Where to setup a new EU financial services company?

[Cabbage500]

Hi,

I need to setup a new company registered as a financial services company to ensure we don't have to charge VAT. We are having banking issues which we fear will get worse. So we think a new EU company structure will be best.

I need help selecting the easiest/best value/fastest jurisdiction, and help getting it setup, including opening the bank accounts.

Who can advise me on this? I have had Estonia suggested, but how do i go about this?

Company Background.
We have an existing Seychelles IBC thats 5 years old. We invoice around 2-3 million euro a year. We trade on customers forex accounts, and generate profit, which we charge them a % of.

My idea is to leave the workings of the company in the Seychelles, such as staff, hosting costs, hardware ( 160 servers), etc tec, then setup a new EU Financial services company to sell the services of the Seychelles company with the EU.


Thanks

 

[NS Corp]

Hi,

Long time lurker, first time poster.

On paper there is very little to differentiate the licensing jurisdictions within the EU. The requirements for the owners and directors are more or less the same, time frame wise I believe 6 months is really the quickest you can hope to receive a license in. Prepaid capital wise I believe 300,000EUR is the going rate currently for the type of license you're looking for. "Financial license" is somewhat all-encompassing, the price may be more or less depending on the specifics.

As for Estonia specifically, I would personally recommend against it. Although a financial license will more or less guarantee banking facilities for you, Estonia has been plagued with money-laundering scandals. This has made the banks extremely weary of foreign controlled companies, licensed or otherwise. Even in the last 24 hours, accusations have been made against the largest bank in Estonia (~40% market share, Swedbank) - this bank was largely unaffected by the Danske Bank scandal. For all intents and purposes, banking sector in Estonia is receiving a beating.

I would start by weighing the pros and cons of various EU jurisdictions - I mentioned they are largely similar but there may be small nuances which can make a difference for you and your business. I would also consult some licensing specialists, see what they recommend.

Also, although you're not a client and I don't have all of the information, I'm not convinced you actually need a license although it's never bad to have one.