Good for bank account, not good if you want to incorporate a Singapore company. Too many administrative things to do.
Where To Open An Offshore Bank Account
- Thread starter JohnLocke
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In Singapore, you need to have nominee local director which usually cost more than the incorporation fee. This year alone, there are 2 nominee directors were prosecuted in Singapore for mishandle the companies. One of it was allowing the foreign director to launder money and the nominee director was jailed. So technically is worse than HK.
Thank you for this valuable information both OP and @Montecristo that's why I have seen threads where people ask how safe it is to use nominee's when bank account is opened in the company name.
[QUOTE="3. Saint Vincent and the Grenadines
A series of islands located in the Caribbean, there are many banks in the country that cater to holding American capital. Offering a range of features and relatively low fees, you get selection at the cost of prompt service. Still, it is a trusted source that you can develop a relationship with and count on when needed.[/QUOTE]
This is probably my first time reading about Saint Vincent and the Grenadines as one of the best offshore places to go. This is a very important piece of information for me since I'm still new to Offshore things and reading topics︀ in this forum is a huge help and will surely boost my knowledge about it.︁
A series of islands located in the Caribbean, there are many banks in the country that cater to holding American capital. Offering a range of features and relatively low fees, you get selection at the cost of prompt service. Still, it is a trusted source that you can develop a relationship with and count on when needed.[/QUOTE]
This is probably my first time reading about Saint Vincent and the Grenadines as one of the best offshore places to go. This is a very important piece of information for me since I'm still new to Offshore things and reading topics︀ in this forum is a huge help and will surely boost my knowledge about it.︁
This is probably my first time reading about Saint Vincent and the Grenadines as one of the best offshore places to go. This is a very important piece of information for me since I'm still new to︀ Offshore things and reading topics in this forum is a huge help and will surely︁ boost my knowledge about it.[/QUOTE]
Is that the bank in Caribbean mentioned here, Euro Pacific︂ Bank you think?
Is that the bank in Caribbean mentioned here, Euro Pacific︂ Bank you think?
[QUOTE="Is that the bank in Caribbean mentioned here, Euro Pacific Bank you think?[/QUOTE]
Not just any bank in the Caribbean but the Country itself. After living for 21 years now, its really my first time hearing about it. I wonder if its a new country or I'm just too dumb to notice it 😀
Not just any bank in the Caribbean but the Country itself. After living for 21 years now, its really my first time hearing about it. I wonder if its a new country or I'm just too dumb to notice it 😀
Its the governenment indeed. Some people are just too greedy even sacrificing other people just to gain and rise within their ranks. But the government should be afraid if they oppress their people, the strongest weapon a country could have is their own people, If these people are fed up of too much corruption, they could overthrow their governement 😀
In my experience, there are four offshore jurisdictions worth looking into when it comes to banking. Hong Kong, Singapore, UAE and the United States (yes you read that right).
All four have very solid banks (unlike Cyprus, Belize, St Vincent, Latvia, Mauritius etc), top notch products, top notch wealth management units and top notch investment products.
All four require a personal visit but that shouldn't be a problem as the visit only lasts an hour or so (can be an in-and-out trip if you are short on time).
Quality is important here folks. Do not put your money in some corrupt banana republics.
All four have very solid banks (unlike Cyprus, Belize, St Vincent, Latvia, Mauritius etc), top notch products, top notch wealth management units and top notch investment products.
All four require a personal visit but that shouldn't be a problem as the visit only lasts an hour or so (can be an in-and-out trip if you are short on time).
Quality is important here folks. Do not put your money in some corrupt banana republics.
Again I agree with half of this. There are people that don't want to travel and don't want to provide lots of information and documents. They will not be able to open an account in the first countries you mentioned 🙂
For sure those countries require travel and more documentation but don't you think those hassles are outweighed by the increased stability, better rule of law and better products?
What is cost to have company and bank account in Singapore. Friend told me that it is a very very good place to open my company and bank account!
What do it to be better countries for offshore company? I will have costs to get there so I need to know why it is better you mean please?
If you can open a bank account, you can be sure the bank will not go bankrupt the next day. But if the bank is caught for money laundering, good luck to you as one of the banks was asked to shut down a few months ago due to money laundering.
As for company, don't waste your time if you are a foreigner. Although there is not annual fee to pay,︀ you have to pay for the nominee local director as it is required by the︁ law to have at least one director who is a citizen or a PR with︂ a local address. This will easily cost you US$2500 a year as the nominee local︃ director will be responsible for any wrongdoing of the company. These fees will exclude the︄ corporate secretary, the annual filing fee and etc. Singapore companies should not be classified as︅ offshore companies as you need to pay tax on profit that you made in Singapore.︆ That is why it is so easy to open a bank account using a Singapore︇ company. However, there are 2 cases this year whereby the nominee local directors were jailed︈ because of wrongdoing of the companies which were owned by foreigners. This caused the price︉ of nominee director to increase further.
As for company, don't waste your time if you are a foreigner. Although there is not annual fee to pay,︀ you have to pay for the nominee local director as it is required by the︁ law to have at least one director who is a citizen or a PR with︂ a local address. This will easily cost you US$2500 a year as the nominee local︃ director will be responsible for any wrongdoing of the company. These fees will exclude the︄ corporate secretary, the annual filing fee and etc. Singapore companies should not be classified as︅ offshore companies as you need to pay tax on profit that you made in Singapore.︆ That is why it is so easy to open a bank account using a Singapore︇ company. However, there are 2 cases this year whereby the nominee local directors were jailed︈ because of wrongdoing of the companies which were owned by foreigners. This caused the price︉ of nominee director to increase further.
In short, you'll get an account in a better country, with a better bank that offers better products (great credit cards, investment products etc). That said, if 2000-3000$ is a problem (the cost of a short trip to HK or SG) then you probably should not go offshore at all.
As you may have expected, someone would jump to the floor when︁ reading "United States" as Offshore jurisdictions to consider.
Every domestic and foreign companies who want︂ to open a US bank account has to get a EIN at the US tax︃ authority (IRS) which put them on the radar and then, require them to pay US︄ taxes on US derived income.
For instance, a Belize company that opens a bank account︅ in the US will have to pay US taxes on US sells from US customers.︆ the IRS does not care if this company is located is in Belize. And if︇ you don't pay, Law enforcement authorities will seize your bank account in the US.
Every domestic and foreign companies who want︂ to open a US bank account has to get a EIN at the US tax︃ authority (IRS) which put them on the radar and then, require them to pay US︄ taxes on US derived income.
For instance, a Belize company that opens a bank account︅ in the US will have to pay US taxes on US sells from US customers.︆ the IRS does not care if this company is located is in Belize. And if︇ you don't pay, Law enforcement authorities will seize your bank account in the US.
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