Seek to set up a regulated vehicle and bank first and foremost in the jurisdixtion where you are licensed
Cyprus company - bank account outside Cyprus
- Thread starter Alenka
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We will be applying license in cyprus only.Hence checking which good banks will work with this setup.
I.e., a high risk category.
Not completely easy but manageable, IMO. I presume director is an employee and manages the real office (otherwise it would be troublesome).
I am afraid that you can forget about finding one financial institution that is able︀ to serve all named destinations – nowadays.
I agree︄ with @Sols and @CyprusLawyer101. Try some Cyprus banks (yes, I know they are far︅ from perfect) – Ancoria, Astrobank, Bank of Cyprus, Hellenic... Or you can think about Sepaga︆ (CY based EMI, they are open to high risk businesses). As a high risk business,︇ I would try to stay onshore before going offshore... (transfers to and from Russia will︈ still be a problem but let's put it aside for this moment).
Bottom line: I︉ understand when UBO and director is resident at Cyprus, establishing a local company is a︊ natural way. But I am not sure whether this jusridiction is optimal for this kind︋ of business...
Not completely easy but manageable, IMO. I presume director is an employee and manages the real office (otherwise it would be troublesome).
I am afraid that you can forget about finding one financial institution that is able︀ to serve all named destinations – nowadays.
I agree︄ with @Sols and @CyprusLawyer101. Try some Cyprus banks (yes, I know they are far︅ from perfect) – Ancoria, Astrobank, Bank of Cyprus, Hellenic... Or you can think about Sepaga︆ (CY based EMI, they are open to high risk businesses). As a high risk business,︇ I would try to stay onshore before going offshore... (transfers to and from Russia will︈ still be a problem but let's put it aside for this moment).
Bottom line: I︉ understand when UBO and director is resident at Cyprus, establishing a local company is a︊ natural way. But I am not sure whether this jusridiction is optimal for this kind︋ of business...
Which jurisdictions︃ would you suggest to be optimal for this business.Ya i as a director would work︄ as an employee and draw 19000 euro salary on which i dont have to pay︅ taxes.Its good information from you Forester thank you for the detailed reply.
Frankly, I do not consider myself to be an expert for company setups; if you search and ask here Offshore Company, you will very probably obtain more valuable information / much more competent answer from another members. From me, just some thoughts: UAE (not far from CY, friendly taxing, friendly business environment, perhaps a little︀ bit problematic but manageable banking)? Somewhere in Caribbean? But really, I would prefer another member's︁ input re: company setup...
They are relatively new at the market (since ~2015, IIRC) and I heard (no personal experience) that their customer service is better than CY average and they are open for discussion about non-standard cases. And they are quite digitalised, even remote opening of an personal account is possible. So I have considered it worth trying. I know that they do not onboard offshores but it is not fortunespeculator's case, as far as I understand;︀ the information that they decline anything that isn't primarily dealing with locals was unkown to︁ me (but I believe you 🙂 ) ...
I assume BoC and Astro bank still open accounts for foreigners with the right help from experts like @CyprusLaw - so it is a better idea.
CIM Bank will require an office at the place of registration of the company and the presence of local employees. If you can confirm this, they may open an account for you.
@CyprusLaw and @Sols, thank you very much for the clarification.
It is probably the background. I had heard the positive information about Ancoria from a local person who is not operating at a large scale; and after I found that they did not onboard offshores, I just have stopped further investigation...
So – sorry, men... 🙂
In such a case, really not.
Yes, it is︀ true.
But in the fortunespeculator's case, with his business setup, I really︂ do not think that CIM Banque is an option, unfortunately. Do you have any particular︃ information / experience showing the opposite?
It is probably the background. I had heard the positive information about Ancoria from a local person who is not operating at a large scale; and after I found that they did not onboard offshores, I just have stopped further investigation...
So – sorry, men... 🙂
In such a case, really not.
Yes, it is︀ true.
But in the fortunespeculator's case, with his business setup, I really︂ do not think that CIM Banque is an option, unfortunately. Do you have any particular︃ information / experience showing the opposite?
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