Which Offshore Jurisdiction?

[Low Salubrity Thug]

I wanted to ask for my own information whether you looked at Singapore for more than just corp banking and what you thought?

Yeah, Singapore ticks a few boxes for incorporation (e.g. legal system based on English Common Law) but there are several reasons why I discounted it. The main ones being:

• Two directors are required (one of whom must be a Singapore resident);
• A local qualified company secretary is required;
• Accounts must be filed (audited by a resident, qualified Singapore auditor);
• A general meeting must be held annually.

Way too much hassle and expense for what I'm trying to achieve. I just want a simple, low maintenance structure which allows me to accrue gains tax free. I'm not looking to undertake international trade or anything lofty using this vehicle.

The BVI seems the best bet. My concern (and the reason I posted here) is that a BVC IBC might be seen as shady by some in the US. I don't want it to lead to any problems in my dealings with brokers, FCMs and exchanges.

 

[rmorse]

Low Salubrity Thug,

I might have missed it. Where do you live?

Bob

 

[Low Salubrity Thug]

Low Salubrity Thug,

I might have missed it. Where do you live?

Bob

London, UK.

 

[rmorse]

London, UK.

I'm not aware of any regulatory issues with a manager based in the UK, running a firm in BVI, opening a futures account at either of the FCMs we do business with for either yourself or clients. If this is for a securities account at any of the clearing firm we deal with, I expect the same to be true. As long as all your paperwork and IDs are in order.

 

[Low Salubrity Thug]

I'm not aware of any regulatory issues with a manager based in the UK, running a firm in BVI, opening a futures account at either of the FCMs we do business with for either yourself or clients. If this is for a securities account at any of the clearing firm we deal with, I expect the same to be true. As long as all your paperwork and IDs are in order.

Thanks Bob. That's good to know. I appreciate your input into this thread.

 

[luisHK]

Switzerland is no longer the place it once was.

I'll be doing my corporate banking in Singapore if possible.

Singapore and Hong Kong have both become much harder places to open an offshore corporate account in, except if go through private banking, where it's easier to open an account under a BVI or other offshore entity but where you need to leave a 1/2/5/10 million USD balance, depending on the banks.
A word of advice is do not open bank accounts in places it would be a hassle to fly to for you, it's not unusual to encounter issues when you want to use distance banking and beeing unable to touch one's funds can become a source of worry.

 

[luisHK]

BVI companies afaik are well accepted among brokers, the issue is more about setting up an attached bank account ( and better make it 2, if one bank changes its policy and decides to close your only account you might be in for some headache, you need a bank account under the same company name to fund the corporate brokerage account, or withdraw money from it ).
Besides I was mentioning Singapore with regards to setting up an account there for a BVI or another offshore company, I suspect it's much easier to open an account for a Singapore company, although in HK I heard that even for local companies, when teh directors are non residents banks ask more question that they used to.

 

[Low Salubrity Thug]

Singapore and Hong Kong have both become much harder places to open an offshore corporate account in, except if go through private banking, where it's easier to open an account under a BVI or other offshore entity but where you need to leave a 1/2/5/10 million USD balance, depending on the banks.
A word of advice is do not open bank accounts in places it would be a hassle to fly to for you, it's not unusual to encounter issues when you want to use distance banking and beeing unable to touch one's funds can become a source of worry.

Yes, I've heard this from a few people now. Things have changed dramatically over the last few years. Apparently HK and SG banks are now reticent to take on business that doesn't have some connection to the local area.

I'm not in the market for private banking as I don't intend to be leaving anywhere near the required amount of money on deposit. There are better places to put it.

Besides I was mentioning Singapore with regards to setting up an account there for a BVI or another offshore company, I suspect it's much easier to open an account for a Singapore company, although in HK I heard that even for local companies, when teh directors are non residents banks ask more question that they used to.

HSBC HK told me that they weren't interested in opening any new offshore accounts without a substantial (8 figure hinted) deposit. The banking landscape is changing fast.

Do you have any recommendations regarding BVI IBC banking options? I would prefer something in the Far East with as few ties to the US and EU as possible.

 

[trade4succes]

Delaware/Nevada maybe. I doubt however you can do what you want legally at all (in the spirit of the law).

 

[Low Salubrity Thug]

Delaware/Nevada maybe.

Last time I looked both Delaware and Nevada have quite a few ties with the US.

I doubt however you can do what you want legally at all (in the spirit of the law).

What makes you think there is anything illegal in what I want to do?