Question Cheapest way to set up an offshore account

[Mattaus]

Hi all, I am new to this group. I need to open an offshore business for privacy reasons. Not to avoid taxes. I need the cheapest possible option and also cheapest way to set up a bank account. The business income is currently only a few thousand euro a month, which is why I need the cheapest option. Thanks

 

[Fred]

Hi all, I am new to this group. I need to open an offshore business for privacy reasons. Not to avoid taxes. I need the cheapest possible option and also cheapest way to set up a bank account. The business income is currently only a few thousand euro a month, which is why I need the cheapest option. Thanks

Where is your current residence and what's your citizenship?

 

[Mattaus]

Where is your current residence and what's your citizenship?

I am a British passport holder but resident on the Canary Islands, Spain

 

[Fred]

I am a British passport holder but resident on the Canary Islands, Spain

Ok so you just want to have an offshore company with bank account and mention this to the spain tax authorities? Because you said you don't want to save taxes only privacy is required. You want privacy because of competitors?

If like aboth stated you have several options.

 

[Mattaus]

Yes that is correct. Thanks for you fast response Fred. If I can avoid paying my accountant here and save money as well that would be great but not essential

 

[Fred]

Yes that is correct. Thanks for you fast response Fred. If I can avoid paying my accountant here and save money as well that would be great but not essential

Got it.

Do you intend to bank with a real physical bank or you don't mind and a EMI like TransferWise is ok as well because you mentioned just a few thousand euro as business income?

 

[pesto]

The business income is currently only a few thousand euro a month, which is why I need the cheapest option. Thanks

what you need to do is to wait. Your are not eligible for any offshore account with a few thousands in net income. Why would you waste your time and money at all you can barely pay for your stay on the island!

 

[Mattaus]

Got it.

Do you intend to bank with a real physical bank or you don't mind and a EMI like TransferWise is ok as well because you mentioned just a few thousand euro as business income?

It would be great if I could use transferwise or revolut. I just wasn't sure if you could use them with offshore accounts.

 

[Fred]

It would be great if I could use transferwise or revolut. I just wasn't sure if you could use them with offshore accounts.

Got it. Revolut won't work with offshore at all and TransferWise have pretty bad streamlined KYC for offshore companies.

But we got you covered. Cost will be approx. 1.900 EUR for Offshore Company with Bank Account.

If you wish to discuss in person just send me PM.

 

[Spinat]

okay let's get it clear, you signed up today, posted a thread without reading about anything here, just to learn about EMI's.

Good, so I would suggest you to have a look here

Top 10 EMIs On The Market – Guides, Benefits, Regulations & Quick Reviews For Better Decisions

An electronic money institution is responsible for a single financial product – electronic money. This type of money can be used for all kinds of transactions, including enterprises from all industries – other than the actual electronic money institutions. Obviously, such institutions – often...

www.offshorecorptalk.com

List of Banks, EMI's, Payment processors and BTC to FIAT institutions.

I compiled a list of these providers by going through almost any post here on the forum where people ask for bank advise or advise in matters of payment processors EMI's and BTC to FIAT exchanges. For those of you who do not know what an EMI is or what it stands for, here is an explanation. An...

www.offshorecorptalk.com

Everything you need to learn about EMI's.

If you want a hands off EMI for your 2000 euros a months you may check a Fiverr gig for your needs.

 

[Sols]

For the time being, a US LLC in one of the states that offer good privacy (Wyoming, Delaware, New Mexico) with an account with TransferWise is probably the easiest. Make sure you pay the little extra fee to get a nominee (normally provided by your registered agent) to sign off on the annual report and other documentation that might reveal your name on public record.

But make sure you don't end up with a massive tax bill in the future. Run the structure with a local tax adviser and make sure you do all due filing and local tax payments.

Excluding cost for local tax advice, you're looking at a few hundred USD to get the company up and running and 20 EUR for the TransferWise account.

 

[LoveMyLife]

Hi all, I am new to this group. I need to open an offshore business for privacy reasons. Not to avoid taxes. I need the cheapest possible option and also cheapest way to set up a bank account. The business income is currently only a few thousand euro a month, which is why I need the cheapest option. Thanks

I do not understand why anyone needs a high level of privacy for few thousand Eur..
This just does not make any sense..

