Seychelles Company & TW Account...How anonymous?

[Barney2201]

How anonymous is a Seychelles company with a TW account?

We have a relative from South Africa who has 7 month old UK company. Need to transfer money to offshore company (approx $200,000) via invoicing and close UK company before corp tax is due. The UK company is holding the money via a TW account set up by the South African relative. Eventually we want to use money to invest in property via an offshore company registered in the Isle of Man.

The money will not be brought onshore personally but the relative will be main share holder of Seychelles company.

Is this the best avenue to go down or are there better ways?

 

[Clip]

If you cant justify the invoice, the UK tax office may give you problems. TW‌ not, but Seychelles may report the beneficiary owner. I would think in a different structure‍

 

[negon]

So wrong! Seychelles is not going to report anyone nor⁠ will any other country do that! if you hold a bank account in any country⁤ where reporting apply then the bank's are going to report you. Otherwise there will be⁣ silency.

 

[JohnLocke]

OP did you had any troubles with the setup or what point did I missed‌ here?

 

[Clip]

I though the Banks report to the local tax office and they report back⁤ to the tax residence foreign tax office

 

[Barney2201]

As yet we have not set up the Seychelles company as I wanted to get‌ some more info first. Does TW report to local tax authorities (in this case South‍ Africa) or would the risk be from Seychelles reporting?

 

[negon]

where did you read‍ he want a Seychelles bank account! It is a company he want in the Seychelles⁠ and for that reason there is no reporting from the Seychelles.

TW will not report⁤ as of their statement however, they have obligations and will be forced to report like⁣ any other licensed financial institution of electronic money institution.

 

[Barney2201]

Thanks for the info, any idea how TW reports?

For example, we invoice funds out‌ of UK Ltd company into Seychelles company using TW account for Seychelles Co then purchase‍ property with fund from Seychelles Co meaning no money in TW account at end of⁠ year but Seychelles Co owns the property....

 

[clemens]

TW does not report as it is right now. It may change in the near‌ future but until then you are fine.