Expat from Europe to Africa, offshore account Seychelles

[Mimi Xunzi]

Dear all,

Soon I will be moving to Africa where I will receive a normal salary. In Europe, however, I'm receiving salary for Consultancy purposes. I would like to set up an IBC at the Seychelles to invoice that consultancy part. My questions:
- Is that easy to do without visiting and being non-resident Seychelles?
- Am I able to pay from my LTD on the Seychelles directly into f.e. TransferWise borderless account?
- What am I missing in this setup, what can go wrong?

Many thanks,
Mimi

 

[Mimi Xunzi]

In addition, should I open a separate Bank Account on the Seychelles or would Transferwise also suffice? Any other / best options?

 

[Martin Everson]

You might be looking for a solution where one is not needed. Which African country are you moving too firstly?

Secondly you may be better of using an offshore payroll service to receive your salary.

 

[Mimi Xunzi]

Thanks Martin.

Kenya on payroll, alsno necessary for work permit and becoming resident. But next to that invoicing additional consultancy services to Europe company. Why not open an Ltd. for that?

 

[Martin Everson]

My logic is don't open a company unless you need too. I find it hard to justify establishing a company just for consulting purposes. Umbrella/payroll companies work just fine.

Kenya taxes on worldwide income once you are considered resident so you are obliged to pay taxes on the European income in Kenya. You also need to check whether this European paying agent would be willing to pay to a Seychelles company anyway.

 

[Spinat]

To setup a Seychelles company is easy, very easy.. you can do everything remote and the costs are roughly 700 euro.

 

[Mimi Xunzi]

Hi all,

Thanks for your replies. My aim with a Seychelles IBC is to not pay taxes, since I will pay tax over the normal salary in Kenya, and this part is for compensation taking my husband. Altough Kenya taxes world-income, this part is secure being an LTD, correct? And in that case, I can open an account with an EMI based anywhere?

All the best

 

[Martin Everson]

I am not sure what you mean by "secure being an LTD". Just be prepared for when EMI's start reporting also. I don't think Kenyan government will care too much to be honest about expats overseas affairs. The government will be more worried about their own foreign accounts being discovered that CRS information will probably mysteriously disappear when handed over.

 

[Mimi Xunzi]

Hi Martin, thanks for this, no not too worried at the moment. About EMI's I'm considering LeuPay, however, I'm not sure about storing the money there, what would you recommend? Since moving it back to Europe bankaccount would make it easier regarding CRS information?

 

[Mimi Xunzi]

I see, LeuPay also reports to CRS. I think EMI's will always report right, the only thing to do is to hold the money in a real bank account such as Singapore or Hong Kong I guess.

 

[Spinat]

I see, LeuPay also reports to CRS. I think EMI's will always report right, the only thing to do is to hold the money in a real bank account such as Singapore or Hong Kong I guess.

Seems some EMI's don't report actually!

 

[Spinat]

In addition, should I open a separate Bank Account on the Seychelles or would Transferwise also suffice? Any other / best options?

Transferwise is a great alternative to most EMI's

 

[Mimi Xunzi]

Transferwise is a great alternative to most EMI's

Is it possible to use Transferwise as bankaccount to Seychelles IBC?

 

[Spinat]

yes why not! you may consider consulting their support to clarify this 100%

 

[Mimi Xunzi]

Thanks, yes I think this will work. What is the best company that can help me setup an IBC?