Recommendation for Seychelles Foundation formation

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mnschwarz

mnschwarz

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Depending on your budget I would approach OCRA for a professional solution. Honestly I doubt that the mentioned operation is valid. They are proparly a reseller for some of the major services in the Seychelles.

Are you aware of the entire process you need to go through to establish a PIF?

May I ask you, what's the reason that you want to setup a PIF?
 
You may check this link The Seychelles' Foundation Act 2009 I have also made an update to the PIF thread in the MG forums just for your interest.

Depending on what the reason is for your PIF setup you may look into a Trust which most often is a better idea:
How to setup a International Trust in Seychelles

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The reason for the PIF over a trust is largely for taxation purposes in not being the UBO. As well as the other benefits of asset protection and estate planning. I can't say I'm aware of the exact process to establish a PIF as yet.
 
@Admin or some can you tell if it is going to be complicated and the costs to register a PIF ?

@mnschwarz do you have a link to the RipOff report for the agent?
 
icecold said:
icecold said:
@Admin or some can you tell if it is going to be complicated and the costs to register a PIF ?
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complicated, it depends on how much you already know about it and if you have all the required documents available. The fee is between 2500 and 3500 EUR depending on how cooperative you are and what you plan to setup.

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icecold said:
icecold said:
@Admin or some can you tell if it is going to be complicated and the costs to register a PIF ?

@mnschwarz do you have a link to the RipOff report for the agent?
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@icecold
Ripoff Report | Offshore Company International Complaint Review Tsimshatsui, Kowloon, : 1288998

@Admin the price for this OCI company I asked about is $1600 USD or $2100 with nominee services. Would this ring alarm bells being so much cheaper than the 2500-3500 EUR you stated?
 
mnschwarz said:
mnschwarz said:
@Admin the price for this OCI company I asked about is $1600 USD or $2100 with nominee services. Would this ring alarm bells being so much cheaper than the 2500-3500 EUR you stated?
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It would not be right to say that it is a scam or fraud.. but I would say it is really cheap maybe too cheap considering what work is required to setup a PIF. Do they have a clear understand about what it is you want to setup?

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mnschwarz said:
mnschwarz said:
@icecold
Ripoff Report | Offshore Company International Complaint Review Tsimshatsui, Kowloon, : 1288998

@Admin the price for this OCI company I asked about is $1600 USD or $2100 with nominee services. Would this ring alarm bells being so much cheaper than the 2500-3500 EUR you stated?
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Thank you for the warning.. was considering them for some other jurisdiction but do to my Google search I came back to this thread which I didn't noticed before now 🙂

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For some time ago I looked into a Seychelles Foundation for an overall protection of my structure. It is a damn complicated process, however, if I find a way to overcome it I will do one in the near future since it seems to give me the extra protection that I'm looking for.
 
Op please let me know if you got your Seychelles foundation setup? I considering same setup now.
 
I haven't pulled the trigger yet but I think I'll go ahead and try OCI mentioned above, especially since a few others seem to be cautious/curious of them also (I'll be the guinea pig!). I'll report back when I have more info.
 
For me it looks lige the flagship in the offshore Company setup. Something that is that big that most don't want to go through the process to setup a fund or Foundation because you have to complete lots and lots of documents. Once we are through the process and the Foundation is setup I believe it is total freedom and 100% immunity of tax!
 
mnschwarz said:
mnschwarz said:
I haven't pulled the trigger yet but I think I'll go ahead and try OCI mentioned above, especially since a few others seem to be cautious/curious of them also (I'll be the guinea pig!). I'll report back when I have more info.
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You did it? if so, why not a Trust? sorry for my stupid question I'm still learning 😳
 
So what you say Trust or Foundation? this is going to be interesting also I would like to know the steps to setup either X or Y if you can help?
 
Ok I've finally gone through with it. And I used the previously mentioned OCI company. It was actually really painless. The guy had a few calls with me to answer any questions etc then I filled out a simple questionnaire. After payment the foundation was established in a few days to a week. I also went ahead and redomiciled my company under the foundation at the same time. This has been taking a bit longer than originally stated but seems to be just about done now.

All in all I would say I'm relatively happy with the company. There's a few small things that bothered me but nothing worth complaining about & I'd have no problem recommending them. I'm going to use them to open a bank account next & hopefully smooth sailing going forward!

@wtf I went with a foundation mainly because I wanted to ensure that I could not been seen to be controlling the assets or the underlying company. I originally looked at a trust, but a trust is not a legal entity & therefore can't actually own any assets. The trust is simply an arrangement for a trustee to hold and manage the assets on behalf of the beneficiaries. A foundation however is it's own legal entity and in Seychelles in particular, they've written in to law to go one step further stating the UBO of the foundation is the foundation itself. This allows me to legally state that I do not own or manage any of the foundation assets - which is obviously great for tax reasons (those damn CFC laws) and asset protection.
 
mnschwarz said:
mnschwarz said:
Ok I've finally gone through with it. And I used the previously mentioned OCI company. It was actually really painless. The guy had a few calls with me to answer any questions etc then I filled out a simple questionnaire. After payment the foundation was established in a few days to a week. I also went ahead and redomiciled my company under the foundation at the same time. This has been taking a bit longer than originally stated but seems to be just about done now.

All in all I would say I'm relatively happy with the company. There's a few small things that bothered me but nothing worth complaining about & I'd have no problem recommending them. I'm going to use them to open a bank account next & hopefully smooth sailing going forward!

@wtf I went with a foundation mainly because I wanted to ensure that I could not been seen to be controlling the assets or the underlying company. I originally looked at a trust, but a trust is not a legal entity & therefore can't actually own any assets. The trust is simply an arrangement for a trustee to hold and manage the assets on behalf of the beneficiaries. A foundation however is it's own legal entity and in Seychelles in particular, they've written in to law to go one step further stating the UBO of the foundation is the foundation itself. This allows me to legally state that I do not own or manage any of the foundation assets - which is obviously great for tax reasons (those damn CFC laws) and asset protection.
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Thank you for all the information provided.

I have a quick question for you if you don't mind.

Do I understand correctly that a Trust formation is not enough for the control and management of the company to be considered to be the jurisdiction of incorporation?

Thank you!
 
Each jurisdiction has their own version of the CFC laws so it pays to get specialised advice, but generally no. A trust alone is not enough if that's your goal.
 
Thanks for the update of this thread with valuable information thu&¤# What I'm looking for is a waterproof solution for my assets. Did you setup the foundation to own the Trust? or do you only have a foundation?
 
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