Best Offshore Jurisdiction for TransferWise

[Sols]

It depends on‌ context. It probably doesn't make a big difference in this case, but I would place‍ Seychelles ever so slightly ahead of Belize. I would take BVI before either of them.⁠

Maybe consider Mauritius? It's somewhere between Belize/Seychelles and BVI in terms of reputability. Bit more⁤ paperwork.

Yes, but @rowena seemed more concerned⁢ about audits, not financial statements.

 

[rowena]

If this is the case I⁤ prefer BVI because sometimes I receive KYC/DD requests from my personal bank accounts in the⁣ EU(Switzerland & France) and it is better to show them BVI company instead of Seychelles.⁢

BVI company option looks good. No audit, no fillings and better reputability than Belize, Seychelles,︀ Nevis etc...

My concern is about mostly wasting the time. I receive payments︂ from Google/Apple and I send revenue to directly my personal EU bank accounts. Since my︃ business is simple(12 payments per year, $2M annual turnover), I don't want to waste time︄ chasing audits etc..

 

[celizo]

Hi rowena,

Your french personal bank accept funds received from your BVI without any problem‌ (even without financial statements and accounting audited) ?

When financial statements are audited, it's probably‍ better to be accepted, so it is worth the waste of time maybe?

I would⁠ like to ask your a question about France, but I'm not able to send PM.⁤

 

[Spinat]

what troubles do you faced to setup your‍ BVI company if you don't mind to tell about the registration process in some steps?⁠

 

[rowena]

I noticed‍ UK LLP is better for me I went with UK LLP.

BVI looks more problematic⁠ because of new ESR requirements.

 

[Mark Rucken]

You are fine‍ with accounting for UK LLP?

Regarding TW, do you guys know did they start offering⁠ multi currency accounts for Hong Kong companies?

 

[rowena]

It is easy. I just need to prepare invoices and file an empty annual return to‌ HMRC because I don't have UK taxed income. Am I missing something?

 

[Mark Rucken]

As far as I know you need to report even foreign income.⁠ You will not be taxed, but you need to report everything coming in and out⁤ of your bank account. I have an accountant in the UK who is filing everything⁣ on my behalf, but I sitll need to take care of internal accounting and prepare⁢ general ledger.

 

[rowena]

It shouldn't be like that. Please check the HMRC guideline⁣ for non-resident LLP reporting below.

https://www.gov.uk/government/publi...artnerships-that-operate-partly-overseas-2020

 

[Mark Rucken]

Yeah, could be, but my accountant still wants to‍ see full bank statements and general ledger. It could be that their procedure is a⁠ bit strict, but I am not complaining given that I also bank internationally and banks⁤ like to see a full financial statement report.

 

[Fred]

We made it for all clients the same way like @rowena said. We double checked‌ with a lawyer that confirmed.

No issues at all.

 

[Mark Rucken]

A bit offtopic question, can someone confirm does (Transfer)Wise accept RAK UAE companies or not?‌

Thanks!

 

[Fred]

No longer.

Since mid of February Wise closed‍ all UAE Borderless Accounts no matter if personal or company.

You can still login and⁠ send money using your Debit Card but no longer use the dedicated IBAN / Account⁤ details across all currencies.