BoC asking audited financial statements of my BZ IBC...

[Mark Rucken]

It is a shame what BoC is doing, but they are being pressured and they have to comply, otherwise, the whole bank might go kaputt.

They will only keep companies coming from jurisdictions that have an obligatory Audit, mainly EU and let's say Hong Kong and a few other reputable jurisdictions.

 

[adiljv]

I am in the same boat, and just looking for a proper auditor, I am willing to pay for it but a company in Cyprus quoted me 5000eu for the auditing which is a bit much. Looking at options on upwork for a certified auditor at the moment.

 

[Suzy Emerald]

For a belize ibc you can have the audit done by an auditor anywhere

 

[adiljv]

For Seychelles too, just looking for an auditor that does not charge 300eu/h like the one the bank recommended ..

 

[Martin Everson]

Wojtek said:
I am in the same boat, and just looking for a proper auditor, I am willing to pay for it but a company in Cyprus quoted me 5000eu for the auditing which is a bit much. Looking at options on upwork for a certified auditor at the moment.
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Audits aint cheap. I would say they are the biggest ripoff after Notaries who charge an arm and a leg to photocopy and stamp a piece of paper 🙁.

BoC probably just wants an audit report for their records before they close your account anyway. Be careful and have a plan B for banking ready.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[adiljv]

Did they really closed anyone accounts who provided the audit and/or keeping their money?

 

[Suzy Emerald]

They dont keep your money. You will get two months to transfer it out ans you cannot receive money anymore.

 

[JohnLocke]

Suzy Emerald said:
They dont keep your money. You will get two months to transfer it out ans you cannot receive money anymore.
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Exactly how this works. They don't just take your money like that.

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[TurnedToRobot]

Martin Everson said:
Audits aint cheap. I would say they are the biggest ripoff after Notaries who charge an arm and a leg to photocopy and stamp a piece of paper 🙁.

BoC probably just wants an audit report for their records before they close your account anyway. Be careful and have a plan B for banking ready.
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not really, if you provide them with the audited tax report they shut up and are fine. I delivered mine the last day. Will revise this should it change!

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[BlueMist]

They are asking for financial statements no necessarily before closing the account. They can however hold the outgoing bank transfer for 7 days until relevant documents are provided, after which the transfer is declined. I have noticed that, unlike in the past years, they have upped their compliance "game". Before you could easily do multiple €50k transfers, which according to their online banking system doesn't require any supporting documents up to this amount. Now, they may let the 1st €50k transfer out but any other may get flagged...

 

[Loizos]

Martin Everson said:
Isn't it standard in Cyprus that by law all Cyprus companies must produce audited account statements? So I wouldn't be too concerned if they are imposing this standard on non Cyprus companies with accounts in Cyprus.
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Yes you are right. The law in Cyprus is for CY companies to audit their accounts.