Pair of questions

[ChrisVanE]

Hi all, first time starting a thread here. Hope someone has advice around these questions.

A business partner and I are working with a new partner on a transaction that is just starting off but which we expect to close. To collect the commission owed to the three of us and for sake of simplicity, we want to form a company/bank account that we will equally own. Issue is - the new partner is Israeli/Russian, while we are only US citizens. Can we form a US or UK company the three of us or will it be a big issue because he has a Russian passport? Or just because he is foreign? Does he even need to disclose that if he has an Israeli passport?

If not possible for us to form a company together, where would be easiest/best for the Israeli/Russian to register a new company/bank account to receive transfers from us? It can't be in Russia and going to Israel is difficult for him at the moment. I was thinking maybe Georgia or Serbia where he is based, but wondered if there would be issues transferring meaningful sums (high 6-7 figures) from a US company to those places. Any suggestions very helpful. Thanks.

 

[Sols]

A business partner and I are working with a new partner on a transaction that is just starting off but which we expect to close. To collect the commission owed to the three of us and for sake of simplicity, we want to form a company/bank account that we will equally own. Issue is - the new partner is Israeli/Russian, while we are only US citizens. Can we form a US or UK company the three of us or will it be a big issue because he has a Russian passport? Or just because he is foreign? Does he even need to disclose that if he has an Israeli passport?

Forming a company is trivial. Getting a bank account is harder but not impossible. If the Russian national is able to comply with enhanced due diligence checks and is neither a PEP (Politically Exposed Person) nor a sanctioned person, it may be possible. It also depends on where this person lives and how much of the new company they will own.

If not possible for us to form a company together, where would be easiest/best for the Israeli/Russian to register a new company/bank account to receive transfers from us? It can't be in Russia and going to Israel is difficult for him at the moment. I was thinking maybe Georgia or Serbia where he is based, but wondered if there would be issues transferring meaningful sums (high 6-7 figures) from a US company to those places. Any suggestions very helpful. Thanks.

Georgia and Serbia could work. Also look into UAE, Hong Kong, Malaysia/Labuan, Kazakhstan, and Turkey.

 

[wellington]

Also factor in - what this transaction represents - as certain things could get you indicted dependent on destination and nationalities - simple boat maintainers have been indicted by the US because of Russian ownership.

Chips, etc etc

 

[mytoofood]

To be a Russian citizens today is not the best if you want to make business internationally. Thanks goes to Putin for his journey to conquer the world.

If he lives in an EU country the situation may be different.