Personal Word from Fred

[friedrich5000]

"Getting proper Banking for a Disregarded Single Member Pass Through US LLC without any substance‌ is definitely way harder and more expensive compared to the entire Setup we are offering‍ right now."

completely false

I've opened bank accounts in Capital one and Bank of America⁠ (these are real banks) for single member foreign owned LLC and it was very simple⁤ and fast, only thing is that you need to travel to the branch in person⁣ and best if you have ITIN number. Do you have any real experience with US⁢ banking ?

This setup doesn't make much sense in my opinion,
are you trying to tell us that its easier to get banking︂ for panama corp than for US LLC ? Panama is blacklisted isnt it.
Extra reporting︃ requirements for US entity (FATCA) apply if members are US citizens, non-us members its no︄ reporting or limited reporting.

 

[zbio]

Difficult to open a bank account fot US LLCs? I opened a Mercury bank account‌ few weeks ago with my residential address in the UE...

The process is extremely easy‍

 

[Cloudbanck]

I have a friend living in Argentina who opened an account with Mercury for a‌ US LLC two weeks ago. Took 24 hours.
EMIs have gotten a little bit more‍ tricky with the address for US LLC owned by non-US residents, but it's still totally⁠ doable.

There are still tons of EMIs across the world that accept US LLC owned⁤ by non-US residents. My list:
For US LLC: Mercury (US), Levro (US), Airwallex (SG), Verifo⁣ (Lith), Zen (Lith), Ebury (UK), Zyla (US based, Chinese owned), Bancoli (US), VertoFX (UK), Currencies⁢ Direct (UK), FV Bank (Puerto Rico), Yoursafe (NL), Ecommbanx (CY), Paysera (UK), Pingpong (China), Meow︀ (US), Rho.co (US), Novo.co (US), Lili.co (US), Relay (US), Bluebanc (US), Narvi (Finland ?), Satchel(Lith︁ ?)

And as someone mentioned, one can also go to the US and open an︂ account at a traditional bank in the US.

 

[Fred]

Yes like mentioned here - proper US Banking with Personal Visit in the US -‌ lots of people here in the forum can't even get a Visa to the US.‍

I don't understand how you can compare EMI Banking with proper Retail Banking what we⁠ offer to the Forum.

I'm happy that you are happy with your US LLC Setup⁤ - no bad feelings at all - same as I'm happy to provide Forum Users⁣ with our new 0% Tax Offshore Panama Setup.

I understand that this Forum tends to⁢ have a self dynamic either in the one or the other direction - I know︀ this when back then everyone was moving to Dubai and was going for our DLS︁ Dubai Service.

At the end I can just say that what we are providing is︂ working and that every client is getting what he is looking for and that's what︃ it is about at the end of the day.

Don't do the mistake a lot︄ of people including me did in the past with Dubai having this one and only︅ holy grail.

 

[drysponge]

You dont have to search︇ for very long on here to find threads with people complaining about their EMI accounts︈ getting closed restricted or rejected
its facile to state its easy/hard to open (and maintain)︉ these accounts, depends on your situation and your businesses needs.
i also think its a︊ moot point, what freds offering and a chase business account you went to the branch︋ to open have different use cases.
heres the fatca definition of a us person
an llc fits this definition regardless of who the members are, i⁢ don't know requirements are getting reduced from being foreign owned.

 

[Fred]

I was just about to mention this as well.

US LLC with some kind︁ of EMI is for sure fine for some people however you shouldn't compare EMI Banking︂ with proper Transactional Retail Banking with a Walk-In Branch - yes you can open a︃ local US Bank Account however you need to be able to get a US Visa︄ and have expenses for for the Account Opening as well as for the Travelling.

Reporting requirements are in place for sure - that's why most EMI's are not keen to︅ touch the US as it means additional Reporting Requirements for them.

Again if you are︆ fine with a US LLC and a WISE Account and it's working for you that's︇ not a problem.

However accept the fact that a 0% Tax Panama Offshore Company with︈ a Nominee Director Setup and a Transactional Retail Bank Account with a Crypto Cash Out︉ Scheme is by some people required as well and especially for such purpose you should︊ stay away from the US as far as you can for several obvious reasons.

I'm looking forward that in a couple of weeks DLS Offshore Clients are reporting back how︋ things are working out for them and I'm very sure that our clients are going︌ to be happy and get what they are looking for same like back in the︍ days with DLS Dubai.

 

[zbio]

Us llc works perfectly for many online enterpreneurs depending where you establish your tax residency.‌

I live now in bkk and most businessmen are using US LLC with mercury, EMI,‍ and traditional US banks (after having some months of bankimg history with Mercury it seems⁠ it is easy to open a traditional bank account if you travel to the US,⁤ I havent done it yet).

Some people I have met here also have or had⁣ a Dubai company. Most of them are closing those companies. They say there is no⁢ need to have expensive and over complicated set ups when you can just go for︀ a US LLC.

But I guess that solution does not fit for many.

 

[Cloudbanck]

About traditional Banks vs EMIs.

