SFM Offshore - are they good?

[Sols]

While SFM deserves criticism, they are not a reseller in the Seychelles. They have a license there and can incorporate companies directly with the government: https://www.fsaseychelles.sc/fiduciary-regulated/#66

They are also licensed in Ras Al-Khaimah: SFM Corporate Services - RAKICC - RAK International Corporate Centre

I still wouldn't pick them over many others but calling them "only a reseller" isn't entirely accurate.

 

[dirtyharry]

I would definitely find another solution. But you've probably figured that out with this thread

 

[sullyferdinand]

I agree, if SFM offshore is only a reseller it would be stupid to go through them to get a company setup. Most offshore jurisdictions have a public register of certified service providers i.e. Seychelles, Belize, Cyprus etc. that means agents allowed to setup IBC's with the regitrar directly.

There have been horrible stories about SFM and others so I try avoid them all.

I did not say they are ''only a reseller'', I am just saying that in jurisdictions where a law firm is not an agent, it will be definitely more expensive than the registered agent. And this is how the industry work. Not only this SFM but all other similar firms

I would be surprised if a firm offering company formation service is a registered agent in 20 or 30 countries

example: Company A, based in St Vincent, that is also a registered agent in St VIncent and Seychelles, but can assist with formation in 30 countries and Company B, based in Nevis, also a registered agent in Nevis and can assist with 20 countries....

If you ask Company A to register an LLC in St Vincent probably their price will be super cheap and for the other countries except Seychelles, they will resell.
Why would you hire company B to help you with a St Vincent registration?
Why would you hire company A to help you with a Nevis regsitration?

If you want to prepare your dinner, it will be cheaper to buy bread in bakery, meat in butcher shop, vegetables in fruit market and alcohol in liquor store instead of buying all together in a grocery with a mark up price. But maybe its easier to buy all together in one place

 

[Davis123]

SFM is a scammer. They can't open up bank accounts like they used to and they will promise you everything soon. A lot of reviews on SFM on google.

 

[Estek]

Can’t understand why you people search some shitty services if there is a link in admin profile for company incorporation? If you are serious about your business then protect it and use checked services not cheap garbage. Miser pays twice

 

[markdk]

Something in the middle between scammer and normal company. They are a simple agency who promise a lot but they fail as everybody in opening a bank account. Set up a company is relatively easy but set up a bank account is another story. I gave them 750 eur to open a bank account in sepa area and they offered me Switzerland. After waiting months they told me minimum capital 500K! Then I asked to refund me and after waiting months (6) and several reminder they refund me 450 eur because they said is not their fault if bank reject my application! They didn't propose me any other solution except Mauritius that I excluded since day one. We are still arguing but my experience is negative. At least they answer (after several mex) the employees are good, the management are..

 

[Davis123]

Something in the middle between scammer and normal company. They are a simple agency who promise a lot but they fail as everybody in opening a bank account. Set up a company is relatively easy but set up a bank account is another story. I gave them 750 eur to open a bank account in sepa area and they offered me Switzerland. After waiting months they told me minimum capital 500K! Then I asked to refund me and after waiting months (6) and several reminder they refund me 450 eur because they said is not their fault if bank reject my application! They didn't propose me any other solution except Mauritius that I excluded since day one. We are still arguing but my experience is negative. At least they answer (after several mex) the employees are good, the management are..

They are scammers of the worst kind. SFM used to be good when they were based in Switzerland but due to all the Swiss banking mess due to US closing down their banks etc and going after them like crazy and then OECD/EU goons going after all jurisdictions banks need more deposits now and there is no secrecy which you all want as we don't have anymore.

 

[eastern]

I tried their Hong Kong company and remote bank opening service and they did a decent job but this was a while back. I know they used another service provider there but as long as they can manage the incorporation and bank opening I have no problem with that. They seem to increase their fees though and I eventually decided not to continue with them.

 

[Elliso]

great, thank you for your input. How would you rate their banking network and you think this network is still alive in 2020 ?

AVOID THEM AT WHATEVER IT COST.

