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sullyferdinand

Active Member
A humble opinion from a professional with 13 years of experience working for different law firms and last 3 years with a bank


It is really funny to read comments and threads of users reviewing corporate services providers, introducers and banks around the world. It is quite easy to spread false reviews (or super positive) reviews about banks/companies just because they were not able to open a bank account. People complain most of the times for no reason and dont want to accept their mistakes

Common statements: ''scammers'' ''they promised a bank account'' ''transfer take several days'' ''they rejected my application after weeks'' ''too many documents to provide'' ''expensive fees''

I have dealt with all type of clients, from small entrepreneurs to high net worth individuals, from rookies with zero knowledge to experienced business men
However, there are some common patterns

1. Company registration
COMMON COMPLAINT NUMBER 1 ''they promised a company in 3 days and it took 2 months''
I tend to agree with the fact that many providers ''might'' mislead clients with time frames in their websites, but is it really like this?? or clients do not take the time to carefully read the small letters?
Font size 40 COMPANY IN 2 DAYS
Font size12 requirements. click this link

if for example it is mentioned that the registration in Belize or BVI takes 2 days, DO YOU THINK THAT IT TAKES 48HS FROM THE MOMENT THAT YOU PLACED THE ORDER AND MADE THE PAYMENT? YOU DONT THINK THAT YOU NEED TO PROVIDE DOCUMENTS, EXPLANATION ABOUT YOUR BUSINESS, SOURCE OF FUNDS, ETC...?? REALLY???????
the company will be registered in X amount of days after due diligence checks. PERIOD
If you make a request when you have all documents ready, in order, you provide a clear explanation of the activity and this activity is not restricted...trust me, the company will be registered as it is mentioned in the website / as the sales consultant explained during a chat / meeting in the office

Why do you think that a company will be registered in two days without sending me ANY DOCUMENT, not even a SCAN.

Usual situation:
Client send the full set of required documents 10 days after they placed the order, and the company is registered after 2 days.
Client: they promised company in 2 days and took 2 weeks, they are liars
Services provider: The company was registered on time
Who is right? Seriously, who is the one delaying the process?


- 6/10 times the clients will not provide the required documents on time, even if it was CLEARLY explained during the sale process and also mentioned in the website (I work in 4 law firms and it was ALWAYS mentioned the list of documents, one of them had even guidelines for certifications in the website.....)
you ask for SCAN passport copy, they will send a picture with a finger in the corner of an ID and if you are lucky a passport / pictures hiding the MRZ lines, etc...
you ask for a recent proof of address, they send you one from the past year / one with a different name / blurred scan where you cant read anything, etc...
you ask for certification, you receive self certifications / certifications without stamp or signatures from certifier / certifications without date, even if you provide templates and you clearly explain how a certification should be done

lets not forget the clients that will send you documents in ANY language except English and they complain why it is not accepted. Sorry sir, your Swedish/Dutch/Spanish/Korean/Indian document NEEDS TO BE TRANSLATED. Is it so hard to CERTIFY A DOCUMENT AND THEN MAKE A SWORN TRANSLATION? oooh....there are no translators in my city, the notary cant certify a document, this is how they certify documents in my country (without any date, stamp or signature...SURE) and any other BS you can imagine

And this is the ''send me the scans'' phase. for some jurisdictions you need to receive the ORIGINALS (hard copies) before proceeding with the incorporation
you confirm to client to send 3 documents to your office or directly to the registered agent, they will send you two
you clearly asked to send ORIGINALS, they will send you color copies, bank reference letters with electronic signatures
it is VERY URGENT to create the company, but you decide that is a great idea to send the documents with mail instead of fedex/dhl/ups and the documents take 2 weeks to reach or more. and when they reach.....EXACTLY...they are older than 90 days

and the forgers....do i need to start with this? the PEP that appears in every article but claim that ''i am not that person, i only have same name and my passport picture is old, i dont look like that''

But of course, its all the fault of XXXX company, its never the clients fault. They are supposed to register the company without complying with the requirements of the jurisdiction

- company activity....another issue
''so, could you please tell me about the business? it is required for the registered agent and will be required for the bank account opening''
Answer: Consulting Services. Worldwide
'' could you please clarify services, products, in which countries you will operate? transact? etc?''
Answer: Financial consulting. Europe and America
''sir, we need more details''
Answer: It is confidential, why should I answer this questions? Is the bank account opened already?

Why do you think that they will register your company without providing a BASIC description. WHY???????????????????????????????
You are HIRING the services of a law firm to assist you because you trust them. If you dont feel safe sharing documents or explaining what you will do, better take an airplane directly to the company registrar in X country and do it by yourself

- Source of funds
''PLease describe source of funds''
Answer: Savings
''But sir, in the business plan you are mentioning that you are planning to inject 1 500 000 USD, the bank will require this information''
Answer: Business activity as a freelancer / consultant but i cant provide any proof

And then, they expect to appoint a nominee that will be happy and eager to be the director/shareholder of a company without providing ANY of the above
SERIOUSLY?

