Company formation for a Defence Consultant

[Mahasona2020]

Hello,

I am working as private defence consultant for a number of years. however, recently my clients are finding it difficult to make payments for me due to the million and one questions the banks keep asking when the term defence is remotely mentioned in invoices. I'd like to set up an offshore company and bank account in a country where it will be easier for me to recieve payments. What are the good destinations for this? also, i'd like to set up the account without having to visit, but if i have to visit that is also not an issue. the company and account can be in two different countries also.

thanks in advance
M

 

[JohnLocke]

Mahasona2020 said:
private defence consultant
Click to expand...

What exactly is it you are doing then?

What about privacy does it matter or don't you care about it and what requirements do you have in regards to the banking anything?

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[Mahasona2020]

Admin said:
What exactly is it you are doing then?

What about privacy does it matter or don't you care about it and what requirements do you have in regards to the banking anything?
Click to expand...

1. I work in an advisory capacity for OEMs who want to promote their solutions in several south east asian markets.
2. Privacy is important. Many of the contracts I work on are classified and my work is always under NDA from all sides.

 

[Clip]

Mahasona2020 said:
1. I work in an advisory capacity for OEMs who want to promote their solutions in several south east asian markets.
2. Privacy is important. Many of the contracts I work on are classified and my work is always under NDA from all sides.
Click to expand...

Maybe in Switzerland?

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[JohnLocke]

Mahasona2020 said:
several south east asian markets.
Click to expand...

Most with customers in this region using a Seychelles company, however, I don't know if that will be the right decission for you.

I wonder why you don't suggest HK @GiGoGo it may be best location.

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[Mahasona2020]

GiGoGo said:
Maybe in Switzerland?
Click to expand...

EU typically makes life miserable for u the moment defence is mentioned. my EU client payments are usually delayed by many months due to bureaucracy at that end

 

[Mahasona2020]

Admin said:
Most with customers in this region using a Seychelles company, however, I don't know if that will be the right decission for you.

I wonder why you don't suggest HK @GiGoGo it may be best location.
Click to expand...

HK is a good choice but im worried about what is going on there.

 

[JohnLocke]

So you want to look into a Seychelles company and open an account with Transferwise, it may be the easy and cheap solution + you will get full privacy in regards to the company.

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[Gediminas]

You can set up a Vanuatu company and open a bank account in Vanuatu. You can ask your clients whether it would not be an issue to pay invoices issued from Vanuatu company. Most likely Vanuatu is blacklisted for tax purposes in your tax residency country (?), so you would need to consider tax consequences with your local tax advisor. Another option could be a company in Lithuania (15 percent profit tax but most likely no negative tax implications in your home country) and bank account within local / EU Fintech company.

If questions related to disclosure of UBO and CRS are important then I would suggest a more complicated structure, i.e. foundation, private label fund or even unit linked life insurance, as an owner of your business. Of course, many other circumstances should be taken into account.

Last edited: Jan 9, 2020
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[Mahasona2020]

Gediminas said:
You can set up a Vanuatu company and open a bank account in Vanuatu. You can ask your clients whether it would not be an issue to pay invoices issued from Vanuatu company. Most likely Vanuatu is blacklisted for tax purposes in your tax residency country (?), so you would need to consider tax consequences with your local tax advisor. Another option could be a company in Lithuania (15 percent profit tax but most likely no negative tax implications in your home country) and bank account within local / EU Fintech company.

If questions related to disclosure of UBO and CRS are important then I would suggest a more complicated structure, i.e. foundation, private label fund or even unit linked life insurance, as an owner of your business. Of course, many other circumstances should be taken into account.
Click to expand...

Vanuatu is a country i've never even heard of. 🙂 Are they trustworthy? My clients are from EU, UK and China. I will have to check if these are acceptable.

 

[Mahasona2020]

Admin said:
So you want to look into a Seychelles company and open an account with Transferwise, it may be the easy and cheap solution + you will get full privacy in regards to the company.
Click to expand...

never heard of transferwise. I will do some research. Thanks alot. You guys have been very useful.

P.S: unfortunately Transferwise is has exchange limitations for my country. 🙁 are there other options

Last edited: Jan 9, 2020

 

[Gediminas]

Mahasona2020 said:
Vanuatu is a country i've never even heard of. 🙂 Are they trustworthy? My clients are from EU, UK and China. I will have to check if these are acceptable.
Click to expand...

Yes they are 😉

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[Gediminas]

Mahasona2020 said:
never heard of transferwise. I will do some research. Thanks alot. You guys have been very useful.

P.S: unfortunately Transferwise is has exchange limitations for my country. 🙁 are there other options
Click to expand...

many more options, one of them - Pervesk

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[Clip]

Mahasona2020 said:
HK is a good choice but im worried about what is going on there.
Click to expand...

HK is pretty safe, nothing is going to happen with the banks or the PLA.

Opening the account in HK coult take some time because the nature of the businesses, but once approved it would work like a charm, specially if the ammounts are big, the banks would be happy to give you a relationship manager.

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[Mahasona2020]

Gediminas said:
many more options, one of them - Pervesk
Click to expand...

Can it handle large transactions?

 

[Gediminas]

Mahasona2020 said:
Can it handle large transactions?
Click to expand...

It depends, but generally speaking - yes.

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[JohnLocke]

Mahasona2020 said:
Can it handle large transactions?
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You want to have a look at the very huge thread here List of Banks, EMI's, Payment processors and BTC to FIAT institutions. start with the first post so you will find a lot of EMI's that can work for your needs.

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[Martin Everson]

Mahasona2020 said:
2. Privacy is important. Many of the contracts I work on are classified and my work is always under NDA from all sides.
Click to expand...

Classified defense contracts? No bank is gonna be interested without knowing the terms of an agreement you have with a client. Its 2020 sadly and "defence" is normally not on most banks accepted list these days other than the really big banks. You may want to seek better wording for what you do 😉.

Mahasona2020 said:
Can it handle large transactions?
Click to expand...

This makes it more difficult 🙁.

You may try a joker bank. Euro Pacific bank has had these type of clients in the past and accepted them so try them perhaps unless they have clamped down now they lost Natwest as a correspondence bank.

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[Mahasona2020]

Martin Everson said:
Classified defense contracts? No bank is gonna be interested without knowing the terms of an agreement you have with a client. Its 2020 sadly and "defence" is normally not on most banks accepted list these days other than the really big banks. You may want to seek better wording for what you do 😉.



This makes it more difficult 🙁.

You may try a joker bank. Euro Pacific bank has had these type of clients in the past and accepted them so try them perhaps unless they have clamped down now they lost Natwest as a correspondence bank.
Click to expand...

I dont have issue disclosing agreement information to banks or even for tax purposes. But can't disclose the nitty gritty details that is all. And these are all legitimate contracts inline with international law so all necessary approvals and documentation will be in place.

 

[andres33]

As said @martin you must forget to work with bank with this kind of invoice. None bank will accept the concept of defence, gun , ammunition, armaments, etc...,
Perhaps you would need to modify your terminology in your contracts. Perhaps "surveillance" would sound better than defence. I don't know, but posibly the lexic can be have some determinance. Some decade ago the magazine SOF (soldier of fortune) had anouncement for surveillance in big farms territory. 😉 They wanted SOFs for Angola, Benin etc...😛. It sound better
if you download some KYC or AML manuals, you will find all the words and terms that it's better not use, and the concepts to avoid.
So perhasp your solution beguin for a new redaction in your contracts or in your invoices and over all in amounts not so bigs.