Company Formation, Utility Bill and certified copy

[PeterZhow]

Hi everyone,
I have been following you for a long time and I decided to open my first company.

I have my EE country passport.
I need to create a Utility Bill (Egypt) and certify passport copy and Utility Bill.

Afterwards,
to form a society where there is no accounting or public register.

Finally connect a payment processor and an account (I think any EMI is fine).

The company simply sells online in dropshipping.

Let me know if you can help me in all the steps or only in part and the price.
Thanks in advance

 

[Offshore Seychelles]

Seychelles has no accounting and the only public register are the directors, no shareholders
you can also have a nominee director, so your name are not public

 

[Sols]

Seychelles has no accounting

You might want to double check with a competent lawyer in the Seychelles.

 

[Offshore Seychelles]

You might want to double check with a competent lawyer in the Seychelles.

maybe you read the offshore act at offshore.law

 

[Sols]

maybe you read the offshore act at offshore.law

Is it your first day? Because it sounds like it.

Sub-Part IV – Accounting Records
Keeping of accounting records
(1) A company shall keep reliable accounting records that –
(a) are sufficient to show and explain the company’s transactions;
(b) enable the financial position of the company to be determined with reasonable accuracy at any time; and
(c) allow for accounts of the company to be prepared.
(2) For the purposes of subsection (1), accounting records shall be deemed not to be kept if they do not give a true and fair view of the company’s financial position and explain its transactions.
(3) A company that contravenes subsection (1) shall be liable to a penalty fee of US$100 and an additional penalty fee of US$25 for each day or part thereof during which the contravention continues.
(4) A director who knowingly permits a contravention under subsection (1) shall be liable to a penalty fee of US$100 and an additional penalty fee of US$25 for each day or part thereof during which the contravention continues.

Maybe it's time to go close down for the weekend and not pester people with false information?

 

[Offshore Seychelles]

Is it your first day? Because it sounds like it.
Maybe it's time to go close down for the weekend and not pester people with false information?

Companies are not required by the Act to prepare or file annual accounts or to appoint an auditor. However, under section 174(1) of the Act a company is required to keep reliable accounting records that:
(i) are sufficient to show and explain the company’s transactions;
(ii) enable the financial position of the company to be determined with reasonable accuracy at any time; and
(iii) allow for accounts of the company to be prepared (notwithstanding that a company is not required under the Act to prepare accounts).

thats a big different, prepare file annual accounts vs. keep just records on your preferred place

 

[Sols]

I have my EE country passport.
I need to create a Utility Bill (Egypt) and certify passport copy and Utility Bill.

Afterwards,
to form a society where there is no accounting or public register.

Finally connect a payment processor and an account (I think any EMI is fine).

Do you have an Estonian passport? Eastern Europe? What is "EE country passport"?

Payment processor is going to be the big problem. The payment processing you can find for offshore companies is limited, expensive, and in many cases unreliable. — If you live in Egypt, it's going to be even more difficult as you will be classified as a higher-risk applicant.

If you have EU citizenship and can show EU proof of address, it's a lot easier, cheaper, and faster to form a local company and bank/EMI account locally or in EU. If you're domiciled in the EU, you have far more options for accepting payments. It's a little tricky to avoid public disclosure but for example Cyprus hasn't yet introduced a public UBO registry so nominee shareholders/directors keep your name away from the public. More exotic arrangements can also be made to remove yourself as UBO, but they tend to be expensive.

There are no jurisdictions left where accounting isn't required. However, in most tax havens and even many other jurisdictions, enforcement is lax. I would however always recommend doing proper accounting if you plan to run a serious business.

Companies are not required by the Act to prepare or file annual accounts or to appoint an auditor. However, under section 174(1) of the Act a company is required to keep reliable accounting records that: (i) are sufficient to show and explain the company’s transactions; (ii) enable the financial position of the company to be determined with reasonable accuracy at any time; and (iii) allow for accounts of the company to be prepared (notwithstanding that a company is not required under the Act to prepare accounts).

thats a big different prepare vs. keep

It's OK to admit that you're wrong when you're wrong. You mislead PeterZhow when you said Seychelles "has no accounting". They very clearly do have accounting requirements. They are just more relaxed than many other jurisdictions. So you're either dangerously incompetent for being a reseller/service provider or just plain deceptive. Though I can't rule out the possibility it's both.

 

[PeterZhow]

Do you have an Estonian passport? Eastern Europe? What is "EE country passport"?

Egyptian Passport.

What kind of solution do you recommend?

 

[Offshore Seychelles]

It's OK to admit that you're wrong when you're wrong. You mislead PeterZhow when you said Seychelles "has no accounting". They very clearly do have accounting requirements. They are just more relaxed than many other jurisdictions. So you're either dangerously incompetent for being a reseller/service provider or just plain deceptive. Though I can't rule out the possibility it's both.

keeping account records are NOT accounting, im not sure if you understand the different.
its also NOT accounting requirements, its keeping account records requirements
but i know people like you too good. they think they understand the law with reading the half story, have a big mouth, know everything better and if they have no more competent answers they start to insult

 

[PeterZhow]

Seychelles has no accounting and the only public register are the directors, no shareholders
you can also have a nominee director, so your name are not public

What kind of documentation do you need to create the company?

