SFM Offshore - are they good?

[aage]

I have been researching at Nevis and Isle of Man company and came in touch with SFM offshore, SFM | Offshore Company Setup | Incorporation Services I got a proposal for a Nevis company they can do with mail forwarding, and bank account.

The website claim they are the world's #1 😉 in online company formation.

How reliable is this company, can we trust them?

 

[Suzy Emerald]

They are no good. Search on the forum for other threads on them.

 

[Perry8]

Hi, I have used SFM Offshore three times. I have ordered two Gibraltar companies and‌ one Nevis company through them. I have recived the Gibraltar companies, but it took some‍ time. The Nevis company is still in processing.

The problem with these guys is that⁠ do not tell you anything up front. So, it always ends up in a lot⁤ of e-mails back and forth. I think the reason is that the "manager" you get⁣ assign sits in Dubai or Hong Kong, and he has no idea whatsoever of what⁢ the local agent needs to open the company.

With the Nevis company I was first︀ asked to provide the normal documentation. (It is a bit more for Nevis companies than︁ some other jurisdictions). Once these was provided, they turned out to be wrong because they︂ needed them in a specific form (typically a reference letter needed a specific wording). Now,︃ everything is suppsed to be ok, so I am just waiting for the registration.

With one of the Gibraltar companies I tried a bank introduction. This turned out to be︄ worthless. I also used the nominee service. I got a nominee, but the guy was︅ in Seychells and probably a nominee for a zillion companies.

If you know what you︆ are doing, you can use them. Prices are not too bad. But, if you are︇ a newbie or want extra services such as nominee or other stuff I would not︈ recommend.

 

[djaheim]

Absolutely garbage, wouldn’t touch them with⁣ a 12 ft pole!

 

[anotherone]

I tried to order a Seychelles IBC at SFM offshore. Just after I placed the‌ order, my contact name went on leave. I instantly understood that something was wrong. I‍ sent all my documents. They emailed me saying that two of signatures were different; It⁠ was a lie.

Long story short, I was scammed by SFM offshore and I lost⁤ 2500 euros.

 

[djaheim]

Yes they are shitty like that

 

[Sols]

SFM used to be good, even among the best of the cheaper service providers. Nowadays,‌ I wouldn't go anywhere near them.

At the most, maybe they can be useful for‍ forming a company (if you're not in a rush), get a bank account (their banking⁠ network is pretty good), and then move the company to another service provider.

 

[aage]

great, thank you for your input. How would you rate their banking network and you‌ think this network is still alive in 2020 ?

 

[Perry8]

I have tried this only once and that is just some months ago. I was opening‍ a Gibraltar company and asked for their bank introduction service. I then got the choice⁠ of an offshore bank, a Gibraltar bank, or a Swiss bank. I said I wanted⁤ a Gibraltar bank. I then got the message back that this was difficult and that⁣ a Swiss bank was much better. The one they tried to introduce me to was⁢ CIM, and with a large initial deposit. When I did not want that, they directed︀ me to an EMI provider. Case closed. They had done their job.

I think they︁ once had a great network of banks, and probably still have in some cases. In︂ my case it was just waste of time and money.

 

[Silvio]

Which Gibraltar bank they offered - was it Jyske or NatWest?

It's funny how︃ many providers present good banks as available and then suddenly they are "difficult", as if︄ they didn't know it .. just to refer you to CIM which you can approach︅ directly.

 

[Spinat]

I would have been surprised if they had a better network of banks then any‌ of the other low budget providers. As said here already. CIM Bank does not require‍ a introducer and as such it is waste of time and money!

 

[Perry8]

They never said. I talked to another guy that also have opened a Gibraltar‍ company with SFM, and he was offered Turicum Private Bank. But, with a very high⁠ initial deposit.

I do not think they have much of a network. All︀ I ended up with in the whole of Europe was a not very reputable EMI.︁ Anyone could do better than that! And yes, I know that you can just contact︂ CIM. You do not need an introduction. After using SFM a number of times, I︃ think I understand better how they operate. They use local agents in most jurisdictions, and︄ it is the agent that has the connections.

 

[clemens]

So you better contact an agent directly in that‍ jurisdiction of your choice. Makes things even cheaper and faster. This company is nothing else⁠ then a huge reseller for services they are unable to provide or which are useless.⁤

 

[Perry8]

Of course. But, the problem is that most people have no idea that this is the⁠ business model, and they also have no way of finding these local agents.

 

[aage]

almost every offshore jurisdiction has a list of certified agents, accountants⁠ and lawyers, it is not difficult to find it in most cases.

I realize if⁤ you are new to all of this you pick the first and the best showing⁣ up on Google and just trust this hit! That's why OffshoreCorpTalk can be a great⁢ help if you are lucky to find this forum before you find an agent!

 

[clemens]

You want to Google officials sites for certified accountants or law⁠ firms as well as introducer services and advisory services, most often it is the way⁤ to find the lists.

 

[sullyferdinand]

If somebody goes on leave but another person⁣ follow up its not a big deal, not only for this industry but basically for⁢ any except a doctor or psychologist

What do you mean that signatures were different?

Agree, as︂ i said in another thread, if you want a company registered in X country, check︃ who are the registered agents there and contact a local company there. It will be︄ obviously cheaper than hiring a corporate service provider, regardless of the company. Not SFM-offshore only︅ but all others providers as well

 

[SFM Customer Service]

Dear Sir, we are sorry to hear about your experience. Please could you provide some‍ more insights so we can rectify any issues? Thank you.

 

[SFM Customer Service]

Dear Sir, we are sorry to hear your⁣ feedback. We can help rectify the situation and assist you in finding an optimum solution.⁢ Kindly provide us with your client identification number. Thank you.

 

[clemens]

I agree,⁤ if SFM offshore is only a reseller it would be stupid to go through them⁣ to get a company setup. Most offshore jurisdictions have a public register of certified service⁢ providers i.e. Seychelles, Belize, Cyprus etc. that means agents allowed to setup IBC's with the︀ regitrar directly.

There have been horrible stories about SFM and others so I try avoid︁ them all.