Seek to set up a regulated vehicle and bank first and foremost in the jurisdixtion where you are licensed
Cyprus company - bank account outside Cyprus
- Thread starter Alenka
- Start date
- Status
We will be applying license in cyprus only.Hence checking which good banks will work with this setup.
I.e., a high risk category.
Not completely easy but manageable, IMO. I presume director is an employee and manages the real office (otherwise it would be troublesome).
I am afraid that you can forget about finding one financial institution that is able to serve all named destinations ”“ nowadays.
I agree with @Sols and @CyprusLawyer101. Try some Cyprus banks (yes, I know they are far from perfect) ”“ Ancoria, Astrobank, Bank of Cyprus, Hellenic... Or you can think about Sepaga (CY based EMI, they are open to high risk businesses). As a high risk business, I would try to stay onshore before going offshore... (transfers to and from Russia will still be a problem but let's put it aside for this moment).
Bottom line: I understand when UBO and director is resident at Cyprus, establishing a local company is a natural way. But I am not sure whether this jusridiction is optimal for this kind of business...
Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------
I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
Which jurisdictions would you suggest to be optimal for this business.Ya i as a director would work as an employee and draw 19000 euro salary on which i dont have to pay taxes.Its good information from you Forester thank you for the detailed reply.
Last edited: Jul 10, 2022
Frankly, I do not consider myself to be an expert for company setups; if you search and ask here Offshore Company, you will very probably obtain more valuable information / much more competent answer from another members. From me, just some thoughts: UAE (not far from CY, friendly taxing, friendly business environment, perhaps a little bit problematic but manageable banking)? Somewhere in Caribbean? But really, I would prefer another member's input re: company setup...
Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------
I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
Why Ancoria? They don't have an IBU and decline anything that isn't primarily dealing with locals (foreigners must have lived there for at least 5 years).
Toggle signature
This is the probably the answer to your question.
They are relatively new at the market (since ~2015, IIRC) and I heard (no personal experience) that their customer service is better than CY average and they are open for discussion about non-standard cases. And they are quite digitalised, even remote opening of an personal account is possible. So I have considered it worth trying. I know that they do not onboard offshores but it is not fortunespeculator's case, as far as I understand; the information that they decline anything that isn't primarily dealing with locals was unkown to me (but I believe you 🙂 ) ...
Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------
I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
Ancoria is an insurance company that got a banking license. They barely open salary accounts for resident foreigners that work for international companies.
Toggle signature
This is the probably the answer to your question.
Toggle signature
This is the probably the answer to your question.
Ancoria is a good bank when it comes to Cypriots and small amounts. They don't have an IBU and will reject anything non-local related or too complex. So Ancoria is definitely not an option.
I assume BoC and Astro bank still open accounts for foreigners with the right help from experts like @CyprusLaw - so it is a better idea.
CIM Bank will require an office at the place of registration of the company and the presence of local employees. If you can confirm this, they may open an account for you.
I am guessing there are coworking spaces to rent for an office.Any leads are helpful.
@CyprusLaw and @Sols, thank you very much for the clarification.
So ”“ sorry, men... 🙂
Last edited: Jul 13, 2022
Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------
I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
It is probably the background. I had heard the positive information about Ancoria from a local person who is not operating at a large scale; and after I found that they did not onboard offshores, I just have stopped further investigation...
So ”“ sorry, men... 🙂
In such a case, really not.
Yes, it is true.
But in the fortunespeculator's case, with his business setup, I really do not think that CIM Banque is an option, unfortunately. Do you have any particular information / experience showing the opposite?
Last edited: Jul 13, 2022
Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------
I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
- Status