Investment company - bank account

[charly]

I find challenging opening bank account for offshore company (cayman< BVI) dealing with investment (equity, futures & derivatives). I tried UK,HK and Singapore but apparently those are no longer the right place when involved with derivatives or not being retail.
I looked at worldcore and equivalent - the cost is not attractive and most of counterparty requires payment to be issued by company account (not intermediary account or internal account of intermediary).
True to say some banks also works but are $$ beyond reason and the KYC is super strict (requesting license that I do not need).
Any recent experience to share on this ?

 

[negon]

Welcome aboard 🙂

You would like to open an account with a real bank I think. Is it investment for 3rd party or just private investments you are doing?

 

[charly]

It is a real bank but the role is essentially transactions as little balance remains on the account (KYC and AML are no problem) - as much as possible, all is invested or ready to be invested. And this is not for third party - it is private investment.
The "real" means essentially current account with name of my company on it as a client - been confirmed again that worldcore is a no go. But it looks like the problem can be solved if I apply for license from regulator even though I do not need it.

 

[charly]

Thank you Auric

 

[negon]

Why don't you try with one of the Cyprus Banks, CIM Bank, Best offshore bank CIM Bank Review maybe? or even Euro Pacific bank ?

There is also the list here List of EMI and Digital Banks

It should be possible as long as you do private investment the banks are interested.

 

[charly]

One issue I had with Euro pacific is : they wanted the account but also the brokerage - full package but they were not all at all attractive.
For the Emi, I did not know there were so many. Worldcore is a no go as the business name does not appear, some French ones do not deal with Cayman - only French incorporated company. But I will dig this list further. Cyprus added to the list ! thank you

 

[bountymounty]

I plan to use my Seychelles company with a Cyprus bank account for some investment purpose once it all is setup. Private investment.

 

[crownblown]

For personal investment it seems many banks have no restrictions only when it comes to group or public investment!

 

[bountymounty]

True, only public and group investment requires a license with most banks 🙁

 

[charly]

I assume they want to protect themselves from compliance question later but as soon as I mention the words "futures" and "derivatives", this is a complete different story. Usually officers I have talked give me the impression of not being the good person to talk to in the first place. It s very difficult to mention private investment after that without looking suspicious. Another question is why our bank : fee is one, time zone is 2, the fact that your bank could say yes while others said no so far is unfortunately not an appropriate option.
So that brings me to Cyprus : no reply so far when I emailed and called. Would you recommend to use an "introducer" for them ? And if I use one, what is the standard - fee per bank or success fee ?

 

[negon]

charly said:
So that brings me to Cyprus : no reply so far when I emailed and called. Would you recommend to use an "introducer" for them ? And if I use one, what is the standard - fee per bank or success fee ?
Click to expand...

It is not possible to apply for a bank account in Cyprus without introducer. They will also not answer any questions but always tell you to contact an introducer!

You may contact offshorecorpgroup.com and ask them, they are just one of many that can do the job. But be prepared for some long process to get the account opened.

 

[charly]

thank you

 

[bountymounty]

Introducer is required and if you get the right one it is almost a handsfree process.

 

[bastard]

bountymounty said:
Introducer is required and if you get the right one it is almost a handsfree process.
Click to expand...

What do you mean by that.. is personal visit required?

 

[crownblown]

******** said:
What do you mean by that.. is personal visit required?
Click to expand...

No that is what he mean you don't have to visit the bank and don't need to complete any application, sign and return the banking application by e-mail and courier, done!

 

[bastard]

crownblown said:
No that is what he mean you don't have to visit the bank and don't need to complete any application, sign and return the banking application by e-mail and courier, done!
Click to expand...

Thank you for clarification 🙂