Need consultation/ advice

[Eternalsavage]

I'm looking to set up an offshore company and a corporate bank account. From a country in South Asia. The need is for an import business so to pay our suppliers and investor who is based in Singapore. The main need will be to make transfers to the investor as he prefers to be paid not via Sri Lanka and it's easier and safer for us to do that as well as otherwise it could lead to investigation to the business and then lead to higher import duties and higher tax. If paid via an offshore account, it'll be ideal. Monthly transfers would be worth about $500k to a $1m. The fees should be cheap hence from Offshore to other bank transfers. Also would recycling the offshore account e very few months mean less questions from the bank? Fully legit business so can provide any documents but would prefer to use nominee directors to maintain the highest level of anonymity possible.

 

[Spinat]

Can tou travel once COVID-19 is over or the boarders are open again or shall it all be remote?

 

[Eternalsavage]

Can tou travel once COVID-19 is over or the boarders are open again or shall it all be remote?

Remote preferable as would like to start operating it as fast as possible

 

[neweraoffshore]

"Recycling" is not recommended. Better get just one account and grow with it, or maybe a few more, but do not fully recycle them. They will ask questions for new bank accounts if the volume is 500k/month. But when you have the account a few months and these turnovers get normal they normally stop asking. If the business is fully legit then you can show all docs and therefore "recycling" shouldn't be necessary. Be aware that normally banks which can trustfully handle 500k/month still want to see the UBO and don't accept the nominee passport, as 99% of the nominees out there are in the fraud detection databases. So if you want to stay 100% anonymous, you can either follow @blueweb guide in his signature or look for high class providers which can bring you unlisted nominees. Pro blueweb: cheap and quite easy to do. Con: money can be frozen and you may never get it if uncovered. Pro provider who can bring an UBO: No money frozen if the business is legal. Con: Comes at a much higher price.
So it will be a trade off.

 

[onemansomewhere]

No serious bank will deal such amount of transfers without knowing you in person. If you are not willing to travel, this can be a problem sooner or later.

 

[Eternalsavage]

Is it possible to set it up in Dubai or Malaysia? Is it risky to set it up in areas like Cyprus, also I'm willing to travel once it's possible to travel

 

[onemansomewhere]

Dubai banks are used to high amount transactions more than Malaysia. Forget to Malaysia if you have no other ties with the country. UAE is good choise.