Offshore company

Now I need your kind help regarding my financial situation :hot_face:. I’ve had a business in the past that has taken my personal finances to a minus and I’m going to have so much debt that I can’t pay it :scream:. On the other hand there is also something in savings, and so I could make sure that no one creditor take my savings :shushing_face:, I thought N26 bank :+1: in addition to some sort of type of offshore company accounts. I can’t trust that no one would at some point clear the N26 bank account because of my debts :bomb:. There are no matter how many services that offer offshore services, but which would be the best :thinking:? Which country :world_map: would be the best and whether it would be good to obtain separately paid persons in the registers so that my personal information would not come out there at any point :pirate_flag:. There should also be a bank account and of course a debit card attached to it :atm:. I have had a company in Belize in the past, but would any other place be better :face_with_monocle:? I would be happy :grinning: to receive opinions from you if you have good or bad experiences with offshore companies.

You might want to check out Nevis as a jurisdiction

Hi Gui, Here I am at the same time thinking about the possible creation of an offshore company and still are conducting what would be best located. Can I still make sure that it would be possible to operate through a company established in Nevis that would also have a bank account in Nevis?

The last time I looked, Nevis would not enforce foreign court decisions for example. And if I remember right, the time window during which creditors could oppose the incorporation of a structure in Nevis (company, trust, private foundation) was 1 year. After that, they would need to start a procedure in Nevis if they wanted to get something from you/the company.

Regarding bank accounts, whether you can open one with a Nevis company will pretty much depend on the bank you choose. Nevis is offshore so some banks won’t be too comfortable with that. I have no experience with Nevis banks.

Hi
I allow myself to mix in the conversation if you dont mind.If you are already be involved in Belize somehow,I would continue there.

I checked out St Lucia and they are improving their conditions to let investments flow in continously.

Thank you very much for your great answers. I just read on the internet that it might not be the best solution to choose a bank account for a company in the same country. I also read about how, a few years ago, the United States froze bank accounts in Belize, and that, of course, I would not want that. There are many different types of company formation services. Have you used something specific yourself or how have you acted? In the past I have ordered sfm.com through, but I think their prices are compared to many similar quite high. I also didn’t like that they presented me with one bank and when I read people’s experiences online, they were very bad. Nevis seems to have a pretty good privacy policy, but it still seems possible to obtain further verification of the owner / management person’s official records. Of course, there should be trust when you do not really know the parties involved.

Hi Caflisch, It seems like a good and possible place to act. I also checked with a broker and they have no obstacle of any kind to offer their trading services to a company in Nevis. I had a company in Belize, but it has now been closed down because it was unnecessary for myself for years.

Hello Sami,

It’s unfortunate about your financial situation because of your past business. While it’s not bad to open an offshore company, you really need to talk to a financial advisor and contact your creditors in writing. You need your creditors to understand the state of your finances and what you can afford to pay. You will find that creditors will let you pay way less than your original monthly payments and in many cases stop adding interests to your debt.

In 1977, a consumer law was passed by Congress called the Federal Fair Debt Collection Practices Act to protect you from unfair collectors. The law technically only applies to collection agencies (not your creditor), but later court cases make most creditors also abide by the FFDCPA. Learn about it.

A pro rata debt plan means the fair share, or the percent of your total debt each creditor represents. This will determine how much you should send them when you cannot make the minimum payments. Even if you cannot pay your creditors what they request, you should pay everyone as much as you can. Send the check for their pro rata share, along with a copy of your budget,
every month.

Be Proactive

Decrease unauthorized direct mail marketing (including pre-approved credit card offers) and unwanted telemarketing calls!
PRE-SCREENING OPT OUT
Phone: (888) 567-8688
Website: www.optoutprescreen.com

NATIONAL DO NOT CALL REGISTRY
Phone: (888) 382-1222
Website: www.donotcall.gov

You can write a letter and request to be removed from direct marketing databases for five years. Be sure to include your name, home phone number, address, and your signature. If your address changes, you must make another request.

FOR DIRECT MAILINGS:
Address: Mail Preference Service
Direct Marketing Association
P.O. Box 282
Carmel, NY 10512
Website: www.dmaconsumers.org

FOR TELEMARKETING:
Address: Telephone Preference Service
Direct Marketing Association
P.O. Box 1559
Carmel, NY 10512
Website: www.dmaconsumers.org

I strongly advise you to seek information from an American motivational speaker called Dave Ramsey.

You can connect with a Ramsey Preferred Coach for a free 15-minute call, link in the website below

Focus on his debt snow ball repayment strategy. Because going offshore was never your original plan, resolving this issue at home will give you peace of mind and free more resources around you for your growth.

All the best.

Akan

Hello Akan,

Thank you for your very great writing and for many important website links. I get to know them correctly over time and I also try to make some sort of report for those numerous creditors. As you said, surely creditors would be happy if they got even part of their loans back.

Thank you so very much,
Sammy

1 Like