Transferring ownership of ecom website/domain

[Topcat]

I'm going to form a US LLC to run my business through. Currently the business is being run through my Seychelles IBC that I plan to shut down and replace with the US LLC. The Seychelles IBC currently owns the ecom website and domain that generates my business's income (though actually there's no paper trail showing this - I just declared the Seychelles IBC as the owner of the website/domain in my website domain registrar account - originally if I remember right I bought the domain in my own name because I hadn't formed a company yet, but I can't find the email with the order confirmation of that).

I'll be shutting down the Seychelles IBC once the US LLC is fully set up. This will involve first transferring ownership of the business's website/domain from the Seychelles IBC, over to the US LLC. So it'll be a transfer of ownership from one company I own, to another company I own.

My (possibly silly) Question: For the change of ownership, can I just change the name of the owner of the website domain from the Seychelles IBC's name, to the US LLC's name, and call it job done? Or do I have to do it as a sale of an asset from one company to another, complete with invoice and a payment transaction?

 

[Sols]

If the transfer is SC IBC to US LLC directly, there should be some sort of agreement between the two and depending on applicable laws (Seychelles, US, and where you're based).

You can have the US LLC buy the IBC at fair market value (you move money from your left pocket to your right pocket) and then transfer the assets from the subsidiary to the parent and liquidate the subsidiary.

Another way is to dissolve the IBC, have the assets transferred to you personally, and then you transfer those assets to the LLC.

Regarding proof of ownership of the domain, just renew the domain early and make sure your new company is on the invoice. That's probably all anyone will ever ask for.

 

[Topcat]

Another way is to dissolve the IBC, have the assets transferred to you personally, and then you transfer those assets to the LLC.

Hi Sols, how do I have the assets properly transferred to me personally from the Seychelles IBC? And then how do I properly transfer them to the US LLC? I don't know what the process is.

It would be far easier to just have the US LLC buy the Seychelles IBC's assets for $1, send an invoice from IBC > LLC for the $1 transaction, send the $1 across bank to bank, and then just change the ownership records from IBC name > LLC name in all the relevant places. Or is that not allowed?

 

[Sols]

Hi Sols, how do I have the assets properly transferred to me personally from the Seychelles IBC? And then how do I properly transfer them to the US LLC? I don't know what the process is.

These are questions I would recommend that you instead ask a lawyer/account/tax adviser. While I've done it, I've just paid lawyers to do it and make sure it's done properly.

It would be far easier to just have the US LLC buy the Seychelles IBC's assets for $1, send an invoice from IBC > LLC for the $1 transaction, send the $1 across bank to bank, and then just change the ownership records from IBC name > LLC name in all the relevant places. Or is that not allowed?

Sales should be at fair market value. Fictitious amounts can cause troubles in the future.

 

[Dandyline]

I'm going to form a US LLC to run my business through. Currently the business is being run through my Seychelles IBC that I plan to shut down and replace with the US LLC. The Seychelles IBC currently owns the ecom website and domain that generates my business's income (though actually there's no paper trail showing this - I just declared the Seychelles IBC as the owner of the website/domain in my website domain registrar account - originally if I remember right I bought the domain in my own name because I hadn't formed a company yet, but I can't find the email with the order confirmation of that).

I'll be shutting down the Seychelles IBC once the US LLC is fully set up. This will involve first transferring ownership of the business's website/domain from the Seychelles IBC, over to the US LLC. So it'll be a transfer of ownership from one company I own, to another company I own.

My (possibly silly) Question: For the change of ownership, can I just change the name of the owner of the website domain from the Seychelles IBC's name, to the US LLC's name, and call it job done? Or do I have to do it as a sale of an asset from one company to another, complete with invoice and a payment transaction?

Yes you can, no issues what so ever.