Merchant Accounts - Company Formation - Non-US Exchanges
Posted by Bruce Kamm on November 05 2013 09:18 PM
Exchanges outside of the US needing a merchant account to process member fees will often be required to have a legal presence in the UK or Asia in order to acquire a merchant account. VirtualBarter has partnered with Payvision to make getting a non-US merchant account easier, but one of the requirements if settlment is not available in your country, would be to have a "paper" presence, so that settlement of fees can be deposited to a UK or Asian bank account.
Fletcher Kennedy is an EU 'company formation' company. For Asian merchants we'll sometimes recommend PLB Consultancy. There are several companies that can help set up your foreign "paper" presence, and we encourage exchanges to feel free to review other companies.
For a nominal fee, Fletcher Kennedy sets up the required entity (it's a paper company - there doesn’t need to be an office or employees there). This usually only takes a couple of days, and then Fletcher Kennedy (or any other 'company formation' company) will provide the merchant with the corporate documents, which they can provide to Payvision during the merchant account application process.
Following is a link to the Fletcher Kennedy URL where Payvision clients can get a discount when forming a new entity in the UK. If is not a requirement that merchants use Fletcher Kennedy, but Payvision often recommends it just because Fletcher Kennedy works quickly, is relatively inexpensive, and works with many other Payvision customers.