Can I open Business bank account in Cyprus?
- Thread starter Syrup
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WideInvestment
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Which banks are still working to open a bank account for a Cyprus limited really involved in buying product from EU countries and exporting in non-EU countries.
Is in Cyprus, as in some others EU countries, a special process in order not to pay VAT on goods bought in EU which will be really exported outside from EU ? The point is for this kind of company working only for export, the credit of VAT to be refunded is always a painful and long process with cash permanently to be refunded and not available.
Is in Cyprus, as in some others EU countries, a special process in order not to pay VAT on goods bought in EU which will be really exported outside from EU ? The point is for this kind of company working only for export, the credit of VAT to be refunded is always a painful and long process with cash permanently to be refunded and not available.
As mentioned on this forum a few times before. The problem is not to find a bank but to get the account. Most if not all banks will only open an account in Cyprus for you if you are going to establish a real business there which include a office, staff, real director etc.
For small businesses it may be too much but for people which I know are around here it may not be that much compared to what benefit they get.
For small businesses it may be too much but for people which I know are around here it may not be that much compared to what benefit they get.
Hello Moderator - I have just come across this website today and have been browsing its history. Many of the topics were started four years ago and the EU, OECD and the FATF have made it a very different environment today. In looking at your more recent comments your explanation of current circumstances regarding bank accounts for non resident companies in Cyprus rings true and seems commonplace now. I have personal experience of trying to open accounts in Singapore without success.
I am using a Marshall Islands IBC (Secrecy of funders of IP and lower short term costs to time of IP creation) to fund︀ R&D creation of intellectual property which will take years to develop and so the company︁ will not be managing IP income for a long time. The company will be licensing︂ the technology in the future and will establish a presence in the bank account location︃ when the time comes. What jurisdiction do you think would look favorably on establishing a︄ bank account? Given it is a company that will have no transactions bar a few︅ payments and evidence of business transactions will only be a contract with a preeminent US︆ university. I am not a US tax resident.
I am using a Marshall Islands IBC (Secrecy of funders of IP and lower short term costs to time of IP creation) to fund︀ R&D creation of intellectual property which will take years to develop and so the company︁ will not be managing IP income for a long time. The company will be licensing︂ the technology in the future and will establish a presence in the bank account location︃ when the time comes. What jurisdiction do you think would look favorably on establishing a︄ bank account? Given it is a company that will have no transactions bar a few︅ payments and evidence of business transactions will only be a contract with a preeminent US︆ university. I am not a US tax resident.
Hope you realize your replying to a post that is over 2 years old 😕.
Welcome to the forum however.
Welcome to the forum however.
What firms would that be?
@CyprusLawyer101 or @CyprusLaw @CyprusBusiness <- all of them are usernames only no real company behind it!
@CyprusLawyer101 or @CyprusLaw @CyprusBusiness <- all of them are usernames only no real company behind it!
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