Any SEPA country/bank left for transactional Hong Kong company ?

[Adrian1]

My Hong Kong company (owner&director=EU citizen, non-dom Malta resident) recently lost an Eastern-European bank account, due to being non-resident there (it now all of a sudden requires local tax number / local branch registration in that country or otherwise absolute rejection/closure).
It is a very high-volume, transactional company, mostly SEPA transfers in EUR sourced from a multitude of EU individuals, so the goal is to get cheap SEPA transfers somewhere.

I heard that "good old" Latvia & Cyprus are now supposedly rejecting new and even closing existing non-resident corporate accounts, is this really true for all banks there?

Which SEPA-compatible countries/banks are still left where you can just walk-in with passport and apostilled & translated company docs and open accounts?
1) I am happily willing to travel anywhere
2) An opening balance of up to 100,000 EUR is no problem, as long as 90% of it can be removed after opening.
3) I prefer not to show audited financial reports, because it will take me ages, but willing to do it if no other way.
4) I need low fees per transaction (due to many transactions), but a bit high monthly/yearly fees are no problem (does this open up Switzerland as an option?)

Ideas?
- Does something like Revolut/Mistertango work on offshore Hong Kong companies?
- Andorra? Luxembourgh? Switzerland? (Latvia? Lithuania? Cyprus?)
- Is there non-European banks that support cheap SEPA transactions?
- ......

 

[John Spectre]

I know one HK company that hosts banking in the RIB - Par banku
You could try it.

 

[Adrian1]

Thanks, never tried this bank, will call them tomorrow and ask what is possible.

However, I read in news that Latvia wants to slowly close all non-resident accounts, so the‌ danger always looms that they might close it later on. (Or maybe that HK company‍ you know rented an office address / opened a branch in Latvia? Because branches are⁠ always OK everywhere in Europe)

 

[John Spectre]

I dont think this HK company have EU branch. Its simple shell company.

About closing‌ non-res accounts its possible. My latvian bank close all abroad branches few monthes ago, so‍ it looks like first step for it.

Risk of having latvian banking nowadays present for⁠ sure.
Not only by closing the account. For example my manager from cyprus bank said⁤ that they ban own clients if they work with latvian banks somehow(all latvian banks are⁣ in stop list from their words).

 

[Samuel Newman]

Norvik and Meridian in Latvia still accept such companies, but they may ask for rental‌ agreement(in the country of incorporation)+labor contracts

Leupay and Paysera accept HK as well

Swiss CIM‍ Banque may accept HK company without nominees

 

[Adrian1]

Volume is of this HK account is 1 million EUR/month.

I heard EMIs like Leupay/Paysera/Paxum‌ will block this HK account in 1 week.

Swiss CIM Banque is terrible, I get‍ stuck in never-ending bureaucratic processes, tried it already.

Where should I go?

 

[John Spectre]

What is the exact issues with them?
Because you also‍ could come to same issues with any other bank if the questions are from general⁠ business liat.

 

[Samuel Newman]

there are no good banks with simple compilance nowadays

you may try Mauritius⁠ banks, which are really good (but not SEPA)

 

[negon]

seems you don't have made your home work nor do‍ you have the company documents in place?

 

[Mark Rucken]

What is wrong with CIM? They could ask for some additional corp documents⁠ or additional certification, but that can all be arranged for a fee or there is⁤ some other issue?

 

[Samuel Newman]

it is rather difficult to open an account⁠ there
CIM prouds that it has only 10% success rate for corporate accounts

 

[myhand]

where did you read this? link, screenshot something?

 

[Mark Rucken]

It could‌ actually be true, but 10% from all inquiries that they get and I imagine they‍ get a lot of requests for Seychelles, Belize, MI .... etc. and those are automatically⁠ rejected.

 

[Adrian1]

I read on this forum EMIs block after 100,000 EUR is reached. But 100,000 EUR‌ is reached within 3 days for this HK company.
Is there any chance some EMIs‍ can handle that if you pre-inform them and provide all info & docs in advance?⁠ Or will they block anyway? If they block and we rely on this account, it⁤ will be disaster.
====
We have all docs available, financial reports done until last year.⁣
(The money doesn't stay there, no savings. Bills are paid immediately from incoming money, daily⁢ end balance is usually 30,000~50,000 EUR. But we can optionally work slower and keep a︀ higher minimum balance for example 100,000 EUR if that helps.)

 

[Adrian1]

And is CIM bank supposed to be the easiest bank in Switzerland? Which bank is‌ easiest in Switzerland? Or why is CIM bank popular on this forum?

 

[Adrian1]

CIM bank: application already pending for 9 months. Every other month or⁠ so a new question pops up, then we do home work, and answer, and wait⁤ again. They already have CV of UBO, bank statements of old bank, fin. reports until⁣ last year, apostilled docs incl PoA for staff members as signatory, even business plan /⁢ explanation / story of the concept etc.. Looks like they don't really want it. They︀ don't tell us why.
Which docs does CIM bank usually ask? (for those experienced with︁ them here?)

 

[Mark Rucken]

Notarized passport and local ID and a full set of company︀ documents Notarized and certified with Apostille. Nothing else for HK entities.