100% compliant - 0% banking

[mickey]

An IBC and a LLC both located in the same jurisdictions as they were incorporated with substance and UBO living at the same address, do not get a bank account (no introducer was used).

LLC, located in jurisdiction A: 2 banks visited in person both rejected as the business is mainly overseas.

IBC, located in jurisdiction B: 2 banks visited in person first rejected as they do not accept IBCs “for the time being as we are currently reviewing our processes and procedures.” The second bank rejected as the business is mainly overseas.


I will not disclose the names of jurisdictions or the names of the banks (3 of them were bigger international banks) maybe it was bad timing or something else. But it seems banks have received additional pressure from abroad, forcing them to refuse businesses even if they comply with current regulations. We have to look at this, maybe this is the final chapter for offshore, once and for all.


It looks like only the Noshore* approach works: No business registration, only a virtual address with mail/phone redirection and all payments are done via crypto.


*Coinbase and Telegram already living this "business-style".

Last edited: Jan 21, 2023

 

[DarkRevoMan]

Can you provide details on this? Sounds like a very intersting and modern approach.⁠ However, when I look up both telegram and coinbase it seems otherwise. Says Telegram is⁤ a dual structure with freezone llc and a corporation. Coinbase is an american public company.⁣

 

[mickey]

Well it is not really a business-approach or style. It just⁤ pretends to have a business that you don't actually have. As I already wrote "No⁣ business registration, only a virtual address with mail/phone redirection"

This comes fast to an end⁢ if a business partner wants to see your incorporation, memorandum of articles and so on.︀ Then at the latest you have to register your company (offshore), to get these papers.︁ The most elegant way would be to incorporate a LLC in an offshore jurisdiction and︂ rent a vitual office in different country with territorial taxation. No tax, bookkeeping but also︃ no bank account(otherwise you have very good connections). The last solutions would be crypto wallets.︄