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Baltikums Bank will no longer open accounts to exotic offshore companies

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Baltikums Bank, one of the leading private banks in Riga, Latvia, from now on refuses to open bank accounts to offshore companies registered in Seychelles, Belize, Saint Lucia, Nevis, etc. One more fatal blow to sellers of companies registered in Seychelles who previously pushed their clients toward buying Low-cost and Low-profile companies. Baltikums Bank in Riga yet known for its tolerance towards offshore companies from now on refuses to open accounts to companies registered in Seychelles.

Company creation in Seychelles is not expensive as such, however the price to pay would rise drastically for the client, first because most banks would refuse to open an account for such company, and then customers and suppliers would certainly not appreciate possible interest in this jurisdiction coming from tax authorities, for years considered as exotic, and therefore dangerous from a tax point of view.

Many customers are often tempted to choose this jurisdiction, as they are being told it’s not expensive and fast. But is it worth for an Offshore client saving 3-4 days and 400 euro ? Is it really going to make difference? Yet choosing London, Hong Kong, Singapore instead is barely more expensive and long, in terms of time (or even shorter in some cases).

Why Seychelles companies are to be avoided

baltikums

baltikums

Good question! No, not because of increase of the Islamic influence on the local government, this would be an absurd reason, but rather a bad image that an invoice issued with an address in Seychelles or Belize creates for your company, while the whole world knows that those jurisdictions are empty. Did you ever try googling Seychelles? Do it and see for yourself – you will not see anything other than exotic beaches, coral islands, nothing credible. There are no buildings, not a single sign of business, local press or official Twitter accounts of big mass media.

Who might still want to go for Seychelles companies ?

But why then Seychelles are so popular worldwide? The important word here is “worldwide”, since as long as you live in Europe, Seychelles are not for you. For those who live in continents such as Africa or Asia where 80% growing fortunes are located, there is no problem (or not yet) to use a company registered in Seychelles. On the other hand, for the Europeans living in countries with confiscatory taxation, where tax services are well informed about what Offshore is, and Seychelles do attract their attention because behind the word “Seychelles” they see, and certainly hope to find the word “recovery”.Do not give the stick to be beaten with. Better not to attract attention using a company in the Seychelles. Opt for a legal and credible solution.

We dedicated our article Why create a company in Hong Kong to this subject two years ago, and the time proved we were right back then.What will be the next step in our opinion? We invite you to visit our office to talk about this during a personal meeting, while having a cup of coffee.

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