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Offshore Company and SFM Corporate

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Ann1892

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May 20, 2021
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#1
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Hello!

I'm obviously new to this offshore business and I was wondering of any of them are worth it. A couple of colleagues had mentioned SFM Corporate. But I read a lot of negative reviews about them. Has anyone ever obtained their service ?

Any advice or information about offshore, banking and these service providers would be much appreciated.

Thank you in advance
 
#3
SFM used to be very good. They stopped being great after they overextended and took on way more clients that they could handle.

Where they tend to fail is at speed and managing expectations. Things take weeks longer than they tell clients it will, and they are bad at communicating updates. I have also seen them miss renewal payments.

They are however still a licensed CSP (in the Seychelles) with a large client base, and a pretty good selection of banks. If speed isn't of essence and you can deal with the other drawbacks, SFM might be an OK choice. You probably have more stability than with some unlicensed tiny operation that's running around reselling services back and forth.

Generally speaking, I prefer to work with local, licensed CSPs in the relevant jurisdictions. You can verify that they are licensed on the relevant FSAs' websites.

But there are good resellers, just like there are bad local, licensed CSPs.
 
#4
The bad reviews are speaking for itself about the service you will receive.

SFM is running the Business like an Onlineshop with a Drop-down Menu of jurisdictions. Most of this jurisdictions like Belize, St. Vincent or Samoa became useless over the past 3 years with CRS taking into place and a lot of Offshore Banks went bust.

Usually a good CSP should remove Jurisdictions that are making for 99% of the people out there no longer any sense but due to the fact that they run extensive Google and Facebook Marketing they simply have to do this to finance the Advertisement.

Because of that you still get promoted a RAK ICC with Bank Account in the UAE that is close to impossible to get any banking without already existing relationship before to the UAE especially in 2021.

The bad reviews we see are always because of very slow speed or overpromising when it comes to the bank accounts for some old school offshore companies that simply can't get anymore any decent retail banking - but they still claim it.
 
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#6
Sols said:
SFM used to be very good. They stopped being great after they overextended and took on way more clients that they could handle.

Where they tend to fail is at speed and managing expectations. Things take weeks longer than they tell clients it will, and they are bad at communicating updates. I have also seen them miss renewal payments.

They are however still a licensed CSP (in the Seychelles) with a large client base, and a pretty good selection of banks. If speed isn't of essence and you can deal with the other drawbacks, SFM might be an OK choice. You probably have more stability than with some unlicensed tiny operation that's running around reselling services back and forth.

Generally speaking, I prefer to work with local, licensed CSPs in the relevant jurisdictions. You can verify that they are licensed on the relevant FSAs' websites.

But there are good resellers, just like there are bad local, licensed CSPs.
Click to expand...
Thank you so much. This really helped.

I'm still doing my research on a few companies. Do these CSP's open a bank account for us? When I go to the CSP's websites, I see nothing. Some don't even have websites. They look a little shady in my opinion. Any suggestions for this?
 
#7
Fred said:
The bad reviews are speaking for itself about the service you will receive.

SFM is running the Business like an Onlineshop with a Drop-down Menu of jurisdictions. Most of this jurisdictions like Belize, St. Vincent or Samoa became useless over the past 3 years with CRS taking into place and a lot of Offshore Banks went bust.

Usually a good CSP should remove Jurisdictions that are making for 99% of the people out there no longer any sense but due to the fact that they run extensive Google and Facebook Marketing they simply have to do this to finance the Advertisement.

Because of that you still get promoted a RAK ICC with Bank Account in the UAE that is close to impossible to get any banking without already existing relationship before to the UAE especially in 2021.

The bad reviews we see are always because of very slow speed or overpromising when it comes to the bank accounts for some old school offshore companies that simply can't get anymore any decent retail banking - but they still claim it.
Click to expand...
Why have these jurisdictions become useless. Also, in today's world, what are the good offshore jurisdictions in your opinion?
 
#9
Ann1892 said:
I'm still doing my research on a few companies. Do these CSP's open a bank account for us? When I go to the CSP's websites, I see nothing. Some don't even have websites. They look a little shady in my opinion. Any suggestions for this?
Click to expand...
Opening a bank account used to be quite easy. With major correspondent banks de-risking and increased risks for banks taking on bad money, things have changed. Those who brag about having lots of banks to choose from have either not updated their websites in many years, or are trying to lure you in with empty promises.

Practically all CSPs have relations with some banks, though, you just need to inquire with them. In many cases, it'll be easier to open an account with an EMI rather than a traditional bank.
 
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#10
Ann1892 said:
Why have these jurisdictions become useless. Also, in today's world, what are the good offshore jurisdictions in your opinion?
Click to expand...
Lack of Banking.

Like @Sols already mentioned.

Go to the Bank overview of SFM and you will see they promote mostly UAE Banks, SIngapore Banks and Cyprus Banks and in the same time they offer you Companies in Anguilla, Bahamas and Belize.

So which UAE, SG or Cyprus Bank will open for this oldschool offshore jurisdictions? -> Non

But of course they got you covered with top notch banks in Belize, Puerto Rico and Cook Islands ;)
 
#11
Thank you guys. Has anyone dealt with Business Setup Worldwide. Their website looks very good and the responses I received very good. I just want to know if anyone has dealt with them, are they trustworthy?
 
#12
avoid sfm, i had terrible experience with them
dont make same mistake
 
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