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Question Best Offshore Jurisdiction for TransferWise

rowena

rowena

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Nov 28, 2017
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#1
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Hello,
Unfortunately, TW announced that they will exit from UAE because of the regulations. So far, I'm really happy with TW. They're reliable, support both SEPA/SWIFT transfers and that's why I'm looking best offshore jurisdiction that is compatible with TW.

I'm a UAE resident, I don't pay income tax and I'm also looking for a 0% tax jurisdiction without audit requirements. I receive payments from Google and Apple. Can you recommend me a jurisdiction?

Thanks
 
#3
Gediminas said:
Hey,

Why do you want to register a new company instead of opening an account somewhere else? It doesn't make any sense. Especially when you talk about Transferwise.
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I mentioned the reason at the top. I want to work with TransferWise. I don't want to open an account with another EMI.
 
#6
linhtinhforfree said:
Yes. I have got the same issue. Very bad news that TransferWise is gonna close multi-currency accounts for UAE entities.
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It is not their fault. TransferWise provided very good service and became very popular across the UAE. UAE government trying to "boost local banks" by imposing bans like that(not joking). The thing is UAE banks bad and not trustable. I am planning to close my Freezone companies in UAE and move my operations abroad.
 
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#10
Just get another EMI that is licensed in the EU. There are others with competitive prices (some are even cheaper). TW is good until they block your account for no reason, and then you will face the reality.

It happened many times! If it didn't happen for you yet, that doesn't mean it won't in the future.

But I get your point - you are in the comfort zone and tend to think they won't touch your account hehe. The reality is nothing like that.

Anyway, I hope you will find an alternative either for your entity or account. Good luck with that ;)

P.S. there won't be any jurisdiction in the EU with no accounting auditing obligations. There is a chance you will find a suitable country for your new TW account, but they might block this jurisdiction next time anyway. It's a strange game you are trying to play.
 
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#11
Rowena. Offshore bank account is very difficult now, so think carefully before closing your FZ company. Singapore now stops to open offshore bank accounts for island-based companies. You can try to open company and bank account first before close down your current company
 
#14
Gediminas said:
Just get another EMI that is licensed in the EU. There are others with competitive prices (some are even cheaper). TW is good until they block your account for no reason, and then you will face the reality.

It happened many times! If it didn't happen for you yet, that doesn't mean it won't in the future.
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I don't agree. They don't block account no-reason. I transacted almost 8 figures euro in total since 2017 and zero problems.

Gediminas said:
P.S. there won't be any jurisdiction in the EU with no account auditing obligations. There is a chance you will find a suitable country for your new TW account, but they might block this jurisdiction next time anyway. It's a strange game you are trying to play.
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I am not looking entity in the EU. There are lots of island options and I am thinking BVI. It is expensive but probably better than Belize or Seychelles.
 
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#15
Thank you Gediminas. Surely anybody has to pass KYC process to prove for the business and UBO. But I can see the Tariff for SWIFT Transfer is quite high, it is suitable for SEPA transfer
 
#16
rowena said:
They don't block account no-reason
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They do, actually. I had many clients who come to me after their TW account gets blocked (for no reason). And I am sure there was no reason because I onboarded them to other financial institutions and I am aware of their business activities.

rowena said:
There are lots of options and I am thinking BVI. It is expensive but probably better than Belize or Seychelles.
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I can help you with BVI entity formation, in case you need it. But I don't see the big difference compared to Seychelles (I can also help with that).
 
#17
It's worth pointing out that @Gediminas makes a living recommending people to other EMIs than TransferWise, hence the FUD. He has a personal financial interest in people using his Lithuanian buddies. The commission from Bankera/Pervesk and others is pretty good, especially if he onboards you under the high-risk pricing scheme which is several orders of magnitude greater than TransferWise's fees, and often with far worse exchange rates in most cases.

TransferWise is perfectly fine for anything not high-risk. I see six–seven figures flowing through business accounts with TransferWise monthly, with no more hiccups than any other EMI or banks. You just need to have your affairs in order in case they ask about invoices, source of funds, source of wealth, and so on.

As for OP, your best options are probably BVI, Seychelles, or US LLC. Gibraltar might be an option if you qualify as a small company (turnover under 1.25 million GBP). Avoid Belize and most other offshore jurisdictions like it. I've seen TransferWise accept jurisdictions like Belize, Vanuatu, and so on but there's no clear advantage to them.
 
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#18
Rowena. I've got a BVI company and get approval from OCBC Singapore Bank account. But there is new rule to stop island-based companies and now there is no way to get offshore bank accounts in Singapore unless private account for investment. So please check carefully because a lot of banks require physical visit and you cannot go due to Covid-19 lockdown everywhere
 
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#19
Sols said:
It's worth pointing out that @Gediminas makes a living recommending people to other EMIs than TransferWise, hence the FUD. He has a personal financial interest in people using his Lithuanian buddies. The commission from Bankera/Pervesk and others is pretty good, especially if he onboards you under the high-risk pricing scheme which is several orders of magnitude greater than TransferWise's fees, and often with far worse exchange rates in most cases.

TransferWise is perfectly fine for anything not high-risk. I see six–seven figures flowing through business accounts with TransferWise monthly, with no more hiccups than any other EMI or banks. You just need to have your affairs in order in case they ask about invoices, source of funds, source of wealth, and so on.

As for OP, your best options are probably BVI, Seychelles, or US LLC. Gibraltar might be an option if you qualify as a small company (turnover under 1.25 million GBP). Avoid Belize and most other offshore jurisdictions like it. I've seen TransferWise accept jurisdictions like Belize, Vanuatu, and so on but there's no clear advantage to them.
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Thanks for the information. My business is safe and I receive payments from Google & Apple. That's why I don't look for EMIs accepting high-risk businesses. I will consider BVI seriously.

Do you think Seychelles better than Belize?

Gediminas said:
They do, actually. I had many clients who come to me after their TW account gets blocked (for no reason). And I am sure there was no reason because I onboarded them to other financial institutions and I am aware of their business activities.



I can help you with BVI entity formation, in case you need it. But I don't see the big difference compared to Seychelles (I can also help with that).
Click to expand...
Can you send me quick information about BVI and Seychelles?
 
#20
Sols said:
Gibraltar might be an option if you qualify as a small company (turnover under 1.25 million GBP).
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According to the Companies Act (https://www.companieshouse.gi/publications/C0025.pdf), financial statements are mandatory even for Micro and Small companies.
 
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