[2023] Best jurisdiction for IT company & bank account with 2 RU shareholders and 1 EU shareholder?

[DavidS]

Need to find a solid, preferably relatively neutral jurisdiction for IT company with 2 RU shareholders and 1 EU shareholder.

Armenia, Kazakhstan, which others?

How complex will it be to get a bank account for said company?

 

[Martin Everson]

Do the Russian shareholders have‍ Russian residency?

 

[DavidS]

Yes

 

[Martin Everson]

Your gonna have to just take whatever you can get in terms of finding a‌ bank as you won't really get to decide. You may end up with a Central‍ Asian bank.

In terms of jurisdiction that is dependent on where your customers are based⁠ and their preferences. Jurisdiction is least of your worries however.

P,.S I know of Russian⁤ shareholders of a Swiss company still using CIMB Bank for example and this was up⁣ to late last year. But I don't know if CIM changed policy recently and cleared⁢ them all out.

 

[DavidS]

What is the reason you say︀ jurisdiction don't matter? Many corporations, entities and banks won't work with a Russian LLC, but︁ won't have issues with an Armenian LLC for example.
Any idea which jurisdictions are still︂ neutral, friendly with RU shareholders?
Georgia, Armenia, Kazakhstan, Azerbaijan?

 

[hlepic211]

You have to understand that even if some of the jurisdictions are neutral today, that‌ doesn't mean they will be neutral tomorrow. You set everything up, move the funds to‍ the account and then they get blocked and then the UBO passport saga starts.

The reality is that you have plan your structure in a way where the RU passport⁠ holders are not visible. Might sound strange but I would consider Gibraltar + have a⁤ good lawyer there (like Hassan's, who are not only a law firm but also a⁣ "fixer"). Why Gibraltar - well, because I personally know people who live a bank there⁢ with RU and BY(Belarus) passports, no issues as of now, but all the paperwork has︀ to be crystal clear (your law firm can help you with that).

 

[Cons Mark]

Best solution for⁠ you is Hong Kong, with bank account in Montenegro.

 

[Martin Everson]

I never said this.

If you have Russian residents involved with the company then getting banked‌ is the bigger issue. You can open a company anywhere that suites your customers but‍ banking is another issue unless you look at central asia due to Russia resident shareholders.⁠

Russian nationality is not the problem but Russian residency is.

 

[DavidS]

I see, so with RU shareholders bank account will be the bottleneck. But⁤ if banks are in Armenia, Kazakhstan, Azerbaijan, shouldn't it be way easier? Any idea which⁣ banks are still accepting? Nothing sus, just indie software development.

You mentioned Central Asia, any⁢ banks in particular?

 

[Onassis]

Just passports or‌ residency as well?

 

[JustAnotherNomad]

Wouldn't the easiest solution be to just get residency in the UAE and open a‌ UAE company? Then they'd have UAE residency, who cares about RU residency then?

 

[Untangle]

It will be hard to open a bank account in Europe with a Russian passport.‌ Many banks refuse it outright, even if resident in the said EU country. Just my‍ 2 cents

 

[Martin Everson]

The Russia friendly ones I know of are not⁤ accepting non-residents any longer or maybe not for a while now actually i.e Golomt Bank⁣ and TDM in Mongolia.

P.S Yes I said Mongolia....lol doh948""

 

[hlepic211]

This. Even if you're lucky it'll get closed⁠ after a couple of months.

 

[Cons Mark]

Guaranteed options are⁠ to open a company in Hong Kong and establish a Bank in Montenegro, you will⁤ work freely and tax-free. A lot of other jurisdictions exist as well but Hong Kong⁣ is the best and most simple option. No alternative.

 

[CyprusLawyer101]

As it has been mentioned , banking would be your problem. So it appears that‌ in these cases , you should seek to first find the bank that could preliminary‍ confirm that they can on board you and discuss with them also what jurisdictions would⁠ be acceptable and then you set up the co.

 

[Cons Mark]

Bank accounts are also solved, in Montenegro, it is acceptable to open account for Hong Kong⁤ Company with Russian Shareholders.

 

[DavidS]

UAE good, but too expensive. Not worth it

That's why I specifically mentioned Caucasus and not Europe.

Sounds good,but jurisdiction and bank needs to be in︂ same country (don't ask, weird rules from partner). So if you get Mongolian bank, you'd︃ need Mongolian company. Maybe that can work, idk

 

[SWinja]

I have Russian nationality and EU residency. It was a nightmare to get bank account‌ for my US LLC. Only Wise accepted me.

Could you please tell more, what bank I can⁠ look to?
Do Montenegro banks open accounts for LLCs in other countries (US, in my⁤ case)?
Can I open them online?

 

[Cons Mark]

Yes account⁤ opening are online via POA, especially about what are you interested?