If you are a resident or citizen of a country which has the ability to track Offshore Company Bank account beneficiary details and/or if you would like to keep private details of your Offshore earnings (or if you plan to set up a very sensitive business eg one that might illegal if owned/operated from where you live) you might want to think about setting up a Seychelles Foundation to act as the owner/shareholder of your Offshore Company:
How so?
At Common Law a Foundation is presumed to be both the legal owner AND THE BENEFICIAL OWNER of any asset it holds.
But Seychelles alone has codified this aspect of Common Law into Statute. It all comes back to the legal structure/operation of the Seychelles Private Interest Foundation.
Under Seychelles law notwithstanding that individuals (or a class of beneficiary) may be named as beneficiaries in the Regulations:
- The beneficiaries have no legal or beneficial interest in property owned by the Foundation (unless or until such time as that property is transferred to them – see section 71 of the Seychelles Foundations Act attached).
- The Foundation is a legal entity in its own right not a mere Trustee (See section 23)
- The Councillor of the Foundation owes no Fiduciary duty to the beneficiaries (see section 63)
As such there is no “beneficial owner” of a Seychelles Foundation. At law the beneficial owner of any property/asset owned or held by a Seychelles Foundation is deemed to be the Foundation itself!
Moreover, (ie where a Seychelles Private Foundation owns/holds the shares of/in your Offshore Company) when opening a bank account or other Company, or in the event of a law suit, tax investigation or regulatory inquiry, you will be able to declare/swear under oath “I am not the legal or beneficial owner of this Company.
Prices start from as little as $1,900. For more information on Seychelles Foundations (including details on pricing and inclusions) please visit these pages from our website:
http://offshoreincorporate.com/private-interest-foundations/
http://offshoreincorporate.com/seychelles-foundations/
Would you like to know more? Then please Contact Us:
info@offshorecompaniesinternational.com
DISCLAIMER: OCI is a Company/Trust/LLC/LP/Foundation Formation Agency. We are not tax advisers or legal advisers. You are advised to seek local legal/tax/financial advice in regards to your local reporting/tax requirements before committing to set up or use an Offshore Company or other entity.
