Seychelles offshore company and the bad reputation of the Seychelles?

[felix]

Need to know what all the bad reputation is about the Seychelles?


I read they dont comply to international laws, this is good since it means it is very difficult for anyone to trace owner of Seychelles company :tongue:


I also read there are issues with Barclays in the Seychelles freezing large sums from legit company owners, why is that so?


I feel comfortabl to open the Seychelles offshore company but I would never bank there, I have been advised to open bank account in Cyprus.


What is your opinion on all this?

 

[JohnLocke]

I'm not into defending any country and I believe that something may have happen in the Seychelles and for sure the information you may have found (I actually don't know what specific "bad" information you refer to) is true but it comes from the media which like stories as some of the one I have found, Courthouse News Service


However on the other, today I read that one of the worlds largest hotel group just made a decision to place there business in this region of the world, Hilton Opens New Hotel In Seychelles | Elitemarket.com Blog which let me believe that there are still applicable laws in the Seychelles.


But at the end of the day it is a decision each individual person has to make at it own.

 

[orangeye]

I don't see why the Seychelles has that such bad reputation... I read both articles and find some points of it strange, that said, I would still trust them to host my company there but wouldn't open a bank account in the Seychelles with Barclays or BMI!


As I read it all then a country that don't comply with international laws may be secure for company owners that also don't

 

[JohnLocke]

I would still trust them to host my company there but wouldn't open a bank account in the Seychelles with Barclays or BMI!

That may for now, be a wise decision. Most people regardless of the status in the Seychelles open the account in Cyprus or another country anyway.

 

[wosniak]

I don't care about the jurisdiction's reputation, the more bad it is the better privacy it offers I would as well not bank there but company is ok.

 

[JohnLocke]

We investigated the above mentioned link a little more to figure out what exactly this is about, and, sadly as many times when it comes to non authoritative blogs and forums, then this is not the full story.


Below is the reply we got from FIU (who police/enforce the Anti Money Laundering Act here), we do hope it shed some light on this issue rised, also as always we try harder than most sources on the Internet to find the most accurate information available and don't wan't to fool anyone into any "Cyber Stories" which could mislead anyone!


We note your e-mail communication dated February 17,2011.


In the article you referenced, we wish to point out that the material quoted is taken directly from court proceedings commencedin the USA and therefore enjoys absolute privilege. The


allegations made are without foundation.


Furthermore, two of the named "plaintiffs" were arrested in the Seychelles on September 5, 2009 on suspicion of having committed fraud contrary to the Seychelles Penal Code, by a


member of the Seychelles Police who was seconded to the FlU. Both were subsequently charged on ten counts of criminality. In the course of the investigation, a Restraint Order was


made in the Seychelles Supreme Court under Section 27 of the Anti-Money Laundering Act 2006 as amended by the Anti-Money Laundering (Amendment) Act 2008.


Both "plaintiffs" who were at all times represented by eminent counsel while in Seychelles, pleaded guilty before the Supreme Court of the Seychelles where they were convicted and a fme


was imposed. The fine was paid.

 

[wosniak]

I love this forum and the very active Admin, really reliable service, if you treat your clients the same your service will be outstanding.

 

[felix]

Thank you for clarification about the Seychelles and to incorporate a company there :thumbsUp: despite the rumours going on about the Seychelles and which obviously are rumours ONLY put in the world by dumb people.

 

[GeorgeSmiley]

Good to see a prompt response from Admin

 

[forcet]

I say all bull****... if someone post something on the Internet than 99% believe the story if it is plain and good English - LoL I will make up a story that when people pay me 1000 $$ once a time they will ive for ever I hope I gonna be reach soon then. Payment can be done to my Seychelles company's offshore bank account doublethumbsup