Recommendation for Seychelles Foundation formation

[mnschwarz]

Thanks for the update of this thread with valuable information What I'm looking for is a waterproof solution for my assets. Did you setup the foundation to own the Trust? or do you only have a foundation?

I didn't use a trust in my structure. I have a foundation owning the shares of an IBC. This IBC is used primarily as a holding company owning all the assets etc including shares of other IBC's that have their own individual purpose. This setup works well for my situation but you'd need to see how it applies to your particular needs.

 

[negon]

So you can move profits from the IBC's into the foundation and that way protect your money is that correct?

 

[mnschwarz]

Yes. Anything moved in to the Foundation is a donation and becomes the property of the Foundation. So if the IBC were ever sued you could transfer all the assets to the Foundation and the IBC legally owns nothing. I don't think you can simply give those assets back to the IBC after though. It would need to be a loan or purchase of some kind if you didn't want to leave them in the Foundation.

 

[Source]

mnschwarz, can you give us an update on your Foundation structure?
I am considering it for my setup and have some questions:
1. Is the IBC from Belize?
2. Is the foundation registered on your name? Is it better to register the foundation on another company?
3. Can I use a virtual office address for registering and use utility bill from this?
4. Are you still happy with the OCI company? They have a Belize IBC & Seychelles Foundation combo for $3300

Any tips and comments from anyone?
Thank you

 

[icecold]

1. Is the IBC from Belize?

I don't believe this has to be from any specific offshore jurisdiction so Belize and Seychelles (as well as any other country) may work fine with this.

2. Is the foundation registered on your name? Is it better to register the foundation on another company?

Isn't it wypically a person and a protector that has to manage and own the Foundation?

@Source what business are you into?

 

[Okanda Fernando]

OCRA is better

 

[Offshorenerd]

mnschwarz do you have any updates on this? Are you still happy with the service you received?

 

[JohnLocke]

I would be interested to know where you setup the foundation and who the registered agent is, if you have setup something already?

 

[bountymounty]

even @Admin reply to a two y.o. thread

 

[Mr Magoo]

@mnschwarz where did you set up the bank account for the foundation?

 

[TurnedToRobot]

@mnschwarz where did you set up the bank account for the foundation?

This would be of great interest to know for me too?

 

[Spinat]

Seems people seek advice and once found they only rarely give feedback.

 

[aquarius]

This looks interesting. maybe worthwhile to revive this. Anyone around here who has had a Seychelles Foundation for a few years and can share some experience?

 

[hernanday]

Ok I've finally gone through with it. And I used the previously mentioned OCI company. It was actually really painless. The guy had a few calls with me to answer any questions etc then I filled out a simple questionnaire. After payment the foundation was established in a few days to a week. I also went ahead and redomiciled my company under the foundation at the same time. This has been taking a bit longer than originally stated but seems to be just about done now.

All in all I would say I'm relatively happy with the company. There's a few small things that bothered me but nothing worth complaining about & I'd have no problem recommending them. I'm going to use them to open a bank account next & hopefully smooth sailing going forward!

@wtf I went with a foundation mainly because I wanted to ensure that I could not been seen to be controlling the assets or the underlying company. I originally looked at a trust, but a trust is not a legal entity & therefore can't actually own any assets. The trust is simply an arrangement for a trustee to hold and manage the assets on behalf of the beneficiaries. A foundation however is it's own legal entity and in Seychelles in particular, they've written in to law to go one step further stating the UBO of the foundation is the foundation itself. This allows me to legally state that I do not own or manage any of the foundation assets - which is obviously great for tax reasons (those damn CFC laws) and asset protection.

Any updates on your experience, I'm considering them as well.

 

[JohnLocke]

Any updates on your experience, I'm considering them as well.

So you want to consider reading the below thread:
https://www.offshorecorptalk.com/th...ed-www-offshorecompanycorp-com-trusted.30006/
You want to make use of Google for searching the forum:

site:offshorecorptalk.com offshoreincorporate.com

 

[Pepperheadx]

Ok I've finally gone through with it. And I used the previously mentioned OCI company. It was actually really painless. The guy had a few calls with me to answer any questions etc then I filled out a simple questionnaire. After payment the foundation was established in a few days to a week. I also went ahead and redomiciled my company under the foundation at the same time. This has been taking a bit longer than originally stated but seems to be just about done now.

All in all I would say I'm relatively happy with the company. There's a few small things that bothered me but nothing worth complaining about & I'd have no problem recommending them. I'm going to use them to open a bank account next & hopefully smooth sailing going forward!

@wtf I went with a foundation mainly because I wanted to ensure that I could not been seen to be controlling the assets or the underlying company. I originally looked at a trust, but a trust is not a legal entity & therefore can't actually own any assets. The trust is simply an arrangement for a trustee to hold and manage the assets on behalf of the beneficiaries. A foundation however is it's own legal entity and in Seychelles in particular, they've written in to law to go one step further stating the UBO of the foundation is the foundation itself. This allows me to legally state that I do not own or manage any of the foundation assets - which is obviously great for tax reasons (those damn CFC laws) and asset protection.

Did you use their nominee services? Did you note that the foundation formation documents indicate that they will charge 0.3% annual fee for all assets in the foundation >$50K USD when using the nominee services? Is this standard, does anyone know for these companies that provide nominee services to charge a fixed percentage fee of value in addition to annual fees and on-demand fees. Seems awfully steep.

 

[CryptoIsFreedom]

Ok I've finally gone through with it. And I used the previously mentioned OCI company. It was actually really painless. The guy had a few calls with me to answer any questions etc then I filled out a simple questionnaire. After payment the foundation was established in a few days to a week. I also went ahead and redomiciled my company under the foundation at the same time. This has been taking a bit longer than originally stated but seems to be just about done now.

All in all I would say I'm relatively happy with the company. There's a few small things that bothered me but nothing worth complaining about & I'd have no problem recommending them. I'm going to use them to open a bank account next & hopefully smooth sailing going forward!

@wtf I went with a foundation mainly because I wanted to ensure that I could not been seen to be controlling the assets or the underlying company. I originally looked at a trust, but a trust is not a legal entity & therefore can't actually own any assets. The trust is simply an arrangement for a trustee to hold and manage the assets on behalf of the beneficiaries. A foundation however is it's own legal entity and in Seychelles in particular, they've written in to law to go one step further stating the UBO of the foundation is the foundation itself. This allows me to legally state that I do not own or manage any of the foundation assets - which is obviously great for tax reasons (those damn CFC laws) and asset protection.

Thanks for sharing this.

1. Are you still happy with the foundation and the structure?
2. Are you still happy with OCI services?
3. What is your yearly cost?

 

[uplana]

Sadly I don't believe OP is around here with is origin nick, maybe he can shim in and update this thread we are many around here seek an update