BANKING SYSTEM ONLINE MANY SERVICE PROVIDE IT !! JUST LOOK FOR THE ONE THAT SUIT YOUR BUSINESS

 

[Elliso]

They are no good. Search on the forum for other threads on them.

thank you for helping out poeple who s not aware of sfm history and s c a m

 

[Gravity]

What do we learn from this? Do your due diligence before you do business. You outlined it yourself, a simple google search would have told you the bad reviews.

I wouldn’t call them a scam but I wouldn’t do business with them either.

Learn from it.

 

[Elliso]

What do we learn from this? Do your due diligence before you do business. You outlined it yourself, a simple google search would have told you the bad reviews.

I wouldn’t call them a scam but I wouldn’t do business with them either.

Learn from it.

Because you have not lost 3800 Euro that s Probably why
its always important to check reviews and comes in forums and do an investigation before you paid any expensive service.

 

[Gravity]

Because you have not lost 3800 Euro that s Probably why
its always important to check reviews and comes in forums and do an investigation before you paid any expensive service.

I have lost much larger sums, 6-digits in one deal only and even though there was enough due diligence with multiple other lawyers involved. You can only reduce the risk by doing as much research and checks as possible. But if there is an experienced scammer on the other side, you'll most likely not see the money ever again.

So tbh 3800 hurts because every dollar lost should hurt. But no offense: if you tried to setup an offshore company structure seriously, 3800 shouldn't be anything that breaks your neck.

As I said: learn from it.

 

[Elliso]

Hey Sh0W3n

I am sorry to hear that you Gone through same experience with larger amount ;( could you narrate your experience and whom scammed you and have you successed to get your money back or not ?

3800 Euro is alot money dude and as i explained in perivous replies i have created 2 SHOFF COmpaines in UK With 300£ which is nothing for me but Being scamm for 3800euro without getting any service back is something unforgivable and i am going to fight till i get it back, nothing and noone can stop me.

I am Doing well on E-commerce and in Markting but i won t allow anyone to take even 1 penny with my authorization ! this does not mean i am mean or i die for bucks but mine is mine and yours is yours that s it.

I ve received afew messages guys are thanking for writting those reviews and saving thier money so i am glad that at least i do helps unlile many others who fraud and scam people virtually

 

[Gravity]

Hey Sh0W3n

I am sorry to hear that you Gone through same experience with larger amount ;( could you narrate your experience and whom scammed you and have you successed to get your money back or not ?

3800 Euro is alot money dude and as i explained in perivous replies i have created 2 SHOFF COmpaines in UK With 300£ which is nothing for me but Being scamm for 3800euro without getting any service back is something unforgivable and i am going to fight till i get it back, nothing and noone can stop me.

I am Doing well on E-commerce and in Markting but i won t allow anyone to take even 1 penny with my authorization ! this does not mean i am mean or i die for bucks but mine is mine and yours is yours that s it.

I ve received afew messages guys are thanking for writting those reviews and saving thier money so i am glad that at least i do helps unlile many others who fraud and scam people virtually

It's currently at court, has been going on for 2 years now. I don't expect to see anything in 2020, maybe 2021. I will see money, the question is how much.

I said it before: every penny should hurt. And it is your right to try to fight for it. But knowing companies like these, your only chance of getting any value for your money, is to try to cooperate. They know that you'll not sue them offshore for 3800€. And even if you do, I can almost guarantee you two things: you'll most likely lose the case AND the cost of everything will be much higher than the 3800€.

Just my two cents: try to cooperate and make it impossible for them to wait any longer. Provide everything they want to have even if it is the 5th time.

Good luck and I hope you get any value for your money.

 

[happyjohn]

It's currently at court, has been going on for 2 years now. I don't expect to see anything in 2020, maybe 2021. I will see money, the question is how much.

What is the outcome of all of this... ohh my I just posted in another thread to ask about them before I found this thread.

and here is another one Sfm-offshore robbed me 3800euro

 

[JohnLocke]

I don't think they are that bad, but you need to pay attention to the many negative reviews you find here on the forum as well as if you google them.

 

[joe82ad]

I don't think they are that bad, but you need to pay attention to the many negative reviews you find here on the forum as well as if you google them.

they dont respect privacy. all information leaked.
hidden fees
lack of knowledge. whatever you ask, they cant answer on the spot. They get back to you after 3 working days. Seems they need to ask the registered agent and then reply.