Seychelles comany formation in person and one more question

[FarFarAway]

One hypothetical question: If i have money which came from "not illegal but not legal" activity how to put this money in bank without much questions and loundering?


THIS IS HYPOTHETICAL QUESTION


PS:


If i go I.E. on Seychelles on "vacation" can I in person open company and bank account there on official government place instead of using partners and private agencies for incorporation. And can i later use agency just for virtual office?

 

[Zqq]

FarFarAway said:
One hypothetical question: If i have money which came from "not illegal but not legal" activity how to put this money in bank without much questions and loundering?
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If the proceeds are from illegal ("not legal") sources - as you say - it's money laundering or attempted money laundering.

FarFarAway said:
If i go I.E. on Seychelles on "vacation" can I in person open company and bank account there on official government place instead of using partners and private agencies for incorporation. And can i later use agency just for virtual office?
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No. The government requires that you use a local registered agent for your company.

 

[FarFarAway]

I know what is money loundering, but what if i attemp to put in bank money which came from grey zone ( so not illegal but not legal - somwhere in the middle )


Do offshore jurisdictions care much about money laundering?


Do bank really care for origin of my money?


Do government or any other inspection look thorugh small company business and do inspections?

Last edited by a moderator: Mar 24, 2013

 

[Zqq]

FarFarAway said:
I know what is money loundering, but what if i attemp to put in bank money which came from grey zone ( so not illegal but not legal - somwhere in the middle )
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Then you are a high-risk customer and you need to find a bank that accepts that.

FarFarAway said:
Do offshore jurisdictions care much about money laundering?
Do bank really care for origin of my money?
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Sometimes. All jurisdictions have some form of legislation surrounding money laundering, but it's not a big secret that laundering still takes place, both onshore and offshore.

FarFarAway said:
Do government or any other inspection look thorugh small company business and do inspections?
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Very rarely and almost exclusively upon request from foreign governments.

 

[FarFarAway]

And if in example Croatian,Serbian or Bulgarian government request information about company and bank account, will they provide this information?


Is there any country which wont help them ( Bulgaria/Serbia/Croatia ) ?

Zqq said:
Then you are a high-risk customer and you need to find a bank that accepts that.
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But Im still able to find one, which will protect me?

Last edited by a moderator: Mar 24, 2013

 

[Zqq]

FarFarAway said:
And if in example Croatian,Serbian or Bulgarian government request information about company and bank account, will they provide this information?
Is there any country which wont help them ( Bulgaria/Serbia/Croatia ) ?
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That depends on what agreements there are between Croatia/Serbia/Bulgaria and the offshore jurisdiction. You need to research both tax agreements (TIEA/DTA) and Mutual Law enforcement Assistance Treaties (MLATs). It may also depend on whether what you are doing constitutes as sale of illegal goods or services (and, thus, is money laundering) in the jurisdiction of the bank.


Generally speaking, former Yugoslav and Soviet countries or satellite states have very few international agreements.


It's a pretty complicated undertaking. You may find that the easiest solution is to move to a country where your goods or services are legal or just completely unregulated. As always, I would suggest speaking to a lawyer, accountant, or other qualified professional.

 

[FarFarAway]

There is no qualified accountants in ex Yugoslavia. Can I find anything online about these agreements and acts ( TIEA/DTA/MLAT/ ) between my offshore jurisdiction and my resident country? I`m tried on google but I didnt find any useful information on web pages from my country, can I find it on Seychelles pages or somwhere else? Officialy, goods which I`m will sell is perfectly legal to sell in all countries of the world. Now I have one question about banking, to ask here or to open new thread? Thank you 🙂

Last edited by a moderator: Mar 24, 2013

 

[Zqq]

I don't know about MLATs, but the OECD owned website EOI-Tax has a website which lists tax treaties. It is not always 100% up to date, though: Exchange of Information Portal


You can usually find a list of treaties on your government's and relevant authorities' websites.


I see an error in my previous post. MLAT is short for Mutual Legal Assistance Treaty, not Law enforcement as I wrote before.

 

[FarFarAway]

How to thank you? 😀


Now, this is the plan:


I will provide online IT cousulting services for many IT companies and lesson in programming, all over the world but priority is on mentioned countries. I`m planing to charge online consulting between 3 and 15 euros per hour - depending on provided service/help. Usualy I will communicate with my clients via video link ( Skype ). How to manage payments and what is the simplest procedure for my clients to pay me ( in tax heaven ) ?


All this must go through tax heaven, because government in my country can charge me for "tax evasion"...


This is legal, right?

Last edited by a moderator: Mar 25, 2013

 

[Zqq]

FarFarAway said:
Now, this is the plan:
I will provide online IT cousulting services for many IT companies and lesson in programming, all over the world but priority is on mentioned countries. I`m planing to charge online consulting between 3 and 15 euros per hour - depending on provided service/help. Usualy I will communicate with my clients via video link ( Skype ). How to manage payments and what is the simplest procedure for my clients to pay me ( in tax heaven ) ?
Click to expand...

