Questions about anonymous New Mexico/Wymoing LLC + some kind of bank/EMI in Canada and taxes

[Marzio]

Do like i told you.

First present the LLP with one member, open the account and then change members with nominees or offshore companies once the account is opened.

Remember that the guy who works in the branch has no clue about what we are talking about here so don't talk about your plan or you'll confuse him and a confused mind is a mind that doesn't buy or in this case is a mind that doesn't open the bank account.

As long as you are the UBO everything will be fine.

 

[chooqwuuya]

marzio said:
First present the LLP with one member, open the account and then change members with nominees or offshore companies once the account is opened.
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You're confusing a BC LLP with LPs in other provinces. A British Columbia LLP requires minimum of 2 partners. Opening an LP in any other province is fine too, at the end of the day it will make no difference. I guess I might do that, open an LP with 1 nominee first, open a bank account afterwards, and then add a foreign company as a partner and drop the nominee. Thank you very much for answering my questions.

 

[Marzio]

chooqwuuya said:
You're confusing a BC LLP with LPs in other provinces. A British Columbia LLP requires minimum of 2 partners.
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I'm not confusing anything.

A BC LLP can be formed with one member, open a bank account and then adding the second member later.

 

[chooqwuuya]

marzio said:
A BC LLP can be formed with one member, open a bank account and then adding the second member later.
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Huh? I literally just looked it up and it says that you need minimum of 2 members?

How would I get rid of the first member? Just use a nominee as the member and then make them sign a resignation thing or? Could I have an agreement that in the case of a second member being added, the first one would leave?

 

[Jerry1911]

marzio said:
A BC LLP can be formed with one member, open a bank account and then adding the second member later.
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I tried this myself but got rejected an EMI I was applying at (a fairly well known one too). They told me they can't open the account as the BC partnership law states a minimum of 2 members is required at all times making the partnership agreement invalid.

Honestly I would stay away from LLPs and stick to a US LLC + US banking in combination with a good US tax advisor/attorney.

 

[chooqwuuya]

Jerry1911 said:
I tried this myself but got rejected an EMI I was applying at (a fairly well known one too). They told me they can't open the account as the BC partnership law states a minimum of 2 members is required at all times making the partnership agreement invalid.
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Can't you get around this by simply increasing the number of members/nominees and register with 2, open a bank account, add 2 or 3 new US LLCs, and then drop the nominees? Also you applied for an online EMI, would it be different if you went to an in-person branch of a bank or would they still reject you because of the law?

Jerry1911 said:
Honestly I would stay away from LLPs and stick to a US LLC + US banking in combination with a good US tax advisor/attorney.
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What bank/EMI would approve a New Mexico LLC that deals exclusively with Canadian dollars (so no Mercury) in Canada?

 

[Jerry1911]

chooqwuuya said:
Can't you get around this by simply increasing the number of members/nominees and register with 2
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Thats what I tried in the end but they wanted to see it online somewhereand since BC Registry doesn't publish this info anywhere (unlike UK's Companies House for example), they rejected the application.

chooqwuuya said:
What bank/EMI would approve a New Mexico LLC that deals exclusively with Canadian dollars (so no Mercury) in Canada?
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I don't know. DYOR. Try opening an account in Canada.

 

[chooqwuuya]

Jerry1911 said:
BC Registry doesn't publish this info anywhere
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Do they not? I thought that it's not public, but you can make a request from a gov office and pay a fee to see the registry info?

Jerry1911 said:
I don't know. DYOR. Try opening an account in Canada.
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I'll see. It will probably be easier if I try to go and open an account in person at a bank. Maybe I'll give them a call later and see what they say.

 

[Jerry1911]

chooqwuuya said:
Do they not? I thought that it's not public, but you can make a request from a gov office and pay a fee to see the registry info?
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No, because the partnership agreement is not filed with the registry . The problem with that is that someone could create one in Word, add a fake signature, go to a bank and get an account opened in the name of someone else's LLP. From what I understand this is the mean reason as to why banks/EMIs are not exactly happy to open accounts for these LLPs but also similar entities abroad.

With US LLCs in Wyoming/New Mexico it's a bit different since you can at least get some kind of certificate of good standing or whatever.

