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    4 Replies Latest reply on Aug 31, 2008 9:44 AM by wfajardo

    Offshore ownership, local bank account?

    MySales Newbie

      Hi there, this is my first post, hopefully I get this
      question right and that there is someone out there that can offer some advice.
      I have been through the forums and did not come across any posts on offshore
      ownership and local banking.

      We have a BVI (British
      Virgin Island)
      registered IBC (International Business Company), and
      would like to incorporate a USA corporation in Charlotte, NC.

      USA Corporation structure:
      Ownership: 100% by BVI IBC
      Company Sectary: USA resident, Charlotte, NC. USA social security number.
      Registered Office: Charlotte, NC.

      The incorporation of the corporation is the easy part, opening a banking
      account is what I can not get clarity on.

      The banks all refer to the Patriot Act, and this appears to be a little grey
      when it comes to opening a banking account. Most are saying it’s ideal to have
      a USA agent and 100% USA ownership, that is understandable, but not what we
      want to achieve.

      From my understanding the company sectary is the person responsible for the
      affairs of the company and responsible for receiving and acting on all matters
      relating to the company, service of documents will be to the registered company
      address. I would expect that it should be a relatively straight forward process
      to register a company as structured above and then open a bank account.


      However, after speaking to a few banks, I can not get a definitive
      answer; we have been advised by everyone that we should form the company and
      then submit the account application and see what happens. The banks are saying
      the 100% foreign ownership could be an issue and the account may not be opened.
      We do not want to go through the trouble of incorporating a corporation only to
      have to change the structure at a later date, we would like to get this right
      the first time and get up and running.

      What I do not understand is that there is nothing in law that prevents the
      transfer of shares, so we could incorporate a corporation with 100% ownership
      by a USA resident and then transfer the shares in the corporation once the bank
      account has been opened. Having said that, we would prefer the transparency
      upfront so that there are no issues going forward.

      Personally I would prefer to incorporate the company in such away that opening
      a bank account becomes a seamless process.

      The reason we wish to have the BVI company own 100% of the local corporation is
      to simplify our accounting and also because the owners of the BVI company are
      dotted around the globe. Of the six shareholders in the BVI Company, only one
      is a USA resident, he would be the registered officer/sectary. We have registered companies in Europe, Africa
      and Oceania, in which the BVI Company holds between 50 and a 100% of. It has
      not been difficult to open accounts in the local countries that we operate in,
      provided the registered office/sectary is a local resident.


      I have two questions, that I would like some advice on:


      Is there anyone that can offer any advice on structuring
      this company so as to make the account opening easier, our focus is on the transparency
      and removing any potential issues that we could have going forward?

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      Is there a USA based
      bank that anyone can recommend (East Coast)?