With ever-expanding KYC and AML obligations and new VISA and VAT rules for distance selling, our clients are looking for ways to establish an online company in a jurisdiction that is both a) acceptable for banks and processing compliance requirements and b) tax efficient and easy to manage. The wish list might also include confidentiality protection, fast corporate bank account services and many other benefits that are actually quite challenging to combine into one easy structure — but let's give it a try!

KYC/AML transparency for acquirers
Ultimately, acquirers must discharge their KYC/AML obligations, which essentially means laying their entire company structure bare to their UBOs and individual controlling individual directors, etc. In today’s world, it is hard to use legal structures to conceal ownership, and even the most opaque company structure is only one regulator’s letter away from full transparency.

It's always best to keep things as simple as possible, both to make it easier to set up banking arrangements and to pass the acquirer’s due diligence tests, which is quite a bit tougher.

Something to consider here: there is a new set of Visa rules regarding merchant outlet location that go into effect on 15 October. In a nutshell, Visa is trying to crack down on merchants who are not actually based in Europe accessing its European card acquirer network by setting up a European company. The new rules stipulate that it is not enough for the merchant to have a European company; the 'merchant outlet location' must also be in Europe. What does this mean?

Generally speaking, it’s where the business is operated from: where the offices are located, decisions made, etc. It also refers to where the customers are. If the merchant is not physically located in Europe, then the expectation will be that a fair amount of its processing traffic comes from Europe.

There are a number of other requirements and conditions, but the overall idea is that merchants wanting to use acquiring services in Europe should have a bona fide European operation and/or European customers.

Confidus Solutions can offer you company formation services in any country in the world, including popular offshore locations. However, there are numerous possible jurisdictions, all offering different benefits, and so it is essential to choose the right country for setting up your company. Depending on your personal goals, corporate structure and other requirements, our professional lawyers will advise you on the best jurisdiction in which to start your business.

Before choosing a jurisdiction, it is essential to have a good general understanding of the purpose (business structure) of your company. Are you going to use your company to hold assets or perform trading activities? Or maybe it is to be a subsidiary? Depending on how you are planning to use your company, a different legal structure will offer the most efficient solution. Prior to choosing a jurisdiction, you need to decide on the structure of your business.

Choosing the best jurisdiction for your company: what you need to know
You should bear in mind that every country has its own legal conventions. For example, countries using a British-style common law system will have slightly different company formation procedures and legal business structures to countries that use a continental European legal system or Sharia law. When it comes to company formation, cultural and historical differences should also to be taken into consideration, as different regions have different cultural backgrounds and legal traditions.

While European Union (EU) countries are quite prestigious and grant access to the common internal EU market, the tax implications can be substantial, and auditing and bookkeeping standards are fairly strict, making such companies quite expensive to maintain. However, certain corporate structures within Europe may provide an efficient solution for tax-planning purposes. A business structure called the 'VAT triangle' is quite popular among foreign business leaders and investors.

For those looking for low maintenance costs and a low-tax solution, we can offer the classic options for a favourable tax regime, such as Belize, the Seychelles, Panama, Hong Kong, Gibraltar, the Isle of Man and others. These jurisdictions offer a quick and easy-to-follow company incorporation procedure as well as low or zero tax rates for foreign business companies.

If you need assistance or legal advice, contact our lawyers now.

Areas for company formation
As the Confidus team of professional agents and lawyers can offer company formation in any country worldwide, for your convenience we have arranged all available jurisdictions into several groups, by geographical location, tax regime and geopolitical criteria. Please see the full list of groups below:

European companies
European Union companies
Middle East companies
African companies
Asian companies
North American companies
South American companies
Tax haven territories
Every group and, moreover, every jurisdiction, has something unique to offer in terms of the business startup process. Here you can find some basic information about each; if you find you are still undecided, we strongly recommend that you read it carefully.

The logistics performance index of Greece is 3.2. This indicates satisfactory performance - in general, traffic is handled well, some shortcomings in specific areas are possible, but overall the logistic system is reliable and ready to handle predictable traffic volumes.

Inch performance is rated at 3.36. This indicates satisfactory performance - the customs clearance procedure is generally effective, although long times can occasionally be a problem; The customs system certainly does not hinder international business activity. Required documents and fees are usually publicly available.

