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Selling companies with bank accounts

M

Meta

Mentor Group Gold Premium
Dec 15, 2020
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#1
There are lots of offers to buy a ready-made shelf companies with a bank account on the Internet. I believe @Clearsky Network is doing this.

How does it work? My understanding is the bank would do KYC once again if the authorized person on the bank account changes and may very well close the account. So are there any advantages regarding bank accounts (I understand that a shelf company may save you time for registration, may have licenses etc)

What's the correct option:
1) No advantages regarding bank account
2) You need to redo KYC but it's somehow much easier
3) The companies are usually sold with a local resident proper and fit nominee director in place who would stay for some monthly fee. The director would do transfers requested while the buyer may manage the company informally (e.g. on paper being an employee). Nothing changes from the bank's point of view.
4) The companies are usually sold with a local resident proper and fit nominee director in place who would provide his banking credentials? Nothing changes from the bank's point of view. Seems illegal to me.
5) Other option?

Please enlighten me. Regards.
 
#2
This is pretty hard to answer in general, since there are various "options" for nominee directors / shareholders.

In the end, everything stands and falls with the legal basis, how "clean" you play and what your intentions are.

In some countries it is legitimate to use nominees --> therefore it is not generally illegal and can have proper use cases.

Regarding Banking.

Is there a UBO register in the country? --> UBO register may need to be updated --> If it is required and you play "by the book", the UBO will change and the bank may request additional KYC. --> No real advantage regarding banking then mostly.

If you do not play "by the book", you may have nominees in a country where it is not "formally" permitted, but there are agreements between you and the nominee. (Liability, responsibilities etc.) Reason for that might be "difficult" nationality of the owner / requirement of "local director" (no access to certain merchant / banking options)

The question is always what do you use the nominee for and what are your intention / advantages from it? Shouldn't any random citizen be able to see who is behind the company? Do you want to create substance in a country in order to optimise or evade taxes? If you intend to conceal the beneficial owner when required, then the whole thing is a bit more difficult and may be legally questionable.
 
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#3
Every provider of such services has their own methods; we have a few doing it on OCT, and we also had a lot of services that did not deliver at all.

But most often, the key are full nominee services and UBO (Ultimate Beneficial Owner) service - both are not allowed in many countries. Nevertheless, they are used by many when it comes to these package services.

You should be aware that, in my opinion, these are not long-term sustainable solutions.
 
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#4
Thanks for the answers!

apres777 said:
The question is always what do you use the nominee for and what are your intention / advantages from it? Shouldn't any random citizen be able to see who is behind the company? Do you want to create substance in a country in order to optimise or evade taxes? If you intend to conceal the beneficial owner when required, then the whole thing is a bit more difficult and may be legally questionable.
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My intentions are simple: get a company with a bank account so I can operate a business. I have "suspicious" password and overall don't fit into a typical profile, so often my experience with banking was long discussions, filling forms, providing documents, more documents, waiting, waiting a few months, getting an answer that "we cannot open an account for you". Slow, frustrating. I want to cut red tape and shorten waiting times.

JohnLocke said:
But most often, the key are full nominee services and UBO (Ultimate Beneficial Owner) service - both are not allowed in many countries. Nevertheless, they are used by many when it comes to these package services.

You should be aware that, in my opinion, these are not long-term sustainable solutions.
Click to expand...
Right. Thank you. Not being recorded on the books at all does not seem like a good idea and certainly not what I need.
 
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