How can I trust an offshore company with a bank account?

[proples]

I am sorry about this naive question, but I gotta ask it.

So, let's say I incorporate an offshore company with a certain provider and I open up a corporate bank account in it's name.

How can I be sure that the provider (that has possession of all my company's documents) won't act on my behalf to get my funds transferred from this account to one of his account and disappear?

 

[Suzy Emerald]

Why would he be in possesion of your company docs? Normally you get those from your agent after opening the company.

 

[proples]

Why would he be in possesion of your company docs? Normally you get those from your agent after opening the company.

So let's say I use offshorecorp99 (fictional name), to incorporate my company and set up my bank account. Not only he will have access to all my personal documents, that are required to set up that company, as he will have all of the company's documents, as he is the one who set it up. He will, also have gotten in touch with the bank to open the bank account. He knows the bank account number etc. He could easily pretend to be me and ask the funds to me moved somewhere.

Am I missing something?

 

[Suzy Emerald]

Yes the agent will get in touch with the bank but you sign all paperwork. So he is not a signatory. Same with the company papers. But as with anything, he could probably commit fraud in some way although personally I think this is unlikely to happen if you go with an agent that has a good reputation. His money in the end is in doing yearly renewals for his clients, provide a registered address etc.

 

[proples]

Yes the agent will get in touch with the bank but you sign all paperwork. So he is not a signatory. Same with the company papers. But as with anything, he could probably commit fraud in some way although personally I think this is unlikely to happen if you go with an agent that has a good reputation. His money in the end is in doing yearly renewals for his clients, provide a registered address etc.

You are right that makes sense. The problem is to find someone reputable in this business where information seems to be so conflicting.

 

[Suzy Emerald]

Several advertise their services on this forum. Also shop around a bit to see average prices for the jurisdiction you want. Very cheap offers are likely to be scams. Very expensive ones maybe overpriced but will get the job done. Also look into the fees the agent asks for year 2 and onwards since that will be your recurring costs untill you dissolve the company.

 

[countryfree]

This is why some people go to very expensive lawyers in Switzerland. Safety first... Another solution (which I've always chosen) is to travel, and to open bank accounts yourself.

 

[niggashit]

I did not get the Swiss Lawyer thing. What kind of lawyers are they? I meant, the profession?

 

[negon]

Well, they will call you in order to make any changes to your account, for that reason the agent that setup your offshore company will not be able to do any changes to your corporate account without your permission.

Most often the agent has also a great relationship with the bank and alone for that reason he won't try to fool the bank!