 

[EuroKiss]

I do not understand why anyone needs a high level of privacy for few thousand Eur..
This just does not make any sense..

There should be some so shady business that I prefer don’t even know them...

 

[Corno]

I do not understand why anyone needs a high level of privacy for few thousand Eur..
This just does not make any sense..

Because you are a porn or casino affiliate and don't want your mom, your neighbour, and your son's teacher to know.

 

[LoveMyLife]

Because you are a porn or casino affiliate and don't want your mom, your neighbour, and your son's teacher to know.

If you are ashamed of what you are doing, because it is immoral in the community where you live, either do not do such a business, or live somewhere else and with someone else.

If you think the offshore community is just waiting for you, you're wrong.

Offshore services are not a cheap affair.

If you are looking for something cheap, fast and reliable, an offshore solution is not suitable for you.

The bank is a business like any other. Why should a bank risk its bank license worth a lot of money to provide services to someone like you, for a ridiculously low fee?

 

[Corno]

If you are ashamed of what you are doing, because it is immoral in the community where you live, either do not do such a business, or live somewhere else and with someone else.

If you think the offshore community is just waiting for you, you're wrong.

Offshore services are not a cheap affair.

If you are looking for something cheap, fast and reliable, an offshore solution is not suitable for you.

The bank is a business like any other. Why should a bank risk its bank license worth a lot of money to provide services to someone like you, for a ridiculously low fee?

I am not judging people's motivation. I just stated you a reason why people might want to have a cheap solution for masking their connection to their business in the eyes of the public (e.g., Google). Get a cheap offshore company like a New Mexico LLC that doesn't publicly reveal your identity, use the company details to register your domains, and voilà, you're done. Not legally bulletproof, but it will work 99% of the time and it costs next to nothing.

OP also wants a bank account, so his case seems to be different from this example, and obviously, this will make it a lot harder.

 

[Piano]

For the time being, a US LLC in one of the states that offer good privacy (Wyoming, Delaware, New Mexico) with an account with TransferWise is probably the easiest. Make sure you pay the little extra fee to get a nominee (normally provided by your registered agent) to sign off on the annual report and other documentation that might reveal your name on public record.

But make sure you don't end up with a massive tax bill in the future. Run the structure with a local tax adviser and make sure you do all due filing and local tax payments.

Excluding cost for local tax advice, you're looking at a few hundred USD to get the company up and running and 20 EUR for the TransferWise account.

Transferwise has no problems with a USA LLC ?

 

[MrYellow]

Cheapest one without accounting is Seychelles. It’s not a Ferrari but you asked for fastest and cheapest one. So based on your requirements I would go like that. Not big choice of banks/EMIs but some small work is always required.

 

[Sols]

Transferwise has no problems with a USA LLC ?

Correct, there are a lot of people not resident the US using TransferWise for business accounts with their US LLCs.

 

[Fred]

Cheapest one without accounting is Seychelles. It’s not a Ferrari but you asked for fastest and cheapest one. So based on your requirements I would go like that. Not big choice of banks/EMIs but some small work is always required.

That really depends on the business the company is needed for.

It's close to impossible to get a SWIFT connection nowadays for a Seychelles company. All the fintechs from Lithuania can only provide SEPA connection trough the Centrolink system of Bank of Lithuania because they let it currently flow tigether with all the crypto transactions. But once you have a global business and need SWIFT you have most of the time no SWIFT connection at all or only SWIFT in EUR trough an account in the name of the EMI. Very very rar options are available but they charge such high fees that you can go directly with an reputable offshore jurisdictions that still have the possibility to get real physical local bank accounts like in UAE.

Local Seychelles banks doesn't open for a Seychelles company without any presence in Seychelles.

Even the workaround with Mauritius banks is getting harder and harder.

Don't get me wrong we work with Seychelles company formations as well but it heavily depens on the type of business and is most of the time just an addition to an already existing setup in the UAE that already provides a tax free residence.