EMI for Marshall Islands company (legitimate business)

[BTCNG]

Hello

In case someone owns a Marshall Islands legitimate company with income in US$ (with a clean business) and he is looking for a good solution through EMI that will open a business account for this Marshall Islands company (he doesn't want a personal account but an account for the company) and the EMI will offer also for this company a debit card with low or no commissions on withdrawals of cash in different countries and payments in different currencies (his current bank is charging him 3% on conversions of his US$ to other currencies which is crazy) - which EMI will be good for that?

The incomes to this EMI account will be only from his current bank account of the same company and not from 3rd parties so it is a low risk for the EMI. Spending will be done through payment from the debit card of the EMI.

Trials were done with Revolut and with TransferWise but both don't open account for Marshall Islands Company.

The purpose is only to save costs of spending and cash withdrawals from the current existing situation.

Appreciate your assistance fellows.

 

[troubled soul]

You can Find EMI here
https://www.offshorecorptalk.com/resources/categories/emi-electronic-money-institution.5/
Hope this help

 

[uplana]

You can Find EMI here
https://www.offshorecorptalk.com/resources/categories/emi-electronic-money-institution.5/
Hope this help

requires mentor group gold access

 

[fredouille1973]

it is not the best jurisdiction in terms of reputation , most of shareholders of UK LLP which were involved in the estonian laundromat at Danskbank were marshall islands companies

 

[uplana]

it is not the best jurisdiction in terms of reputation

but still possible.

 

[BTCNG]

We have clients with Marshall companies who have opened accounts with EMI-s.
In your case, account opening would cost around 2-3k.

Hi
So, what EMI's will accept Marshall Island companies?

 

[Mark Rucken]

Hi
So, what EMI's will accept Marshall Island companies?

Payoneer

 

[Honest Junior]

Unfortunately now when registering - they require in the ultimative form that in the name of the company would be somewhere else to open an account. They ask for either a card or an account.
And exactly in the name of the company.
So formally they open an account - but how to implement it in practice - this is the question.
And not all banks or payment systems are suitable. For example Paysera did not fit - they demanded to change.
So to open an account in Payoneer - you have to open it somewhere else. The only question is where.

 

[clemens]

Why not setup a UK company with a transferwise account, once all is setup move the UK under the Marshall Island company and do your business?

 

[Jerry1911]

And not all banks or payment systems are suitable. For example Paysera did not fit - they demanded to change.

So to open a Payoneer account for a Marshall Islands company you need to have a bank account somewhere else already?

 

[Honest Junior]

Why not setup a UK company with a transferwise account, once all is setup move the UK under the Marshall Island company and do your business?

I honestly had no idea that such a scheme was possible)
As an option, let's try it. Can any type of company be moved there?

So to open a Payoneer account for a Marshall Islands company you need to have a bank account somewhere else already?

That's right. And the account must be opened in the name of the company and nothing else. Somehow you can't slip them anything. They check.

 

[lostguy]

Why not setup a UK company with a transferwise account, once all is setup move the UK under the Marshall Island company and do your business?

That would work very well, have done it a few times already with UK and Cyprus companies. But it depends on the payment processors.

 

[Honest Junior]

That would work very well, have done it a few times already with UK and Cyprus companies. But it depends on the payment processors.

Can I ask you to tell me in a few words how it happens?
This is how I imagine it - that there is a partnership going on in the UK, for example. Then there is the redomiciliation of the company to the Marshall Islands.
Is this correct?

Because I don't know any other options for opening a marshaling account.

But can someone tell me where to open an account for the marshal corporation - you can even without a turnover, the main thing that he would just be. This will make it possible to open an account in Payoneer.

 

[AndyAresa]

Can I ask you to tell me in a few words how it happens?
This is how I imagine it - that there is a partnership going on in the UK, for example. Then there is the redomiciliation of the company to the Marshall Islands.
Is this correct?

Because I don't know any other options for opening a marshaling account.

But can someone tell me where to open an account for the marshal corporation - you can even without a turnover, the main thing that he would just be. This will make it possible to open an account in Payoneer.

I believe the UK arrangement mentioned above means that you use the UK company to invoice your end clients and collect revenues in its EMI/bank account. By agreement with the Marshall Islands company, the UK company acts as the agent to collect the revenues and sends 99% of the revenue further to the Marshall Islands company, keeping 1% as a fee for its services. This is a very brief explanation but you get the essence.

 

[bastard]

Payoneer

do you believe they accept companies from Marshall Islands!?!

I believe the UK arrangement mentioned above means that you use the UK company to invoice your end clients and collect revenues in its EMI/bank account. By agreement with the Marshall Islands company, the UK company acts as the agent to collect the revenues and sends 99% of the revenue further to the Marshall Islands company, keeping 1% as a fee for its services. This is a very brief explanation but you get the essence.

that is how I have done with a few of my setups. Works well for some time.

 

[Jerry1911]

that is how I have done with a few of my setups. Works well for some time.

Can you clarify the "some time"? Thanks

P.S. which jurisdictions have you used? UK & what offshore co.? Would you be willing to share a redacted agency agreement in PM?

 

[Honest Junior]

I believe the UK arrangement mentioned above means that you use the UK company to invoice your end clients and collect revenues in its EMI/bank account.

I get it.
But in order to receive money from a British company, the Marshall Company MUST have an account somewhere. The question is where can it be opened today? Or how does one receive funds from a company in the UK?

do you believe they accept companies from Marshall Islands!?!

100%.
Even now I am in correspondence with them - and there are no problems with Marshall Islands companies.
The only problem is that they require that you ALREADY have an account in the company's name somewhere.
And MY problem is that I don't understand where to find a place today that will open an account for a Marshall Islands company.

 

[Sols]

Is it too late to scrap the Marshall Islands company? It's a toxic jurisdiction. Very difficult to find accounts for. It's on a lot of unofficial blacklists, due to its popularity with criminal/difficult clients.

 

[Jerry1911]

Is it too late to scrap the Marshall Islands company? It's a toxic jurisdiction. Very difficult to find accounts for. It's on a lot of unofficial blacklists, due to its popularity with criminal/difficult clients.

Could he leverage crypto for this? Here's my suggestion:

1) Set up a UK LTD
2) Sign an agency agreement between the Marshall Islands co and the UK LTD
3) Get a cryptocurrency exchange account for the UK LTD
4) After deducting comission charges, deposit the income at an exchange and buy a cryptocurrency of choice
5) Remit the income offshore by sending the crypto to the wallet of the Marshall Islands company

Crypto can now theoretically be "withdrawn" as dividends from the Marshall Islands company and exchanged for fiat anywhere in the world.

Would this be possible? Not sure what kind of documents would be required besides the agreement itself.

 

[Sols]

It's an interesting and clever idea. You'd have to check if UK allows dividend payments in crypto. AFAIK, UK allows dividends to be satisfied by non-cash assets. You might be able to lean on that to pay out in crypto.

However, if this is a properly structured Agent–Principal arrangement, I don't see any problems with the agent (UK company) settling to the parent in crypto thereby bypassing the dividend issue completely.

IIRC, Marshall Islands allows dividends in crypto. No such problem at all if you form an LLC and GP, but most MH companies are IBCs.