Dear forum members,
If possible at all, id like to hear your opinion about following issue:
In case of opening a business account at BF exchange there is a requirement to provide a proof of address for the director/s or for Persons with Significant control (further PSC) of the applying company.
The question if its ok for compliance purposes for the company to be registered in UK (or other “legal” country) and for the PSC’s of the company to be from “illegal” jurisdiction (for example from USA or other country where BF exchange is not present).
Thank you in advance,
Django
Corporate account on Betfair
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ShaunWhite
- Posts: 10693
- Joined: Sat Sep 03, 2016 3:42 am
Not sure, but the thing that jumps out is tax. The UK company will be taxed, and the US is one of only two countries that tax citizens' overseas earnings at the local (US) rate. I have a friend who's a US citizen working in France and they're getting hammered paying tax in France and US tax on what's left.
Best to talk to Betfair though, first instinct is that you'll need a primary account operator who has to be in a 'legal' jurisdiction. And if they distribute earnings to others than that's just a function of the company structure and outside of the control of Betfair. Anything else would make 'illegally' operating an account to easy to do.
Best to talk to Betfair though, first instinct is that you'll need a primary account operator who has to be in a 'legal' jurisdiction. And if they distribute earnings to others than that's just a function of the company structure and outside of the control of Betfair. Anything else would make 'illegally' operating an account to easy to do.