The infrastructure quality in Greece is rated at 3.17. This indicates satisfactory quality - roads, railways, ports and other facilities are able to cope with significant traffic at all times, and are also suitable for various types of transport vehicles and ships.

International shipping quality is 2.97. It indicates satisfactory performance - the services are reasonable and the prices are not too high and are usually right up there with the quality, although there is still room for improvement.

The competence of logistics service providers is rated at 3.23. The providers are competent – they ensure a good quality of their services and almost always maintain this level; Deficiencies, while still possible, are usually minor and do not provide an incentive for the vendors to continue working.

The tracking options for shipments are rated at 3.03. It indicates satisfactory performance - the tracking systems provide all the basic information, as well as additional data about shipments; In most cases there is also a well-established cooperation with foreign and international tracking systems and the provision of information is usually in several languages.

The tracking options for shipments are rated at 3.5. This indicates satisfactory performance - most shipments arrive on time and within scheduled timescales; Late arrival is still possible, albeit unusual.

In Greece, 100% of the population has access to electricity. Greece has 77 airports nationwide. There are 3,201,000 internet hosts in Greece.

Road network
The total length of roads in Greece is 116,960 km (72,691 miles). Of these, 1,091 km (678 miles) of roads are classified as freeways, dual carriageways, or dual carriageways.

Gas price
On average, you would pay USD 1.98 for a liter of petrol in Greece. A liter of diesel would cost $1.2.

In general, electronic commerce (EC) or e-commerce is defined as business transactions that are carried out electronically on the Internet, intranet, extranet, world wide web, by e-mail and by fax. These transactions do not have to be priced and include both sales and items such as free downloads. All transactions can be carried out on a global level.

Simply put, e-commerce means buying and selling goods online. It also includes other types of business transaction-related activities. Recent and upcoming branches of e-commerce include mobile commerce, which sells goods through various mobile devices, and Facebook commerce, which provides an audience for business.

E-commerce involves the creation of new value-adding business structures and business relationships between companies, their customers and suppliers.

Examples of e-commerce stores
The best examples of e-commerce are: online shopping (e.g. Amazon.com), electronic payments (e.g. PayPal), online auctions (e.g. eBay), online ticketing (e.g. Ecolines) and internet banking (online bank accounts). It can be done in two ways - business-to-business (B2B) transactions between merchants, retailers and manufacturers on both sides, business-to-consumer (B2C) between businesses and consumers, and between consumers (C2C) where both parties involved in transactions create barter deals. The third type of e-commerce transaction can clearly be called auctions.

There are several ways to do business: email exchanges, online catalogs and digital coupons, shopping carts operated using operating system software to enable consumers to purchase goods and services, and to easily track customers by all commercial aspects are grouped together into a coherent whole, file transfer, social media marketing, targeted advertising and other web services.

Brief overview of the e-commerce industry
E-commerce helps save time by speeding up the entire sales process, ensuring a greater selection of goods in one place, remaining available around the clock, finding target groups, creating and accepting business offers and also lowering transaction costs. This means that there are no time or distance barriers when using the network. However, it is still not possible to do some important things with this type of business. Consumers as well as retailers and dealers cannot touch the goods right away and experience the interested articles tangibly.

Businesses began using electronic data to exchange their business in the early 1690s. In 1979 the American National Standards Institute developed a universal standard for companies to exchange business data over electronic networks called ASC X12. The entire industry took off in the 1990s with the development of amazon.com and eBay. The past 5 years are considered nutritious for Internet business transactions.

According to the US Department of Commerce, web sales were $ 341.7 billion in 2015. Ecommerce helps keep things simple while having fewer restrictions. It helps boost business, build marketing automation systems, and manage sales and communications with customers and business partners remotely.

Top jurisdictions for starting an e-commerce business
Certain jurisdictions have some beneficial advantages for e-commerce businesspeople and international online merchants. England, for example, has a mature investment and banking industry that enables online trading and provides a bridge between the US market and companies looking forward to entering the market. France has its own minister for digital business (Axelle Lemaire) by creating a brand (La French Tech) to promote French startups internationally. Germany and Berlin in particular enjoy a lot of attention from famous tech multinationals such as Google Campus @ Factory. The top 10 e-commerce markets by country also include China (rating 1), USA (rating 2), Japan (rating 4) and South Korea (rating 7). These assessments were made in 2014 and are based on statistical data that reflect the level of total online sales.