Offshore company - bank account opening

[Niflore]

Hello,

Can anyone suggest any bank which works or opens a bank account for a newly incorporated company in Marshall Islands? The real owners are the one who can be interviewed and these are European Citizens. The firm revenues can be legally proved.

Thanks.

 

[JohnLocke]

It is going to be difficult, what business activity does this company has?

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[Niflore]

Hello,

Thanks for your reply. The company(traders) are trading on the New York stock exchange. Everything is absolutely legal. The broker sends money to the company(Marshall Islands) bank account which is distributed as dividends. Is there anyway to write you in private?

 

[clemens]

alex93 said:
Home - CG Bank check this site
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You really believe they are the s**t? I see this is your second or third time you suggest them in threads!

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[enceladus]

I just checked CG's fees and they are rather steep.

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[TurnedToRobot]

If they can accept offshore corps. it may be ok!

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[Niflore]

I will contact them. However, the uploaded fees here seems to be quite high. Any other suggestions would be highly appreaciated.

 

[enceladus]

Niflore said:
I will contact them. However, the uploaded fees here seems to be quite high. Any other suggestions would be highly appreaciated.
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Check out BOSLI Bank in St. Lucia. I recommend calling rather than emailing. If you can, uploaded their fees here.

 

[TurnedToRobot]

Would like to know their fees as well know how you will proceed with them if at all.

Does some know if it is allowed for remote account opening?

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[boomy]

Niflore said:
Hello,

Can anyone suggest any bank which works or opens a bank account for a newly incorporated company in Marshall Islands? The real owners are the one who can be interviewed and these are European Citizens. The firm revenues can be legally proved.

Thanks.
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What did you figured out back in time. I'm curious to learn about the general behaviors on this forum and if people take advise further into action.

 

[JohnnyDoe]

boomy said:
What did you figured out back in time. I'm curious to learn about the general behaviors on this forum and if people take advise further into action.
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Today you can open an account for a Marshall Islands company only in some small offshore bank. Or, with $10m+, with big banks such as Credit Suisse (and pay about 1% per year for the privilege).

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[Fred]

JohnnyDoe said:
Today you can open an account for a Marshall Islands company only in some small offshore bank. Or, with $10m+, with big banks such as Credit Suisse (and pay about 1% per year for the privilege).
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That's it.

Dubai is the way to go for the small men / average joe without having 5-10m$ for wealth management to get still decent, reliable retail banking for a classic 0% tax Offshore Company with all remarks everyone is looking for.

Should the Dubai opportunity ever close down - the classic Offshore will only be available for the rich with 5m+$ and with increasing inflation most likely 10m+$.

Ride the wave till the very end - my advise.

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[JohnnyDoe]

Fred said:
That's it.

Dubai is the way to go for the small men / average joe without having 5-10m$ for wealth management to get still decent, reliable retail banking for a classic 0% tax Offshore Company with all remarks everyone is looking for.

Should the Dubai opportunity ever close down - the classic Offshore will only be available for the rich with 5m+$ and with increasing inflation most likely 10m+$.

Ride the wave till the very end - my advise.
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That's unless you move to one of the many tax friendly countries and open an account as resident, which is pretty easy.
Btw is there any Dubai bank still opening Eur accounts? ADIB closed them some time ago and is only offering AED and USD accounts now.

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[Fred]

JohnnyDoe said:
That's unless you move to one of the many tax friendly countries and open an account as resident, which is pretty easy.
Btw is there any Dubai bank still opening Eur accounts? ADIB closed them some time ago and is only offering AED and USD accounts now.
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Yes of course.

That's right - ADIB and some banks only AED and USD for FX fees - they claimed us if we perform monthly FX to EUR they would consider opening one however would mean 3% FX fees. Latest news was they give AED only actually.

RAKBANK gives you only AED nowadays - same goes for DIB and CBD.

Very good options still there but limited and you need to know what to do.

