
A $200M Shell Game in Seychelles - nols
http://www.thedailybeast.com/articles/2015/10/10/a-billion-dollar-shell-game-in-seychelles.html
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hackerboos
I did a lot of research on offshore corporation structures when I was planning
to freelance whilst travelling.

The Seychelles consistently came up as the cheapest location to incorporate
and their reporting requirements are basically non-existent.

> "The identities and personal details of the beneficial owners, directors and
> shareholders are NOT part of public record for a Seychelles IBC. At
> registration of a new IBC, the Registrar of Companies does not require any
> data whatsoever on who is the actual beneficial owner of the new company.
> This information is only known to the licensed Registered Agent of the
> company and is kept on internal file by the company."

Combined with nominees makes you virtually anonymous to authorities around the
world.

>The Republic of Seychelles is an independent country. As such, it is not
sharing or reporting information to any overseas "principal", or organization.
Seychelles is not subject to the EU Savings Tax Directive, unlike some other
offshore financial centres, which are related to the EU member states
(primarily, to the UK and its overseas territories). The offshore financial
services sector contributes significantly to the country`s GDP. There is an
inherent interest with the government and with the general public to maintain
and develop the country`s status as a competitive offshore financial centre.

They also, at the time, allowed bearer shares which are very useful tool for
money laundering. It looks like they don't allow this anymore.

~~~
ilurk
So which solution did you adopt in the end?

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hackerboos
I incorporated in Hong Kong which has the same tax advantages but with more
stringent reporting requirements (you will actually need an accountant).

The main reason was because the banking system is much better in HK than in
the Seychelles. You could open an account in another country but many won't
touch a Seychelles IBC with a barge pole. HK has a better reputation.

Incorporating is easy. Getting a bank account can be difficult.

~~~
sivers
Thanks for bringing this up. I've had the same experience.

Doing a virtual business based nowhere, where even my own country of residence
is constantly changing, it made sense to explore the lean efficient
jurisdictions for incorporating.

For what it's worth, I've tried a bunch of incorporators, but found the best
success with Trident Trust. Great bang per buck:

[http://www.tridenttrust.com/corporate_overview.html](http://www.tridenttrust.com/corporate_overview.html)

+

[http://www.tridenttrust.com/PDFs/Companies-
IND.pdf](http://www.tridenttrust.com/PDFs/Companies-IND.pdf)

But like "hackerboos" said here, the hard part can be finding a bank willing
to open a business bank account for your foreign company.

So contact your bank first and ask. Especially if you have an existing
relationship there.

At Wells Fargo, for example, I was able to just walk in, talk to my usual dude
who knows me by name, and open an account for my foreign corporation in 15
minutes. He didn't care (or even seem to notice) that it wasn't a U.S.
corporation. All they cared about is that I had my U.S. Tax ID#. (IRS form
SS-4.)

But even with international-friendly banks in Hong Kong and Singapore, even
ones where I had a deep relationship, I've found they're averse to opening
accounts for foreign corporations. They require a lot of extra paperwork, and
a $50k minimum balance, but will do it.

~~~
ukoki
I recently set up an HK corporation and bank account with HSBC and had no
requirement for a minimum balance. I think there is a monthly fee if your
balance is below some low amount, but that's it.

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ccvannorman
I was really, really hoping this was about a well-produced terminal based
video game

~~~
darylteo
Seychelles would be a cool name for a new shell...

And just because I can: She said "seyschelles' just like c shell

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Albright
"A Two Hundred Million Dollar Dollar Shell Game"

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dang
Ok, s/Dollar//.

~~~
redblacktree
"A Two Hundred Million Shell Game"

Oh? No "g?" Carry on.