My life time record is that⁠ I have had 20 bank accounts in 7 countries, about 2/3 EMIs and 1/3 traditional⁤ banks. I have had 1 account closed down and that was a traditional bank in⁣ the UAE. And another one was a UK traditional bank (TSB) where I got this:⁢

​

Dear Cloudbank

We’ve cancelled your Internet Banking access

Thank you for getting in touch︀ about your Internet Banking access with User ID

We’ve now cancelled your Internet Banking service,︁ as you requested. Please visit tsb.co.uk if you decide you’d like to register again.

​

Like wtf, I never asked them to close down my internet banking.

Never had any︂ problems with EMIs either for personal or business accounts. This is of course just one︃ anecdote, but both traditional banks and EMIs have to follow the same regulations, and Im︄ not sure if one looks at overall statistics the risk of getting closed down is︅ lower with a traditional bank.

But beside the risk of getting your accounts closed, traditional︆ banks definitely cause more hassle. They can ask you to come into a branch office︇ to sort out some basic issue - which can be a problem if you live︈ on a different continent to the closest branch. And traditional banks seem to treat international︉ transfers as something complicated requiring a bureaucratic process, while EMIs typically do it in one︊ click and with lower spreads/fees.

I recently had a traditional bank randomly set the limit︋ for international transfers to zero. I had to spend hours on phone calls back and︌ forth with them to raise the limit, and they still only raised it to the︍ amount I said was a typical transfer.

Back in 2001 I realised that it would︎ be nice to have a bank with no branch offices, so they are forced to️ have good internet banking where everything can be sorted out online, and they can never‌ ask you to come in to a branch office. So I closed down my retail‍ account at a traditional bank and opened an account at a niche bank that was⁠ internet (and phone) only (the concept of EMIs didnt exist at the time). Was super⁤ happy with that experience, and have mainly banked with EMIs ever since, just 1/3 with⁣ traditional banks, and all my banking headaches have come from traditional banks.

Also EMIs are⁢ increasingly getting banking licenses blurring the difference between traditional and EMI. Like Revolut are planning︀ on offering mortgages in Ireland this year.

 

[M4S]

Welcome Back!

 

[Frankie]

Nice idea but I don't think it's as "sexy" as Dubai - Panama is a‌ considered a red flag by most banks, and HK accounts are not that interesting.

If we're honest, Hong Kong is China, and there is no way anybody sane will keep‍ any significant amount of money in the hands of the Chinese.

So at MOST this⁠ can be a transactional setup. Well, for transactional setup one can just open EMI accounts⁤ to get money in and immediately pay suppliers or wire to long-term investment accounts.
If you already have 0% tax residency, you can open UK LLP, US LLC, whatever you⁣ want, and achieve the exact same thing probably cheaper without having to open a company⁢ in Panama.

Having said that, welcome back and good luck.

 

[Fred]

Thank's for welcoming me back!

There is absolutely not a problem with Panama Companies especially︃ if you don't Bank in Panama but even sending and receiving money to Panama Banks︄ is not that much of an issue.

It's a rock solid setup for someone operating︅ in international waters who actually wants to have full access to SWIFT, SEPA and USDT︆ Payment Rails while having 0% Corporate Tax, no Audit and Accounting requirements.

European Union Banks︇ - EUR Transactions are till date with Dubai, UAE a big headache as well even︈ the UAE not being on any Grey-/Black-List anymore.

The 0% Panama Offshore Company Setup is︉ the first step before introducing Panama Residency Solutions as well.

It's a long-term project based︊ on Panama as an Offshore Giant - not introducing any Taxes anytime soon. I hope︋ it's not as sexy as Dubai back then for the majority so it's not becoming︌ a Pump & Dump like Dubai till the introduction of 9% Corporate Tax.

Still -︍ you shouldn't compare proper Transactional Retail Banking in HK with EMI Banking for your mentioned︎ jurisdictions - let's not forget that EMI's have either monkeys as compliance officers or no️ compliance in place at all till your account get's restricted from one day to another.‌

Just look at Threads here in the Forum around Blackcatcard, Hamilton Reserve Bank or WISE‍ closing and freezing accounts and money - let's not take away the chance for people⁠ having a proper setup in place which can always be advanced at own efforts with⁤ Banking in other Jurisdictions - especially people who are actually new to the Offshore World.⁣

Time will tell and Step by Step we are introducing new features, services and opportunities⁢ - we will share and keep offering to OffshoreCorpTalk Forum Users and beyond.

 

[Mercury]

How long is soon? The same‌ has been said for Dubai few years back ...

For the time beings and beyond‍ I think zero/low tax offshore structures will more and more become short term solutions for⁠ very specific business and needs.

 

[Fred]

Well Panama is playing it in the long run so far well better compared⁤ to Dubai, UAE.

They are working with Territorial Tax System - Panama Companies not having⁣ any Business Income in Panama and operating worldwide are having 0% Corporate Tax and no⁢ need to file Accounts or submit Audits.

Something like this I would have at at︀ least expected from Dubai, UAE but they just killed the relevance of Freezones being Tax︁ Exempt for 50 Years (promises from the early 2000's) over night by introducing 9% Corporate︂ Tax except for Metal Producing Companies such a likes in Jebel Ali, Shipping Companies as︃ well as Holding Companies so the rich can still walk the red carped in the︄ DIFC with their prostitutes.

