Seychelles banking solution

Opl48

New Member
Hey everybody, thanks for reading.

Background explanations:
I live in Malaysia and I have a Labuan company. I'm not Malaysian but I'm resident there.
Due to modification in the Labuan tax system this year I'm considering to create a Seychelles company.
My new Seychelles company would sell real products to my Malaysian company, which would sell it again with almost no benefit to another country company.

I was about to create the company with a nominee director, and I thought he could also open a bank account but the trust company told me that I had to give my name to the bank when opening the company bank account.
Moreover the nominee would be another company, not a physical person.

My question:
So what's the point of Seychelles not disclosing the company owner details when the bank might eventually disclose it? How to avoid Malaysia knowing that I am the owner of the Seychelles company (and the owner of the bank account) when my Labuan company will be paying my Seychelles company for its services through this bank account? Would the bank disclose my information to the Malaysian government ask them?

Best regards and thanks again for your help,
 

Bmw850

Trusted Member
Business Angel
Welcome.
You must separate two things : The company & the bank
Seychelles is good for privacy, and if you use nominees you should be well concerning privacy matter.
Concerning the bank , it s another story :
- First which bank will accept Seychelles now-days? It may been limited choice including Emi's.
- Then the bank wants/needs/must know the UBO ( Ultimate beneficial owner ) = YOU

Now if your set-up was with real person nominees, you could have used them as " real UBO " even if it s not the case. But your set-up is with a company as nominee, so the bank will ask for the UBO always

You have some solutions, like using real nominees persons maybe other members will add some, but before think twice about Seychelles because of banks/emi's choice possible.
You should inform which citizenship do you have to get better help
 

Opl48

New Member
Thanks for your quick reply and sorry for my slow reactivity, cant connect here easily.

So my nationality is Japanese.

My setup was 2 companies in Japan, and one in Labuan with a real person nominee ( let's name him C), that I trust. Until last year no tax on Labuan company profits, and the real director (C, Japanese too) was living in Malaysia more than half a year so nothing to do with Japanese tax system. Money transferred to Malaysia etc so nothing "wrong". With the new Labuan laws I would have to pay 3% on all the benefits, so I thought I could create a company in the Seychelles with anonymity (Using C). The problem is that I will have to move business money "benefits" from Japan to Malaysia then to the Seychelles company bank. So that would be a real bank with activity. A guy online told me that I might be able to open a UK bank account like Revolut, but I see it takes 0.5% on all the money transferred.

What would be the best solution? If it's really needed C can move to another country if a Visa is available.

Thanks again for your help.
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
- First which bank will accept Seychelles now-days? It may been limited choice including Emi's.
FYI

Al Salam bank of Bahrain opened a branch in Seychelles. Could be an option to investigate.


Opening Docs

Doesn't help his situation but would like to know if anyone trying gets any success with Seychelles company being its Seychelles bank :p
 

Sols

Building Trust
Entrepreneur
IIRC, Al Salam appeared in the Seychelles when they bought out BMI Offshore which was failing and had been taken over by the Central Bank of Seychelles.

From what I can gather, they do accept Seychelles IBCs as long as there is a decent deposit/turnover on the account.

But it doesn't solve the privacy issue. Tax authorities, OECD, FATF, EU, and so on know that the shortest path between a tax evader and their money is the bank account. Corporate secrecy isn't much of a concern when they can just get the bank to disclose the information about the company and its directors, shareholders, and UBO.
 

Opl48

New Member
Thank you for your information. Do you think I would find my answer by getting in the mentor section?
Do you think it's just something impossible? What do I am getting wrong?
 
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