Offshore Belize IBC + LeuPay

[Mali Cofek]

Hello.
i want to open Belize IBC and have LeuPay as corporate bank account. I saw on their site that they report to authorities sice last year. But I also saw that they report only company if you make more than 50% of revenue from services you provide. Doeas anyone have any experience with this new automatic exchanege of information to tax authorities ? Is LeuPay safe ? Or is better to take ABC Banking in Mauritius ?
I would provide IT services as website and app programming.
Regards, Mally

 

[negon]

Regardless if you are using LeuPay or ABC Banking in Mauritius you will get reported with your business. What they claim on their websites is false information! There is International presure on all banks and financial institutions to report all account holders worldwide to respective authoritites.

What you read and what some people try to learn you is nonsense and BS big times. If they don't report you today they will do tomorrow. Tomorrows world will change very soon.

 

[Mali Cofek]

auric said:
Regardless if you are using LeuPay or ABC Banking in Mauritius you will get reported with your business. What they claim on their websites is false information! There is International presure on all banks and financial institutions to report all account holders worldwide to respective authoritites.

What you read and what some people try to learn you is nonsense and BS big times. If they don't report you today they will do tomorrow. Tomorrows world will change very soon.
Click to expand...

Ok I see. What about using nominees as director and shareholder ? Can they open bank account so I can use it. Then I don't get reported as I'm not in the picture.

 

[Denny]

I think what they are willing to claim is that they will report only to the jurisdiction where you company is incorporated if your company has more than 50% of "active profits". Otherwise if your company is "passive" they will also report to your jurisdiction as you are the beneficial owner of the company.

Again, if you have an active company (and the list of active companies is wider than only the "companies with 50% of active profits") the bank reports to the tax authorities only information re the account of the company. This is the general rule

Regarding your last question: NO, as if reporting is performed, it is performed to the jurisdiction of beneficial owner, and not to the jurisdiction of the nominee. Your reg agent will not provide false information to the bank; it will not generally hide that you are the beneficial owner

Last edited by a moderator: Jul 4, 2017

 

[Midas Gordiusson]

@Denny - are you saying that LeuPay will consider the "Business contact" as the UBO and report him/her as the account holder as per CRS? Or does LeuPay ask you to fill out the CRS self-certification later on in the registration procedure and use that information?

 

[belarus]

Midas Gordiusson said:
@Denny - are you saying that LeuPay will consider the "Business contact" as the UBO and report him/her as the account holder as per CRS?
Click to expand...

That is exactly what they are going to do! They are owned by a real bank that has to comply to international and EU regulations so there is no way around it!