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[JohnDones]

JohnnyDoe said:
That's unless you move to one of the many tax friendly countries and open an account as resident, which is pretty easy.
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Agree but what options are there that are tax friendly + have decent banking? I literally can't think of any.

 

[JohnnyDoe]

JohnDones said:
Agree but what options are there that are tax friendly + have decent banking? I literally can't think of any.
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Decency and banking don't go together.
Anyway, if you reside in the Bahamas, for example, you could open with RBC or First Caribbean.
There are international banks catering for locals in all the other Caribbean countries.
In the Dominican Republic you could go with Banco Popular or Banreservas, very easy to open an account as a resident.

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[Fred]

JohnnyDoe said:
Decency and banking don't go together.
Anyway, if you reside in the Bahamas, for example, you could open with RBC or First Caribbean.
There are international banks catering for locals in all the other Caribbean countries.
In the Dominican Republic you could go with Banco Popular or Banreservas, very easy to open an account as a resident.
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But then again - 750k USD min. invest for Bahamas Residence which would be equal to Dubai but 100x times more expensive unless you really really love the islands.

We served already many CIB clients and few of them gave themselves the pain to open with local Caribbean Island Banks like Scotiabank, Republicbank etc and all claim it's a pain to deal with them and they even don't get any money credited unless they write or call them.

Yes there are few exceptions like RBC, First Caribbean and maybe even Cayman National and Butterfield but the compliance is awful - endless paperwork for transactions you get with SG or UAE banks 0 questions and then again the "International" caribbean banks with huges risks getting money out.

See your love story with Hamilton Reserve Bank - you need to write them love letters to get your money moved - awful.

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[JohnnyDoe]

Fred said:
But then again - 750k USD min. invest for Bahamas Residence which would be equal to Dubai but 100x times more expensive unless you really really love the islands.

We served already many CIB clients and few of them gave themselves the pain to open with local Caribbean Island Banks like Scotiabank, Republicbank etc and all claim it's a pain to deal with them and they even don't get any money credited unless they write or call them.

Yes there are few exceptions like RBC, First Caribbean and maybe even Cayman National and Butterfield but the compliance is awful - endless paperwork for transactions you get with SG or UAE banks 0 questions and then again the "International" caribbean banks with huges risks getting money out.

See your love story with Hamilton Reserve Bank - you need to write them love letters to get your money moved - awful.
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Hamilton Reserve is an “offshore” bank.
I am talking of banks that cater to locals. Usually for as much lazy as Caribbean people can be, at least they are better to deal with than the average Paki in a UAE bank.

But, if $750k for a real estate (which can generate income) is too much for you, then you should better consider another strategy. For example, in Europe and around there are plenty of options for paying reasonable taxes (I consider reasonable anything up to 20%).

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[Fred]

JohnnyDoe said:
Hamilton Reserve is an “offshore” bank.
I am talking of banks that cater to locals. Usually for as much lazy as Caribbean people can be, at least they are better to deal with than the average Paki in a UAE bank.

But, if $750k for a real estate (which can generate income) is too much for you, then you should better consider another strategy. For example, in Europe and around there are plenty of options for paying reasonable taxes (I consider reasonable anything up to 20%).
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Long time you were last time dealing with account openings in the UAE it seems - if you deal in 2022 with a Paki for your UAE account unless giving him a Signature for the final account approval - you are doing something wrong.

Like said previous the Offshore Game is becoming more and more Elite and yes 750k USD property invest is too much for the average joe.

UAE is the perfect starting point when someone wants to go offshore even when he just makes his 100kUSD/year he can build up from there.

Anyway - I get your point.

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[JohnDones]

JohnnyDoe said:
For example, in Europe and around there are plenty of options for paying reasonable taxes (I consider reasonable anything up to 20%).
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The question is, is it worth stepping in the "Infernal alliance" as a non-EU citizen?

It makes sense for EU citizen to go to Malta/Cyprus etc but for a non-EU it's more difficult to get residency and you get all the bulls**t that comes with it like safe-passes, soon digital ID and whatnot.

I know Fred feels strongly against it, curious to know your thoughts.