COMMON COMPLAINT NUMBER 2
''they are not registered agents, they are lying''
''their fees are higher than in XXX country, i paid 300 USD extra for no reason, they are cheating''

If you want to register a company in Bahamas or Belize or Cayman Islands or Seychelles or.... WHY ARE YOU HIRING A COMPANY BASED IN NETHERLANDS, HONG KONG, SWITZERLAND, UK, SINGAPORE, RUSSIA that DOESNT CLAIM TO BE A REGISTERED AGENT, BUT A SERVICE PROVIDER?
Did you take the time to check that the company is operating from ONE or TWO offices but they can assist you in 15-20 jurisdictions worldwide?
Did you take the time to read the terms and conditions? The small letter on the bottom?? DID YOU?

Why you didnt hire directly a registered agent in the country where you want to register the company? Obviously it will be cheaper
The list of the registered agents for every tax haven is easy to find online, but why would you take the time to make a 30min review before placing an order and wiring money to this website that popped in google?

But of course, its all the fault of XXXX company, its never the clients fault. They should charge you the same that a registered agent does and work for free

COMMON COMPLAINT NUMBER 3
''service is terrible, they dont answer my emails''
'' they always hide, i ordered a company and after 1 day i received email that my consultant is on leave''

I agree that customer service is the key factor here, but
if you send me 16 emails in a row like whatsapp, do you expect that I will answer ALL of them the same day?
if you dont send any document and you ask me ''what is the update?? when can we expect the bank account to be opened. we started this process 3 months ago'' well....the update is that i am still waiting to receive what i asked you 6 weeks ago.....i already sent you 3 reminders, i am not going to chase you everyday. you want the process fast, then be responsive. you dont follow my instructions? dont expect any progress
If you send me an email friday at 9pm and you get an answer monday 12pm, i didnt ''ignored you for 3 days''. I have a weekend same like you and dont have access to emails outside the office, like you.
if you hire a service provider in a country with 7hs delay, is this my fault that when you call me its 8pm and I already left the office? When you send an email saying ''please call me right now, its urgent'' at 1 am (my local time), are you joking, right?
if I was having a meeting with a client in the office/bank and i cant take your call, maybe i am not ignoring your (7 consecutive calls in 30 minutes), maybe i am BUSY and will get back to you asap? How do you feel if you are in a meeting with me and every 5 minutes i leave you in the room alone to take my calls. would you like that?
if you receive an out of office, maybe now you came to know that business consultants, lawyers and bankers ALSO GO ON HOLIDAY!!! Surprised? Is it so hard to contact the email of my colleague which appear in the out of office message and continue the process with him/her? do you need to start your first email with ''I cant believe that XXX went on holiday and my company is not registered yet, 'how dare him !!!!'' Maybe I have the right to take a leave every year and it was booked months before you started the process? Is this IMPOSSIBLE???

I had thousands of cases where i was in daily contact with clients (calls and emails), and the client still didnt want to provide documents....and then you need to see him posting comments about you or the company you work/ed in social media, google reviews, forums, review sites with false claims. Maybe is time to take OWNERSHIP for your mistakes and not blame the person who is assisting you to register the company/trust/foundation/bank account opening etc....


COMPLAINT NUMBER 4
''they have hidden fees''
Most of the providers have a full list of fees mentioned in the website (setup, renewal, nominee services, bank account introducer service), but the clients consider as hidden fees when they ask for a Certificate of Good Standing, Incumbency, KYCs of a nominee, delivery of document
-yes, when the company is more than 6 months, most probably the bank will ask for a CGS or CI, and it will not be issued for free
There is a cost from the registered agent and obviously the law firm will add a reasonable margin on that. should they issue the certificate for free? just because you think 300USD is ''a lot'' for an apostilled certificate that is delivered from an island in central america to your office
- you have nominee directors or shareholders and you ask for certified kycs...DOES THE NOTARY IN YOUR COUNTRY WORK FOR FREE? YOUR BANK ISSUES BANK REFERENCE LETTERS FOR FREE? why you are surprised that you will have to pay for certification of documents of the nominee? the nominee fees you are paying every year its only for the nominee to be appointed. why should he/she provide you every time you ask with a certified passport copy, proof of address and bank reference letter FOR FREE. WHY??
- does DHL, UPS, FEDEX deliver documents for free? well, unfortunately not. if you ask for a document, on top of the fees to issue, you will have to pay courier fees otherwise you will receive only the scan