 

[Offshore Seychelles]

What kind of documentation do you need to create the company?

passport copy and utility bill, also a signed kyc form that we provide
because you have Egypt passport, its required also bank statement or creditcard statement

 

[Sols]

Egyptian Passport.

What kind of solution do you recommend?

Egypt is a very challenging country, I'm afraid. It's considered very high risk by financial institutions.

Forming a company is easy. The hard part is going to be to find a payment processor and a bank or EMI to onboard you. You will very likely need an EU company to be able to contract with payment processors.

Of the people active on this forum, I'd think @James Turner and @Gediminas might have the right connections to set things up for you.

keeping account records are NOT accounting, im not sure if you understand the different.
its also NOT accounting requirements, its keeping account records requirements
but i know people like you too good. they think they understand the law with reading the half story, have a big mouth, know everything better and if they have no more competent answers they start to insult

This is why I recommended to have it double checked by a competent lawyer. Unlike you, I am perfectly aware that my understanding of the law is incomplete. It is for that reason that I have consulted with several lawyers at different occasions about this and the advice I have been given contradicts your crackpot legal theories and misleading statement that Seychelles "has no accounting". It's unfortunate to see that myth perpetuated.

 

[Offshore Seychelles]

This is why I recommended to have it double checked by a competent lawyer. Unlike you, I am perfectly aware that my understanding of the law is incomplete. It is for that reason that I have consulted with several lawyers at different occasions about this and the advice I have been given contradicts your crackpot legal theories and misleading statement that Seychelles "has no accounting". It's unfortunate to see that myth perpetuated.

idk what kind of lawyer you had consult or if you just not understand what the lawyers said... i will make it clearly:

a. accounting are to keep your records, like bills, receipts, bank statements and so on to prepare than file annual accounts and appoint an auditor, who give all the documentary to the financial office in the country where is your company are registered

b. Keeping of accounting records means, to save all your records (for 7 years), like bills, receipts, bank statements and so on on a place you decide, you preferred (it can be all over the world and musst not in the Seychelles)

and btw. Seychelles IBC are not required to keep audited accounts. In theory a Seychelles IBCs is supposed to keep books of account but that requirement is not enforced (ie nobody ever actually checks or asks “Are you keeping Books of Account? If so please show me copies”.

 

[PeterZhow]

sorry for the ignorance,
but I had read several articles ago in which Egypt is not a high risk country.
Now you are making me doubt

 

[Milky Moon]

Seychelles has no accounting and the only public register are the directors, no shareholders
you can also have a nominee director, so your name are not public

A Seychelles Company also rules out any banking product.

 

[Offshore Seychelles]

A Seychelles Company also rules out any banking product.

oh really??? what about MCB Mauritius or Alsalam Bank Seychelles? just a small example...

 

[Sols]

sorry for the ignorance,
but I had read several articles ago in which Egypt is not a high risk country.
Now you are making me doubt

Egypt as a country is at the moment not on any sanctions lists or specific watch lists (that I'm aware of), but the unfortunate reality is that compliance officers look at anything outside of wealthy western nations as risky. The political turmoil in Egypt in recent years has hurt its standing. It's better than many other countries, but still considered of higher risk to most financial institutions.

idk what kind of lawyer you had consult or if you just not understand what the lawyers said... i will make it clearly:

Good ones. And I do see your point about the distinction. I just don't agree that it's a sensible distinction to make in the broader context of the current and future state of international compliance. If you guide your customers to the barest minimum levels of compliance, I wish you all the luck in the world. You'll need it. At least your customers will.

and btw. Seychelles IBC are not required to keep audited accounts. In theory a Seychelles IBCs is supposed to keep books of account but that requirement is not enforced (ie nobody ever actually checks or asks “Are you keeping Books of Account? If so please show me copies”.

I addressed this already. Relying on lack of enforcement is a terrible way to run a business.

 

[Offshore Seychelles]

And I do see your point about the distinction. I just don't agree

we adhere to the law that exists for almost 30 years and the experience of about 25 agents over the last decade.
it is clear to me, that you do not want to and cannot give in, after I have shown the exact interpretation and explained that there is no accounting in the sense of the law.

only stubborn and stupid people are constantly squirming out of it and then still insinuating the negative.

 

[PeterZhow]

So what solutions can we have?
the more I read information in this forum, the more confusing the ideas

 

[djaheim]

passport copy and utility bill, also a signed kyc form that we provide
because you have Egypt passport, its required also bank statement or creditcard statement

There you go Photographic ID, utility bill for proof of address. This information is what some people dont want to give at all! so where is the privacy if one is to dish out this info?