that can help! ;)

Thank you for your reply @auric , i was checking offshorecorpgroup and i just want to know whether i should choose Nominee Director & Virtual office.
Do you think it's necessary, i have no idea on this so let me know.
Or can i do that part later?
And for applying for payment processor is it mandatory to have a virtual address in Cyprus?

@hiju Thanks for your suggestion.