Most of the clients think (god knows why) that the registered agent or the law firm will notarize and translate all documents for free and this is included in the package
NO!
you are paying for company registration and you are supposed to provide the documents as per the list in the website. you will have to provide the certifications, not the agent. you will have to pay to your notary. if you notarised a document that is more than 90 days old, we rejected the document and then you had to go to notary again, YOU will pay for it. it is YOUR mistake. do not blame other people for your mistakes

The clients end up paying extra money in notarisation and translations? yes, most of the times
why? they dont follow instructions. this are not hidden fees
 

sullyferdinand

Active Member
2. Bank account

- i dont know which movie or documentary you watched where a bank account can be opened without signing forms or providing any document
If the company is not created and you didnt send me ONE F... SCAN, why are you asking ''when the bank account will be opened?''
you still didnt register a company, you still dindt choose the BANK, you still didnt sign ONE form. WHY DO YOU EXPECT THAT A BANK ACCOUNT WILL BE OPENED1 WEEK AFTER YOU REQUESTED TO REGISTER A COMPANY, YOU STILL DID NOT PROVIDE ANY DOCUMENT, YOU STILL DIDNT SIGN A FORM. IN WHICH PLANET YOU LIVE?? BANK ACCOUNTS OPENED WITHOUT SIGNING ONE SINGLE DOCUMENT????

COMMON COMPLAINT NUMBER 5
''they are scammers. i spent months and couldnt open a bank account''
''i paid opening fees to the bank and application was rejected''

When you hire a law firm/introducer keep in mind that you are NOT hiring a BANK
It is THE BANK that will reject/accept an application and its THEIR rules,not yours
Services providers CANT GUARANTEE a bank account. STOP SAYING THAT THEY PROMISED A BANK ACCOUNT (AND IF THEY DO, DONT BE NAIVE TO BELIEVE)
It is also CLEARLY mentioned in the terms and conditions that you sign when you start working with them and in their websites. THEY ARE NOT BANKS
THEY DO NOT GUARANTEE BANK ACCOUNT. If YOU understand that the bank account is guaranteed just because they offer the introducer/assistance service, then it is YOUR FAULT. WAKE UP

When bank rejects your application, ITS THEIR RIGHT.
No, they are not obliged to give you an explanation more than ''as per internal policy'' ''after the review of Compliance...'' etc....
Maybe you spent 2 months, and money for certifications, translations, provided a full business plan, etcc......and still they rejected the application? Its NORMAL AND VERY COMMON FOR THE PAST 5-6 YEARS
Some banks will not spend days reviewing your documents for free. The compliance/legal department will not work pro bono
And this is clearly mentioned before you pay non-refundable fees. the big mistake is that client usually think ''i already paid X USD to the bank for the application. it will be approved no matter what''

- If the bank requires FIVE documents, provide FIVE. dont try to negotiate and play smart

- You dont want to share bank statements or explain how you will use the account and then you are surprised that the application is rejected???

- during a phone interview with the bank you mention that you want the bank account for tax purposes. and then you are surprised that the application is rejected???

- you activity is HIGH RISK / you will deal with HIGH RISK jurisdictions / you are citizen or resident from a sanctioned country and then you are surprised that the application is rejected???

- there are no so many options for remote bank account opening and solid banks accepting companies registered in tax havens. we are in 2020, not 2001, dont forget please
dont expect that you will open a bank account with JP Morgan, UBS, HSBC, Standar Chartered, Barclays for your caribbean company, and you will do it remotely, with lower fees and 1000 USD as initial deposit
as you can read in the forum, it is becoming more difficult, less options, more requirements. either you accept the rules or better just continue with your company in your residence country and shut up

COMMON COMPLAINT NUMBER 6
''the initial deposit was very high''
you want PRIVATE BANKING? Then expect to make a deposit of at least 200 000 USD
if a bank ask you an initial deposit of 5000 USD or 10 000 USD, please do not dare to say ''THATS A LOT'' '' WHY SHOULD THEY BLOCK THIS AMOUNT'' '' I AM NOT WILLING TO DEPOSIT MORE THAN 1000 USD'' ''

COMMON COMPLAINT NUMBER 6
''the bank is shit, they dont offer credit cards or loans for my offshore company''
'' wire transfer take ages''
'' they ask documents for each transaction''
SERIOUSLY??

COMMON COMPLAINT NUMBER 7
''why do you need my TIN?''
''I dont want to complete the CRS! I dont want to sign FATCA''
''why do you need my details, im not the director or the shareholder, i am only the UBO......''
SERIOUSLY???

COMMON COMPLAINT NUMBER 8
''fees are expensive''
Before signing the bank forms and sending all your KYCs and corporate documents to the bank, did you take the time to download the pdf from the website with the schedule of fees? why you are surprised about the monthly maintenance fees 8 months after the account is activated? you didnt check this before CHOOSING A BANK?????

