Hi Everyone! Looking to Learn More About Starting Private Company!

[offshorebilly]

Hi everyone! I'm new.

I have a company who is wiling to help me set up a company offshore but they won't set up a bank. I need to know if I can trust this company and how to set up banking information.

It would be great to met new friends.

 

[Sols]

It's hard to open bank accounts for offshore companies. It's even harder if you do it yourself.

You can try working with another service provider for the bank account, but it's usually better if you use one and the same service provider for both. So unless you're absolutely set on this agent, look around for alternatives that can help you find a bank account or work out a non-bank solution such as an EMI.

 

[offshorebilly]

I

It's hard to open bank accounts for offshore companies. It's even harder if you do it yourself.

You can try working with another service provider for the bank account, but it's usually better if you use one and the same service provider for both. So unless you're absolutely set on this agent, look around for alternatives that can help you find a bank account or work out a non-bank solution such as an EMI.

I actualy don't really know if an EMI is better or worse than a bank. Would one be better?

 

[VESTANON]

I


I actualy don't really know if an EMI is better or worse than a bank. Would one be better?

Traditional banks are far better, when the ball hits the fan, you always have a physical location an address and building to go into, ability to complain to the bank manager while sipping free coffee with excess creamer and some muffins....

With Emi's your left to the mercy of the helpdesk or better still the robot at the other end, strictly guarding your frozen funds...

 

[Fred]

Additional to the already mentioned: simply keep in mind that in the next years non-resident banking is coming to an end.

At this point all the classic offshore company providers start struggeling and I have seen many good offshore company providers that received negative feedback from the clients just because they failed on the banking.

It's not since yesterday that the offshore company providers mention you that it's possible to open bank account with some high street banks but at the end of the day you end up with unreliable banks in Belize, Puerto Rico or Dominica.

If you want a classic offshore company with 0% tax take a look at Dubai companies as they provide you along with the company formation a residence visa as well so you have access to retail banks in the UAE. To keep it more neutral you can have a look at Singapore as well but the requirements and bureaucracy is higher then in the UAE and most people go with Dubai as they like it more to spend some time there. It's a personal decision.

Beside of that you should nowadays use the classic offshore jurisdictions like BVI and Seychelles for wealth management or holding assets that doesn't require a bank account. If you bank 10m+ you still can bank a BVI company with a private bank in Switzerland but that's everything but normal retail banking.

When it comes to EMI there are some in Lithuania with high risk appetite that still onboards Seychelles companies but you are limited to SEPA/EUR only or the fees are that high that you can directly go with UAE or Singapore.

Additional the offshore company setup doesn't provide you with a residence so the banks or EMI will always have your home country address on file that triggers CRS reporting.

 

[fanban]

Welcome to the forum of freedom

 

[Golden Fleece]

Hi everyone! I'm new.

I have a company who is wiling to help me set up a company offshore but they won't set up a bank. I need to know if I can trust this company and how to set up banking information.

It would be great to met new friends.

An IBC without a bank account is useless (if you require a bank account). So, what is the point of using a company that can form an IBC, but cannot open a bank account for the IBC?

What Fred said is entirely true about the changing OSP landscape, but it does not make the point less true that an IBC without a bank account is useless. You need to find a company that does both, otherwise you run the risk of paying to form a useless entity. This has always been a problem, now made worse for the reasons stated by Fred.

On a positive note, at least your OSP was honest about its inability to establish a bank account. Those that lie or mislead on that point deserve their bad reputations.