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Anyone using Transferwise with a 0% tax company like Belize, Panama?

#3
Great ! Did you encounter any problems with them?

Do you think getting payments from 10-40 k per month into the transferwise account will be a problem?

Also do u know other reliable emis/bank accounts for belize corps where u can receive wires from aff networks?

thx for help :)
 
#6
Tepesch said:
Anyone using Transferwise Business with a 0% company like Belize, Panama?
How long have you been using it and what is your jurisdiction?
What did they request from you before opening the business account ?

Thx for ur help :)
Click to expand...
I have a Belize IBC and take in about $30k USD per month and have never had a problem. I have used TransferWise for about five months, most payments I receive into my TransferWise account are thought the account details they have given to receive payments from Australia and US, all payments are in there the next day. When I take the money out into my personal bank account which is in Panama, it physically arrives the next day.. Can't beat that.

I was looking to open a 'normal bank account' in Belize and the paperwork alone and all the cost of document authentication just fell into the 'too hard basket'. Now I am glad I did not open a bank account as the fees are so much lower with TransferWise and the settlement is next day... who needs a bank for a Belize business, the truth is that almost none of us are ever planning on going there to use an ATM..
 
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#7
je9271 said:
I have a Belize IBC and take in about $30k USD per month and have never had a problem. I have used TransferWise for about five months, most payments I receive into my TransferWise account are thought the account details they have given to receive payments from Australia and US, all payments are in there the next day. When I take the money out into my personal bank account which is in Panama, it physically arrives the next day.. Can't beat that.

I was looking to open a 'normal bank account' in Belize and the paperwork alone and all the cost of document authentication just fell into the 'too hard basket'. Now I am glad I did not open a bank account as the fees are so much lower with TransferWise and the settlement is next day... who needs a bank for a Belize business, the truth is that almost none of us are ever planning on going there to use an ATM..
Click to expand...

What business name or personal id did you use to open your TransferWise account?

Apparently they don't accept registrations for Belizean companies yet.
 
#8
I used the business name when setting up the business, not a personal name. I was told that the business must be an IBC as well as proof that the business will be run outside of Belize, not a company conducting business in Belize. I sent the formation documents showing that the company was an offshore Belize company and also needed to send a utility bill showing the registered company name as well as an address outside of Belize. This proves that the company although being formed in Belize was conducting business outside of the country..all good. My understanding is that TransferWise will not work with any companies that conduct business in Belize but offshore companies that are simply registered there but can prove that the company is physically being run in a different country is fine. I made another payment with TransferWise last week without any issues and even updated the physical address that the company works from (address in New Zealand) the address was updated and had an email confirmation. I hope this information helps
 
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#10
They have been super easy to deal with. Just make sure you tell them its a totally offshore company, no business taking place in Belize and (somehow) make sure you have a utility bill (they don't take mobile phone bills) with your company name showing your operational address outside of Belize and you should have smooth sailing, good luck Rod!
 
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#12
@je9271 Thanks for sharing, i'm interested in this topic as well and your feedback is highly appreciated! Could you explain what did you mean under a utility bill with company name showing operational address? If i have a BLZ IBC, do i need to register a company with same name in a "whitelisted" country under my BLZ IBC as shareholder or can i proove my operational address somehow else?
 
#13
je9271 said:
I have a Belize IBC and take in about $30k USD per month and have never had a problem. I have used TransferWise for about five months, most payments I receive into my TransferWise account are thought the account details they have given to receive payments from Australia and US, all payments are in there the next day. When I take the money out into my personal bank account which is in Panama, it physically arrives the next day.. Can't beat that.

I was looking to open a 'normal bank account' in Belize and the paperwork alone and all the cost of document authentication just fell into the 'too hard basket'. Now I am glad I did not open a bank account as the fees are so much lower with TransferWise and the settlement is next day... who needs a bank for a Belize business, the truth is that almost none of us are ever planning on going there to use an ATM..
Click to expand...

how to get a utility bill showing the registered company name ?
 
#14
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#16
Alex88765 said:
@je9271 Thanks for sharing, i'm interested in this topic as well and your feedback is highly appreciated! Could you explain what did you mean under a utility bill with company name showing operational address? If i have a BLZ IBC, do i need to register a company with same name in a "whitelisted" country under my BLZ IBC as shareholder or can i proove my operational address somehow else?
Click to expand...
You would have to prove that the physical business takes place outside of Belize as an IBC is not able to conduct business inside the country as you know. Although it is well known that IBC are designed not to be run from inside the country, a company like TransferWise would need to limit their liability by showing that they have checked that the business is being run from outside the country, the only way they can easily do this is by requiring a utility bill with the registered company name and address outside of Belize being listed.

The registration documents showing your registered address outside of the country is not good enough, neither is a mobile phone bill which is why a 'utility bill' is required. Remember with regulations in finance, money transfers and banking always changing, everyone is looking for a way to plausibly cover their a*s, TransferWise is no different
 
#18
Yeah have been using TransferWise lots of times, the bank won't see the offshore company at all.
 
#19
Tepesch said:
Anyone using Transferwise Business with a 0% company like Belize, Panama?
How long have you been using it and what is your jurisdiction?
What did they request from you before opening the business account ?

Thx for ur help :)
Click to expand...
I have an account for a S.Vincent and the Grenadines LLC,very Easy to open but lot of questions later to usé It.
 
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