Last edited: Sep 26, 2022

 

[chooqwuuya]

Jerry1911 said:
The partnership agreement is not filed with the registry so no. The problem with that is that someone could create one in Word, add a fake signature, go to a bank and get an account opened in the name of someone else's LLP.
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Oh I see, that's why you would find it difficult to open an account.

Jerry1911 said:
The partnership agreement is not filed with the registry so no
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Wait what exactly is available if I were to go and request the BC registry to give me LLP info for a fee? What info would they give me? Do you mind answering?

 

[Jerry1911]

chooqwuuya said:
Wait what exactly is available if I were to go and request the BC registry to give me LLP info for a fee? What info would they give me? Do you mind answering?
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From what I know, just the status of the LLP - if it's active or not.

 

[chooqwuuya]

Jerry1911 said:
From what I know, just the status of the LLP - if it's active or not.
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Wait, are you serious now? So what's the point of doing all these setups then? If I can just go and make BC LLP normally and the only information someone can find from a register (which is not even public and you have to pay) is whether the LLP is active or not (not even who the partners are?), doesn't this do exactly what I want it to do? My name will be legally concealed from being searchable/associated with the business, banks will open an account since its just a regular LLP and they will know who I am, taxes are relatively simple, process is rather quick and its all good right? Is there something I'm missing here?

 

[Jerry1911]

chooqwuuya said:
Wait, are you serious now? So what's the point of doing all these setups then? If I can just go and make BC LLP normally and the only information someone can find from a register (which is not even public and you have to pay) is whether the LLP is active or not (not even who the partners are?), doesn't this do exactly what I want it to do? My name will be legally concealed from being searchable/associated with the business, banks will open an account since its just a regular LLP and they will know who I am, taxes are relatively simple, process is rather quick and its all good right? Is there something I'm missing here?
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CRS/taxation in your home country, inability to access payment processing services, no way of getting a certificate of tax residency because it's a tax transparent entity, and finally the fact that not a lot of banks will be willing to open an account for an entity they can't verify ownership of.

 

[Marzio]

Jerry1911 said:
CRS/taxation in your home country,
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He is canadian 🙂

 

[chooqwuuya]

Jerry1911 said:
CRS/taxation in your home country, inability to access payment processing services, no way of getting a certificate of tax residency because it's a tax transparent entity, and finally the fact that not a lot of banks will be willing to open an account for an entity they can't verify ownership of.
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marzio said:
He is canadian
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Yep. I can go to a physical branch in person and literally immediately open an account after forming an LLP and if I can get a bank account with a standard bank here, I don't see why payment processors would reject me for your most typical LLP business? How could other LLPs do it?

 

[Jerry1911]

chooqwuuya said:
Yep. I can go to a physical branch in person and literally immediately open an account after forming an LLP and if I can get a bank account with a standard bank here, I don't see why payment processors would reject me for your most typical LLP business?
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You're good to go then. BC LLP is the perfect solution for you in that case. Regarding payment processors - yes they'll accept you if you're a Canadian resident.

 

[chooqwuuya]

Jerry1911 said:
You're good to go then. BC LLP is the perfect solution for you in that case. Regarding payment processors - yes they'll accept you if you're a Canadian resident.
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Thank you so so so soooo much for answering all of my questions! Both you and @marzio have been incredibly helpful. Seems like a BC LLP will get the job done then. Thanks again.

 

[Marzio]

chooqwuuya said:
Yep. I can go to a physical branch in person and literally immediately open an account after forming an LLP and if I can get a bank account with a standard bank here, I don't see why payment processors would reject me for your most typical LLP business?
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Yes, there are literally no reasons for being rejected.

You have to verify which informations are available in the registry because if i'm not mistaken they have on file members names. Just look up some random BC LLP and pay to see which informations will come up about the company.

 

[chooqwuuya]

marzio said:
You have to verify which informations are available in the registry because if i'm not mistaken they have on file members names. Just look up some random BC LLP and pay to see which informations will come up about the company.
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Will do, thanks!

 

[bubbledouble]

bountymounty said:
If you want the real privacy take it into mentor group gold - that's where such things are discussed.

Otherwise, appoint nominees! Full nominee service can protect you privacy as good as legally possible.
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can you explain a little better in mentor group if I start a thread?