I need your advice! BVI company + Singapore bank

[Davidinson]

Hi,

I just paid for Mentor Group & hope this post is allowed 🙂 I could really do with some advice!

I've been reading a ton over the past few months and am ready to take the leap into offshoring.

Put simply, I own a online education business in the UK, I have zero physical employees and I sell an online video course (my products are 100% online and the customer base is international). I want to open an offshore company for tax reasons and I'd like to become a nomad, starting to travel as of next year.

After a ton of research, I've decided BVI is my best option and I'd then go to Singapore to open a bank with DBS (ideally) or OCBC - I understand that there are hefty minimum deposit for these banks, does anyone know how much?

Does my plan above make sense? Is it still viable? I want the benefit of great taxes AND the security of an excellent bank.

Really looking for an experienced person to advise me here, would be amazing if you could recommend a company or person who could help me get this all set up too. Happy to pay for advice if required.

Thanks in advance!!

 

[Natasja]

DBS requires 50k & OCBC requires 30k.

Personal visit is required.

 

[JohnLocke]

Welcome to the mentor group and the forum OP 🙂

You want to consult Turner Little they seem to be reliable and they are around this forum @James Turner may join this conversation.

There is nothing wrong with a BVI company but the problem, unless you are going to have success with the the Singapore account opening, will be to find a reliable and trusted bank that is willing to open an account for a BVI company.

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[Davidinson]

Thank you @Natasja @Admin!

I've actually began discussions with @James Turner, although have been advised that whilst they can open the formations for me, they cannot advise on strategy (which for me is what I need to get 100% right before I do anything)

I'm fine with a local visit - my biggest concern now is payment processors. I take payments through Stripe & PayPal, which as far as I'm aware only allow local withdrawals, so does anyone know what my options are here?

Someone suggested opening a BVI Company to operate the training school and a US LLC to act as an agent on behalf of the BVI Company to process payments - that way I can still use PayPal & Stripe?

I'm not 100% set on having to use those processors, but PayPal is the big one I don't want to lose.

Any advise would be greatly appreciated!

 

[Davidinson]

To clarify on the above. The suggestion given to me was continue with my proposed set up (BVI Company + In person visit to open Singapore Bank) +++ open a US LLC too, to process PayPal / Stripe payments on behalf of the BVI Company. Charging a small commission (1-5%) for doing so.

 

[Roxanne]

Hi Davidinson. Were you successful with opening a bank account in Singapore?

 

[Spinat]

You may need to contact this guy using PM to get an answer since you can see he is not mentor group member any longer.

That said I would be interested to know this too.

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[neweraoffshore]

If you want Stripe, Paypal and a reliable bank account then choose the USA.
If you don't have problems with a personal visit in the USA to open the bank account and want to go full nomad and therefore are not taxed in your home country anymore, then you can choose one of the cheap USA company incorporation services. They do incorporation for a few hundred $ or even below 100$.
Then you just have to find a cheap CPA who does all the filings for you and you are set. I guess you can have your yearly renewals + accounting for under 850USD if you do all this on your own and in your own name.
Important: You have to stay a nomad for this way.
If you may want to stay in your home country or settle somewhere else, then a nominee structure is required to save taxes, but therefore the price rises as getting bank accounts for nominee structures is very difficult and only a few providers have nominees who do the complete bank account opening process for you. Most just introduce you to banks where you will be declined.

And think about all the aspects of the nomad lifestyle. It is not so easy sometimes. It brings a lot of joy, however sometimes a lot of trouble. Think about sick family members with which you want to spend their last months, family plans etc. If you are a lone wolf and don't care you can go, but really think this through. Me, and most people here therefore recommend nominee structures to have structural freedom.

 

[Spinat]

Do you have any other record to put on here. Just wait until Donald Trump & co change their mind and leak information to the European tax authorities, so you will hear people scream. But I'm convenience until then you laughing the whole way to the bank and gone from this place. This will leave all the stupid sheep with lots of trouble.

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[neweraoffshore]

@blueweb, that's why I told him to stay nomad if he wants to do everything in his own name ?!
I really don't get why you are always attacking me. He even came up with the US company by himself. And Still the USA has no UBO register in case he will do a nominee structure and the last attempt to setup an UBO register was vetoed with Senate Bill 1717 in the end of 2018.
Every country could change it's politics very quick. That's not a US only problem. Just imagine Georgia signing CRS?! But we have to live with this in the offshore world and change our strategies regarding to this. It's a cat and mouse play, everyday. But right now, the US is a very secure and reliable tax haven, that's for sure... Neither me, nor you can know the future of tax havens. We just can try to predict it as accurate as possible, but there is never a guarantee. Maybe Georgia will stay like this for the next 50 years, maybe the USA will stay like this for the next 50 years, we don't know. But to save taxes for the moment we need to work with the tools and tricks we have right now...