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EU Bank asks for Seychelles IBC's TIN

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no1d

Mentor Group Gold
Hi everyone,

I have a bank account in EU under my Seychelles IBC.
I'm in the process of liquidating this company but I still have funds left in the account because its a slow process.

Recently the bank asked for a TIN certificate otherwise they might freeze the account.

My agent said that they can get the TIN so all good so far, however now I have to send them the accounting records.
I don't have accountant and I'm lazy, lol

So what does this mean?
For every thing I'm buying, hotel card payments, rolex watches, etc I need to send them invoices?
Will they ask for bank records and question my purchases?

Let me know guys.
Cheers!
 

Siltheboss

New member
Hi,
With wich bamk are you in the EU for your Seychelles IBC?
Im busy with the incorporation of an IBC in the Seychelles and it isnt clear to me how to fix an EU bank.
 

Admin

Forum Moderator
Staff member
Elite Member
It is actually a interesting question, what EU bank has opened an account for your Seychelles IBC?

What they ask for are invoices you may have send to your customers as well as invoice you have received from your suppliers, they should match the records on your bank account. It is a real pain to get that if you don't have the invoices somewhere!
 

no1d

Mentor Group Gold
Im busy with the incorporation of an IBC in the Seychelles and it isnt clear to me how to fix an EU bank.
I have the account with them for 8 years, I think they don't open offshore accounts anymore, go in person and check with them, PM for details.

What they ask for are invoices you may have send to your customers as well as invoice you have received from your suppliers, they should match the records on your bank account. It is a real pain to get that if you don't have the invoices somewhere!
Invoices from 6-7 years ago? There's no chance to make this match but what's the problem if it doesn't match, its zero tax.
 

Sols

Mentor Group Gold
I don't have accountant and I'm lazy, lol
Let this be a warning for others. Hire an accountant and make sure your company has financial statements.

So what does this mean?
For every thing I'm buying, hotel card payments, rolex watches, etc I need to send them invoices?
Will they ask for bank records and question my purchases?
They likely expect you to send at least some invoices and agreements, but if you are unlucky, they want everything. Worst case, failure to provide that could be construed by the banks as reason to freeze the account under suspicion of money laundering (tax evasion being a predicate crime for money laundering).

Invoices from 6-7 years ago? There's no chance to make this match but what's the problem if it doesn't match, its zero tax.
Not in the country where the company is tax resident and is probablyrequired to pay tax, which is where you live.
 

no1d

Mentor Group Gold
They likely expect you to send at least some invoices and agreements, but if you are unlucky, they want everything. Worst case, failure to provide that could be construed by the banks as reason to freeze the account under suspicion of money laundering (tax evasion being a predicate crime for money laundering).
So first I would have to send to the agent the bank extras. What if I use a different account like TransferWise?
How they could know about other bank accounts?

The bank has never asked for anything except for Good Standing and Incumbency every 2 years. I read that now TIN is requirement from OECD.

Not in the country where the company is tax resident and is probablyrequired to pay tax, which is where you live.
I guess that's my responsibility, if not then what's the purpose of an IBC?
 

Siltheboss

New member
I have the account with them for 8 years, I think they don't open offshore accounts anymore, go in person and check with them, PM for details.​
Hi no1d, I am new here and not yet able to send PM's. Is there any way I can get in touch? I'll arrive in (emigrate to) the Seychelles wihtin two weeks and I'm currently looking for a bank which I can use for my e-commerce business.
 

Sols

Mentor Group Gold
So first I would have to send to the agent the bank extras. What if I use a different account like TransferWise?
How they could know about other bank accounts?
I'm not sure I understand the question here.

If you're using another bank/EMI, you might be able to not show this bank invoices, statements, and agreements for transactions that have passed through that company. However, if they end up asking for financial statements of the company as a whole, you may have to show statements from, for example, TransferWise and related invoices/agreements.

What the bank is asking for here is quite normal, especially for offshore companies.

The bank has never asked for anything except for Good Standing and Incumbency every 2 years. I read that now TIN is requirement from OECD.
The bank is probably catching up on KYC they should have done years ago. If you are suddenly moving money out as a part of the liquidation, this might be a trigger for the more thorough investigation.

What you want to do is comply with the bank so that they don't fire off an SAR (Suspicious Activity Report) that goes to law enforcement.

I guess that's my responsibility, if not then what's the purpose of an IBC?
By and large, IBCs are pointless. There were enough holes in tax laws 10+ years ago to make them work under some circumstances but since then and with secrecy practically gone, they haven't offered any legal way to avoid or reduce tax burden in most jurisdictions.
 

no1d

Mentor Group Gold
I'm not sure I understand the question here.

If you're using another bank/EMI, you might be able to not show this bank invoices, statements, and agreements for transactions that have passed through that company. However, if they end up asking for financial statements of the company as a whole, you may have to show statements from, for example, TransferWise and related invoices/agreements.

What the bank is asking for here is quite normal, especially for offshore companies.
I'll happily provide the TIN number to the bank, this is not the issue.

Once I proceed with the TIN request, the accounting records must be kept at the agents office in SC.

Will they ask for all the previous records or its just from now on, because honestly I haven't kept all the records, email was changed, things got lost, etc

As you said, I can open a new bank account or TW and just show statements from there or just say that I need TIN to open a bank account like I don't have one.
 
Last edited:

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
I would seriously advise you to get the accounting done old)(#.

So what does this mean?
For every thing I'm buying, hotel card payments, rolex watches, etc I need to send them invoices?
Will they ask for bank records and question my purchases?
It is just a box ticking exercise. An Income statement, balance sheet and cash flow statement is all that is required to send agent. Just create and provide them that. There is no tax liability in Seychelles for the company if you did not conduct business there. Hence they won't give a damn what you send them. However its a different story for where the company is considered to be operating if they ever get hold of that info so do it properly bor&%#.
 

no1d

Mentor Group Gold
It is just a box ticking exercise. An Income statement, balance sheet and cash flow statement is all that is required to send agent. Just create and provide them that
That sounds sound, sending an invoice for every shit I buy with company card is annoying.

I did not conduct any business in Seychelles, the company is used for affiliate marketing.

However its a different story for where the company is considered to be operating if they ever get hold of that info so do it properly bor&%#
This is not an issue atm.
 
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