Countries playing it smart like Panama with a Territorial Tax System︅ not taxing you on your worldwide earnings - Malaysia, Thailand etc.

However this countries are︆ lacking proper Offshore Regulations while Panama offers next to 0% Corporate Tax, no Audit and︇ Accounting for International Business - a Foundation Law for Asset Protection and heaps of local︈ and international banks being open for Banking Panama Companies, no matter if Active Trading Business,︉ Holding Company or Foundation.

 

[AAJ]

How much do you charge for HK bank account and what are the maintainence fees?‌

 

[Fred]

We only offer it as part of the DLS Offshore‍ 0% Tax PANAMA Offshore Company all-inclusive Package.

The Bank Account is in accordance with the⁠ setup we provide - however we can't guarantee Bank Account opening for existing Companies &⁤ Strcutures.

You can't imagine how many requests we received the past days about opening only⁣ Bank Account for existing Panama Companies or other existing Offshore Companies.

For successful Bank Account⁢ opening everything has to match and we simply can't guarantee for what was setup before︀ we came in.

There are no maintenance fee as long as you use the Account︁ - Wires Incoming are charged converted to USD around 10$ and outgoing transfers similar -︂ OURS is around 20-25% so basically nothing.

 

[Shadow Atlas]

I have the same question- how do you move the USDT into the bank account? I.e.‌ I doubt DBS or whatever HK bank accepts crypto directly from the Panamanian business; did‍ we miss something?

 

[AAJ]

I'll just be honest. Your getting a lot︂ of requests for only bank account set up because your fees for the company set︃ up is double what other companies are selling for including nominees. Not hating just making︄ an observation and I get it your a business and want to make a nice︅ profit. So your saying there is absolutely no set up fees, account opening fees, monthly︆ fees, minimum deposit fees, closing fees etc? Just a one time payment?

As for the︇ bank account, can it have the ability to receive payments in HKD and other currencies?︈ Can users set up a proxy ID for sending and receiving FPS transfers? Can it︉ send and receive CHATS? FPS capability is very important if people want to send and︊ receive HKD with little to no transfer fees. And finally, what would be the price︋ in total if you removed the crypto cashout and just offered the company set up︌ + bank account? Thanks for your service.

 

[friedrich5000]

Do you need to travel to Hong Kong to open the bank account ? It's‌ a long flight for most people. You might as well fl to the US to‍ open traditional US bank account for US LLC. Pretty pointless to get HK bank. and⁠ as mentioned I wouldn't trust Hong Kong bank as much as I would trust US⁤ bank. Only point for getting HK bank account is if you are doing business with⁣ China to be honest.

 

[Fred]

The 0% Tax Panama Offshore⁠ Company operates the Hong Kong Crypto Exchange Account - Hong Kong Crypto Exchange Account has⁤ direct USD settlement to the Hong Kong Bank Account.

The approach from DLS Offshore is to give educated Offshore Users︄ a working solution for a major problem of them on hand - our approach is︅ NOT to act as a License re-seller doing Google ADS with a Panama Company Setup︆ and Nominees which has been used hundreds of times already - I try to contribute︇ something meaningful here to the OffshoreCorpTalk Forum and at the same time it's my hobby︈ - when I do the math and counting the time invest here - I rather︉ should not do anything at all.

We provide the 0% Tax Panama Offshore Setup as︊ a in itself closed working Setup - you get what you pay for however i︋ refuse to take responsibility for already formed Companies and try my luck with Account Opening︌ - that has never been our approach and one of the major reasons that DLS︍ Dubai was such a success here in the Forum among a lot of users.

It's a normal HK Bank Account and therefore you have the local HKD Payment Rails available.⁤

Price is fixed and remains the same - even if you don't utilize the Hong⁣ Crypto Exchange Account.

If the price doesn't fit I doubt you need the Setup we⁢ provide - no offense just honest words from my side as well.

No need to travel - I trust Hong Kong︅ as a traditional Offshore Jurisdiction more then US.

By the way you can easily open︆ US Bank Accounts for Panama Company as well - if this is your approach.

 

[CrazyPanda]

Not long ago you claimed IFZA was one of Dubai’s best free zones, assuring us‌ the structure was stable and corporate tax wouldn’t be an issue because the authorities had‍ everything under control. Now you’ve stopped serving your clients in Dubai, cut all ties with⁠ IFZA, started criticizing the UAE corporate‑tax regime and pushing company setups in Panama,a high‑risk jurisdiction⁤ full of unknowns,which you’re once again touting as the best option.

Let me be honest⁣ and clear. IFZA is not a free zone; it’s a business hub operating under DSO⁢ FZ. Its model revolves around recruiting agencies like DLS to incorporate as many companies as︀ possible and then sharing the commissions,something you won’t see with reputable free zones such as︁ DMCC, DIC, or DWTC. Furthermore, UAE corporate tax is no mere formality introduced to appease︂ the OECD. The 9 % rate is very real and applies to all companies in︃ the UAE.