BoC asking audited financial statements of my BZ IBC...
- Thread starter Mr Magoo
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@Suzy Emerald yes correct, Bank of Cyprus. Opened the account just before the new laws on shell companies were announced. Have a 100% legit business though.
Do you make some money? If so, get the docs audited and you will have no further troubles with the bank!
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.
@Martin Everson I am not surprised. Just wondered how to get the statements audited for a BZ IBC. I always create the statements for my IBC anyway but of course never have the officially audited.
You may want to ask BoC before expending any money. Wouldn't be nice to be thanked for an audit report and then account closed anyway.
Account at BoC closed without further reason. Luckily no money spent on an audit. BTW: my agent in BZ told me that audited financial statements for a BZ IBC can be done by an auditor anywhere since keeping records can be done at the place of choice the IBC owner.
Glad you didn't loose anything thu&¤#. What a shame, but thats the way the EU is going. Non-EU companies will soon not be welcome anywhere in EU retail banking or EMI's 🙁.
Why maintain it for your brokerage account? My concern would be you end up with no other account for the IBC and then can't withdraw from the brokerage account because they'll only allow you to withdraw to an account held by the same entity. Investments only shouldn't carry any operational risk so seems like doesn't︀ require the same level of protection as alternatives.
How many can afford to make an audit if they don't make any money. How many that make a lot of money come to this forum and ask such questions?
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