Just wanted to share my little offshoring horror story with people and how I went about getting around it.
I did the whole, one stop shop for offshore setup with a foundation, IBC and bank account setup by a single registered lawyer.
The problem; the lawyer knew everything about my setup and exerted control over almost aspect of my structure. Technically, the lawyer did nothing wrong - technically. However, I was over charged for almost everything. The lawyer had access to my bank account, and I even had to have to the lawyer "approve" simple transactions such as bank transfers. Of course he charged for this everytime, and it created a process which made my business almost impossible to conduct in an efficient manner.
The cost after one year - almost US$30,000!!! What a lesson to learn.
What I did to get around it. I cancelled the whole thing; and resetup on my own.
1. Foundation. I used a registrar in one jurisdiction to set this up. No bank account.
2. IBC. I used a completely different registrar in a completely different jurisdiction to setup the IBC. Again no bank account.
3. Bank Account. Firstly, there is no such thing as banking anonimity so let's all just get over that. So I personally, went to a big banking jurisdiction and setup accounts with a large international non-EU, non-US bank. If you're money is worth protecting it is worth the two days out of your life to go personally set these things up.
Result, two registrars that know nothing about each other, and know nothing about the bank accounts I setup. I have complete control over my accounts and I have a structure which completely fulfills all my requirements.
Bottom line. Trust noone. Setup your own bank accounts. It is the only way you can have true certainty.
I believe the issue was the use of a bad attorney who setup the structure and I assume provided banking nominee service, not the registrars, who would never attempt something of this nature.
Many people who incorporate believe using an attorney is the best way to do this, however as we see that is not true. Attorneys, unlike registrars have their own agendas and will always charge much much more than a offshore registrar. In fact 99% of the lawyers I have known have been thieves and liars. If your going to work with a lawyer make sure it is someone you have known for years and years and whom you trust 100%.
i do not agree that 99% of lawers are thieves and liars, most of the ones i know are very good one
Lawyers are ok until their interest conflict with your own, or until the proverbial "sh*t hits the fan" and your left standing alone ...and the lawyer wants more money, no matter if it is offshore related or otherwise.
Lawyers prey on those in need of something and in my experience take undue advantage of others when ever they can.
Horror Story
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