Questions about anonymous New Mexico/Wymoing LLC + some kind of bank/EMI in Canada and taxes

[Marzio]

Do like i told you.

First present the LLP with one member, open the account‌ and then change members with nominees or offshore companies once the account is opened.

Remember that the guy who works in the branch has no clue about what we are‍ talking about here so don't talk about your plan or you'll confuse him and a⁠ confused mind is a mind that doesn't buy or in this case is a mind⁤ that doesn't open the bank account.

As long as you are the UBO everything will⁣ be fine.

 

[chooqwuuya]

You're confusing a BC LLP with LPs in other provinces. A British Columbia LLP requires minimum‍ of 2 partners. Opening an LP in any other province is fine too, at the⁠ end of the day it will make no difference. I guess I might do that,⁤ open an LP with 1 nominee first, open a bank account afterwards, and then add⁣ a foreign company as a partner and drop the nominee. Thank you very much for⁢ answering my questions.

 

[Marzio]

I'm not confusing anything.

A BC‍ LLP can be formed with one member, open a bank account and then adding the⁠ second member later.

 

[chooqwuuya]

Huh? I literally just looked‍ it up and it says that you need minimum of 2 members?

How would I⁠ get rid of the first member? Just use a nominee as the member and then⁤ make them sign a resignation thing or? Could I have an agreement that in the⁣ case of a second member being added, the first one would leave?

 

[Jerry1911]

I tried this myself but‍ got rejected an EMI I was applying at (a fairly well known one too). They⁠ told me they can't open the account as the BC partnership law states a minimum⁤ of 2 members is required at all times making the partnership agreement invalid.

Honestly I⁣ would stay away from LLPs and stick to a US LLC + US banking in⁢ combination with a good US tax advisor/attorney.

 

[chooqwuuya]

Can't you get around this by simply⁤ increasing the number of members/nominees and register with 2, open a bank account, add 2⁣ or 3 new US LLCs, and then drop the nominees? Also you applied for an⁢ online EMI, would it be different if you went to an in-person branch of a︀ bank or would they still reject you because of the law?

What bank/EMI would approve a︃ New Mexico LLC that deals exclusively with Canadian dollars (so no Mercury) in Canada?

 

[Jerry1911]

Thats what I tried in the end but they‍ wanted to see it online somewhereand since BC Registry doesn't publish this info anywhere (unlike⁠ UK's Companies House for example), they rejected the application.

I don't know. DYOR. Try opening an account in Canada.

 

[chooqwuuya]

Do they not?‌ I thought that it's not public, but you can make a request from a gov‍ office and pay a fee to see the registry info?
I'll see. It will probably⁤ be easier if I try to go and open an account in person at a⁣ bank. Maybe I'll give them a call later and see what they say.

 

[Jerry1911]

No, because the partnership agreement is not filed with the registry .⁠ The problem with that is that someone could create one in Word, add a fake⁤ signature, go to a bank and get an account opened in the name of someone⁣ else's LLP. From what I understand this is the mean reason as to why banks/EMIs⁢ are not exactly happy to open accounts for these LLPs but also similar entities abroad.︀

With US LLCs in Wyoming/New Mexico it's a bit different since you can at least︁ get some kind of certificate of good standing or whatever.

 

[chooqwuuya]

Oh I see, that's why you would find it difficult to open⁤ an account.
Wait what exactly is available if I were to go and request⁢ the BC registry to give me LLP info for a fee? What info would they︀ give me? Do you mind answering?

 

[Jerry1911]

From what I know, just the status⁠ of the LLP - if it's active or not.

 

[chooqwuuya]

Wait, are you serious now? So what's the point‍ of doing all these setups then? If I can just go and make BC LLP⁠ normally and the only information someone can find from a register (which is not even⁤ public and you have to pay) is whether the LLP is active or not (not⁣ even who the partners are?), doesn't this do exactly what I want it to do?⁢ My name will be legally concealed from being searchable/associated with the business, banks will open︀ an account since its just a regular LLP and they will know who I am,︁ taxes are relatively simple, process is rather quick and its all good right? Is there︂ something I'm missing here?

 

[Jerry1911]

CRS/taxation in your home country, inability to access payment processing services, no︂ way of getting a certificate of tax residency because it's a tax transparent entity, and︃ finally the fact that not a lot of banks will be willing to open an︄ account for an entity they can't verify ownership of.

 

[Marzio]

He is canadian 🙂

 

[chooqwuuya]

Yep. I can go to a physical branch in person and⁣ literally immediately open an account after forming an LLP and if I can get a⁢ bank account with a standard bank here, I don't see why payment processors would reject︀ me for your most typical LLP business? How could other LLPs do it?

 

[Jerry1911]

You're good to go then. BC LLP⁤ is the perfect solution for you in that case. Regarding payment processors - yes they'll⁣ accept you if you're a Canadian resident.

 

[chooqwuuya]

Thank you so so so soooo much for answering all of⁠ my questions! Both you and @marzio have been incredibly helpful. Seems like a BC LLP⁤ will get the job done then. Thanks again.

 

[Marzio]

Yes, there are literally no reasons for⁤ being rejected.

You have to verify which informations are available in the registry because if⁣ i'm not mistaken they have on file members names. Just look up some random BC⁢ LLP and pay to see which informations will come up about the company.

 

[chooqwuuya]

Will do, thanks!

 

[bubbledouble]

can you explain a little better⁠ in mentor group if I start a thread?