What is the average transaction value for a payment from a customer to you?

FarFarAway said:
All this must go through tax heaven, because government in my country can charge me for "tax evasion"...
This is legal, right?
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You'll need to speak to a lawyer or other legal professional about that, but it doesn't sound legal if you are worried about your government prosecuting you for tax evasion.

 

[FarFarAway]

Zqq said:
What is the average transaction value for a payment from a customer to you?
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Average transaction will be between 5 and 15 euros, what is the simplest option to get get money from my clients ?

Zqq said:
You'll need to speak to a lawyer or other legal professional about that,but it doesn't sound legal if you are worried about your government prosecuting you for tax evasion.
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Offshore is usually used for that? If I`m present myself like I`m from Seychelles I`m won`t having any troubles?

Last edited by a moderator: Mar 25, 2013

 

[Zqq]

FarFarAway said:
Average transaction will be between 5 and 15 euros, what is the simplest option to get get money from my clients ?
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Simplest for whom? For you or for yor client?


Either way, that's a pretty low ATV (average transaction value) but depending on monthly volumes, you are likely to benefit the most from something like PayPal or having your own merchant account.


There are many payment methods similar to PayPal, such as Neteller, Moneybookers, and Click2Pay.


Other options to look into would be Payoneer and 2CheckOut.

FarFarAway said:
Offshore is usually used for that??? 😀
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It's mostly used for asset protection or tax avoidance, which is a legal way of reducing one's taxable income in a high-tax jurisdiction.

FarFarAway said:
What if I`m not worried?
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Then that's your prerogative.

 

[FarFarAway]

Zqq said:
Simplest for whom? For you or for yor client?
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Simple for my clients primary, and for me if posible.

Zqq said:
There are many payment methods similar to PayPal, such as Neteller, Moneybookers, and Click2Pay.
Other options to look into would be Payoneer and 2CheckOut.
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I would prefer direct payment from bank in client resident country (Bulgaria/Croatia/Serbia) to my offshore bank account, is that posible?


Using mentioned processors will be complicated for my clients.

Zqq said:
Either way, that's a pretty low ATV (average transaction value) but depending on monthly volumes, you are likely to benefit the most from something like PayPal or having your own merchant account.
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As I`m told, I would avoid processors. Can you tell me difference between regular offshore bank account and merchant bank account? Please

Last edited by a moderator: Mar 25, 2013

 

[Zqq]

FarFarAway said:
I would prefer direct payment from bank in client resident country (Bulgaria/Croatia/Serbia) to my offshore bank account, is that posible?
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Of course, but have you looked at the transaction costs for that? You actually risk making a net loss from transactions as low as 5 EUR.

FarFarAway said:
As I`m told, I would avoid processors. Can you tell me difference between regular offshore bank account and merchant bank account? Please
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I would just refer you to Wikipedia for this. https://en.wikipedia.org/wiki/Merchant_account

 

[FarFarAway]

Zqq said:
Of course, but have you looked at the transaction costs for that? You actually risk making a net loss from transactions as low as 5 EUR.
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And what do you think is it fee for transaction huge, how much?


Can I open bank account in Switzerland for company incorporated on Seychelles?


When opening bank acccount for company do they keep my name in bank records or only data about company?


Can one company have two or more bank account in different countries? Example company on Seychelles have one bank account in some Seychelles local bank and one in Switzerland?

Zqq said:
I would just refer you to Wikipedia for this.
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I`m read about merchant account and I`m dont need paying by debit and credit cards and other services of merchant account. I just need to get money which my clients send directly from bank. Is it still merchant type of account best option?

Last edited by a moderator: Mar 26, 2013

 

[Zqq]

FarFarAway said:
And what do you think is it fee for transaction huge, how much?
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Some banks charge upwards of 50 EUR/USD per incoming wiretransfer. If your client sends you 5 EUR, you end up with -45 EUR.

FarFarAway said:
Can I open bank account in Switzerland for company incorporated on Seychelles?
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Yes. Just contact a couple of banks and ask them if they will accept you. Last I checked, Saxobank and Swissquote are open to IBCs.

FarFarAway said:
When opening bank acccount for company do they keep my name in bank records or only data about company?
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They keep your name on bank records.

FarFarAway said:
Can one company have two or more bank account in different countries? Example company on Seychelles have one bank account in some Seychelles local bank and one in Switzerland?
Click to expand...

Yes.

FarFarAway said:
I`m read about merchant account and I`m dont need paying by debit and credit cards and other services of merchant account. I just need to get money which my clients send directly from bank. Is it still merchant type of account best option?
Click to expand...

No.

 

[FarFarAway]

Maybe easiest way to get money is to open bank account in Switzerland ang get SWIFT, BIC and IBAN numbers for bank account from bank.


When clients have these 3 numbers, they can make regular payment to me from mentioned countries from some local bank/post office?


This will work, right?

Last edited by a moderator: Mar 26, 2013