COMMON COMPLAINT NUMBER 9 (actually is the number one by far''
'' bank account took several weeks to be opened''
In most of the cases, in this industry you are opening a bank account
REMOTELY
SENDING CERTIFICATIONS, TRANSLATIONS, CORPORATE DOCUMENTS, BANK FORMS
If the bank is asking for X amount of documents with X format and you have to complete X amount of forms and sign in X pages....why do you think that it will be opened if you dont follow the rules. WHY?
Why a bank will open the account with expired documents? With documents that are not certified? Not translated? WHY?



Do not HIRE a registered agent / corporate services provider without making a proper research
The positive reviews that you find online might be genuine, from people who received outstanding service and they complied with the requirements, but a person who had a bad experience will always say that this are paid. (I received genuine reviews from clients mentioning my full name but a hater will say that this is paid)
The negative reviews that you find online might be genuine, with people that received terrible service
The negative reviews might also be written by a person that can relate to all the above (a person from another planet basically) or can be written by a competitor in the industry as well

Do not proceed with a bank without making a proper research
Do i need to mention liquidation cases? or the financial institutions that open accounts in 2 days and in 6 months close??)
Do not put all the eggs in same basket


If you are going to register a company/open a bank account, COMMON SENSE PLEASE, and things will go smooth (if you are not doing anything illegal)

Last but not least
ALWAYS read the small letters ALWAYS read the terms and conditions, take 10 min to read a contract before you sign, nobody is putting a gun in your face to register a company with this or that corporate service provider. nobody is forcing you to deposit your life savings, yearly income with this or that bank
 
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maxmmm

Entrepreneur
A forum star is born!

Funny to read but I guess more common than It would seem.. thanks for sharing and looking forward to hear more.
 
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TRX

Corporate Services
Mentor Group Gold
Elite Member
I believe you come from one of the companies that got negative reviews somewhere ns2
 

sullyferdinand

Active Member
I believe you come from one of the companies that got negative reviews somewhere ns2
i am working with a bank since 2017, worked with 4 corporate services providers before
the delays to register a company or to open a bank account are very similar. 80% of the cases is for documents rejected or not provided as requested. however, its always easier to write reviews online and accuse the bank or a company as fraud. why they never give any details? they only write and say ''they took my money''.....strange, right?
 
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Joe Blasco

Active Member
A humble opinion from a professional with 13 years of experience working for different law firms and last 3 years with a bank
13 years working for law firms and three whole years with a bank, even better than the " nomad geek" and his 10 year travel experience around the globe...
 

AlbanyJames

New member
The game has changed drastically the last 3-5 years and is moving forward even faster changing monthly/yearly.

OP is obviously strange but he does make sense. You get a ton of low end scammers wanting $1500-$3000 "all in one setups" with dream expectations to try and hide their $25k-$100k worth of scammer money. Unfortunately this in the real world isn't possible.

I think many of these "newcomers" are from the crypto world which is fast and furious and don't understand the differences with traditional banking. Crypto at this point is like banking in the 70s/80s Miami-scaface style. Once they try to cross into the real banking world they are shocked at the real world environment.

The forum here is great and has very good knowledge but I do believe a lot of results and feedback from users comes from shady environments and skews the realistic expectations for others.

I've been thinking about this for awhile, we need to create some kind of categorizing for different threads. In SEO for example, theirs different discussions for white hat, black hat and even grey hat conversations.

If I am discussing a bank opening here from a total "white hat" perspective and a forum member is replying to me from his "black hat" perspective/experience much of the conversation is irrelevant in each other's situation.

Jokes aside, if you are "in the game" with *real money* at stake and willing to pay and do things right many things are possible even today.
 

djaheim

Active Member
Banking offshore privacy as we know it is gone. Offshore now will make you dance do the KYC dance until they are satisfied. Botttom line you will have to part with so much info to get a bank account. Another thing what most people don't take to account is all this KYC fuss for Trust companies and service providers is meant to be continous. Currently in some jurisdictions they have say required to get up to date KYC on 5 years rolling basis. So every 5 years you'll be asked for all this information by your bank for instance. Thats not all, depending on how you are using your account, if they have reason to ask for additional information they will suspend your account, block payments every day week or month if they have to. Basically they are trying to put everyone in a perpetual KYC cycle. So do expect the Banks to be a pain , let no one lie pay 1800 EUR or GBP and we'll have an company and an account open in 3 days. That wont happen.
 

Patrickcos

New member
A lot of feelings in this thread, but a lot of good points too.
One important that I always thought, it is real reviews are often bought ones, bad reviews are often for little problem or non existent one.
Thanks it was a pleasant and interesting read.
 

freedomforever

New member
I remember walking into the nice, Price Waterhouse, white, 2 story, building in Antigua 25 years ago, pulling out hundred dollar bills and selecting from about 300 ready made companies on the shelf. They didn't ask for a passport, signature or even my last name and the bank account was already open including the Visa card. Those were really the good, old days.
 
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