7 years old Seychelles IBC, worth to keep maintaining?

[pchrist2]

Per title, I have a 7 years old Seychelles IBC which was used for a consulting business. Unfortunately business is bad post COVID and I am not really using the entity anymore. The entity used to have a Singapore bank account with UOB - unfortunately UOB closed it a month ago with no notice, prob because of the lack of transactions.

Managed to open a Payoneer account but it is very expensive for anything serious, 1% on all money in and 3% on all money out. Wondering whether I should keep this entity or just close it? Seems that it is much harder to open a bank account and properly use a Seychelles IBC today, but there is value in having a "dated", vintage entity?

 

[Houdini]

Close it or don't renew it, there is no one that has a need for a Seychelles company any more.

 

[OVZA LLC]

There’s definitely value in keeping the company open , especially since it’s already a 7-year-old Seychelles IBC. Such an entity can be an asset in itself, as many banks, payment processors, and partners prefer to work with established companies over newly formed ones.

It doesn’t necessarily need to take the front seat in your business activities right now, but you can keep it in good standing and tap into it whenever opportunities arise. There are still plenty of banking options for Seychelles IBCs that don’t require monthly fees, so maintaining the entity can be relatively low-cost while preserving its age and credibility for the future.

 

[alley]

noooooonnnnneeee of these will touch a Seychelles company

 

[OVZA LLC]

We regularly work with reputable banks, EMIs, and payment merchants that are happy to onboard Seychelles IBCs, and in many cases, these accounts come without monthly maintenance fees.

It’s all about knowing the right banking partners and presenting the application properly, something we’ve done successfully for so many of our clients.

 

[alley]

How much do you charge to open a bank account for a Seychelles company + payment processing? Personal visit required?

 

[OVZA LLC]

For Seychelles, our basic package is USD 595. That covers company registration and the first year’s annual fees.

If you also want bank account application support, our standard package is USD 790 and includes one bank account application. We also have a premium option (USD 890) that covers up to five applications, stopping at the first successful one.

Annual renewal for all Seychelles packages is USD 590.

Full details here: https://ovza.com/register-a-company-in-seychelles/

We work with options that can be done fully remotely - None of our partners really require personal visits, because they understand the needs and requirements of international businesses.

 

[alley]

I only wanted the costs for the bank account, not for company! Any guarantess ?

 

[pchrist2]

any details on just bank intro service, and which banks?

 

[SCHLOSSFINANZ]

for sure low-tier banks in the Dominica and Mauritius... I don't know of any bank in Switzerland taking such a structure. If you deposit 2 Mio yes it works otherwise no way.

I have a question since when are these banks
https://ovza.com/open-an-offshore-bank-account/

reputable and well known entities?

 

[OVZA LLC]

Well, I think you might be comparing apples to peaches here.

Offshore banking and traditional onshore banking are two very different worlds. If you were expecting to see HSBC or UBS on that list, then you might have some fundamentals shaken about how offshore banking actually works, it’s a very specific niche with its own rules, benefits, and challenges.

The banks we support are all institutions we have personally researched, and as a standard practice, we hold accounts with each of them ourselves to test their services firsthand. Our clients have been banking with these institutions for years without any issues.

Whenever we find a bank that is not on our client’s side, we remove it from our network. This is possible because we have leverage over these institutions, we refer to them every day, and they know that keeping our clients satisfied is in their best interest.

 

[JohnLocke]

I’ve gotta say, you guys really managed to derail another man’s thread. Since it’s already skating on the edge, we’ll just move it into the Mentor Group forums and call it a day.

It really should’ve been deleted, but in the closed forums there’s no real harm done.

I haven’t issued any warnings, but let’s be clear, this is pure advertising, and that’s not allowed.