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A few set up questions (UK specific)

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  • #593716
    Anonymous
    Inactive

    I’m a long term poker/casino player, and have accounts and most of the top sites. I also have a Neteller account.

    I’m starting up as an affiliate, but I would like to keep this side of things seperate from my personal activities. Because of this, as well as a couple of other reasons (mainly tax), Im thinking of setting up a UK limited company, company bank account etc.

    Anyone have any experience of doing this?
    Any problems getting cash to a business account?
    What method did you use? (Seperate neteller account?)
    Any other advise to offer?

    I know my questions are a bit vague at the moment, but im sure more specific questions will follow!

    Many thanks.

    Red.

    #689590
    Anonymous
    Inactive

    Hi there,
    getting a bank account in the uk is notoriously difficult when you are dealing with online gambling. The reasons for this are numerous. Firstly anything gambling related are subject to strenuous scrutiny because of the anti money laundering laws that are present in the uk to prevent crime gangs operating (I think this dates back to the 1970’s). Be prepared to be asked lots of questions when you go and see your bank manager, they have a questionnaire that you must answer in front of them there and then. The other reason that they are cautious is because a lot of the funds you will receive are from overseas and difficult to track.

    In my oppinion you have 2 options, 1) dont tell them its for online gambling, sell poker chips or something, however they will ask questions when they start seeing ammounts of money landing in your account from abroad.

    2) get an offshore bank account. This is more expensive initially, but if you have it located somewhere tax free you will avoid paying tax on all your revenue, instead you will only pay tax on money you bring into the country. So in essence you would have 2 companies, one located in the isle of man for example and one located in the UK. Then you transfer your wages over to your UK company for “management fees” the rest stays tax free.

    Unfortunately there are no quick easy fixes in this world. It is all difficult, but if you do things right from the start, you will reap the rewards later on. Hope this helps

    #689591
    Anonymous
    Inactive

    What bewise said is a proven tactic. Seperate a cash generating entity- i.e. your ltd company on the Isle of Man- from a “content producing company”. The latter will be based on shore and will pay your wages.

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