Looking for a banking solution for a Cyprus company.

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bombaelefant

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Sep 6, 2018
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Hi People.

I just got an email from RCB bank Cyprus that they will not be engaged in business relationships with companies that have the characteristics of “shell companies” and they will close my account in November.
So I am looking for a new bank.

We are a construction/workforce agency with a permanent establishment in Sweden (95% of the work is in Sweden, transfers coming from Sweden, monthly revenue is around 60,000 to 150,000 EUR). The company is registered in Cyprus, the owner of the company is the parent company, which is registered in the UAE.

The parent company's bank is Mashreq bank. We transferred all the expenses through that bank because there were no transaction expenses. This is changed big time one transaction cost around 35 EUR.

So we are changing the company structure and the Cyprus company will handle all the company related expenses (such as rent, flight tickets, salaries, tools etc.) For this reason we are looking for a bank with favorable fees.

Could you recommend a bank in Cyprus or anywhere where I can open a bank account with parent-company being registered in the UAE?
Would revolut be a solution? (I would hold around a 100k EUR on the account, the rest would go to the parent company (Mashreq banks account)

I heard the Hungarian MKB bank accepts offshore companies.

Do you have a better solution to optimize taxation and banking structure (my Swedish clients only work with European companies).?

Thanks folks!✌
 
If you are willing to travel you may find any bank of your choice in Europe and simply pay them a visit. Get a professional with you i.e. lawyer or tax consultant that can explain the entire business case for them so they will believe it.

Cyprus is part of the EU and as such (if it is legit business) allowed to open bank accounts all over Europe! Usually also not a problem.

Otherweise use Mister Tango, Leupay and similar services like Transferwise etc. for this purpose. Check which of the EMI's accept Cyprus not all of them may accept it.
 
For how long have you had your account with them?

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Admin said:
Admin said:
For how long have you had your account with them?
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Around three years.


auric said:
auric said:
If you are willing to travel you may find any bank of your choice in Europe and simply pay them a visit. Get a professional with you i.e. lawyer or tax consultant that can explain the entire business case for them so they will believe it.

Cyprus is part of the EU and as such (if it is legit business) allowed to open bank accounts all over Europe! Usually also not a problem.

Otherweise use Mister Tango, Leupay and similar services like Transferwise etc. for this purpose. Check which of the EMI's accept Cyprus not all of them may accept it.
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The problem is with the parent company which is based in UAE (as I mentioned above). As far as I know EU banks do not like to cooperate with UAE because they are a non hague apostille country

Do you think that it is safe to store 100-200k EUR on a EMI? If so which one would you prefer? I am using Revolut for my personal spending and I like them. Also I contacted them and they can set up an advanced (with uniue IBAN number) within 48 hours.

Documents they need:
-Business bank statement clearly showing the name of the company, dated in the last 3 months Certificate of Incorporation
-ID documents and proof of personal address for all registered beneficial owners with 25% or more in shares
-Any additional document that may be required to verify the accuracy of the information you provide
 
EMI is not an option for such high turnovers, they would most likely reject the application or close it later when they see such high turnovers.
 
You may look at Poland, the reason I mention them is because construction companies there are employing North Koreans and as an extreme, UAE looks better on the paper and with your legit business, it shouldn't be a massive hassle to get them to work with you.

Do not worry, it's likely a lengthy process and any Professional would be able to convince any banks to do business with you if you decide to hire one.
 
You can have different emi's, so you split the amount.200 k is too much to be stored in only one Emi.

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Scammed people on the forum!
 
Mark Rucken said:
Mark Rucken said:
EMI is not an option for such high turnovers, they would most likely reject the application or close it later when they see such high turnovers.
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Well, if you tell them what business you are into and what volume you want to put through they will ask for extra docs and if OK they will allow it.

Actually as suggested here, you want to split up this volume for your own security if you are using EMI's!

In addition, you want to check with the Cyprus banks directly if they accept your business, if it is all clean and straight forward business you may have no problems to open accounts there!
 
auric said:
auric said:
If you are willing to travel you may find any bank of your choice in Europe and simply pay them a visit. Get a professional with you i.e. lawyer or tax consultant that can explain the entire business case for them so they will believe it.

Cyprus is part of the EU and as such (if it is legit business) allowed to open bank accounts all over Europe! Usually also not a problem.

Otherweise use Mister Tango, Leupay and similar services like Transferwise etc. for this purpose. Check which of the EMI's accept Cyprus not all of them may accept it.
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hello, how can I order your services?
 
The closure of the account has nothing to do with the jurisdiction of the holding. Central bank in Cyprus announced new regulations for shell companies this summer and all banks in Cyprus close accounts for "shell companies". It means if you provide substance, like a local director with a payroll and a small physical office you can open an account with another local bank or even re-open with RCB.
Apart from that there are other options outside Cyprus for account opening, e.g. in Lithuania, Hungary, Poland, Liechtenstein, but you will have to travel there and need professional advise.

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https://virtualzonegeorgia.com/
 
auric said:
auric said:
If you are willing to travel you may find any bank of your choice in Europe and simply pay them a visit. Get a professional with you i.e. lawyer or tax consultant that can explain the entire business case for them so they will believe it.

Cyprus is part of the EU and as such (if it is legit business) allowed to open bank accounts all over Europe! Usually also not a problem.

Otherweise use Mister Tango, Leupay and similar services like Transferwise etc. for this purpose. Check which of the EMI's accept Cyprus not all of them may accept it.
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Click to expand...

Cyprus is not a part of EU officially. Did you tried to open a bank account anywhere in EU? I did. No bank will accept Cyprus company in my opinion and knowledge.

hiju said:
hiju said:
Well, if you tell them what business you are into and what volume you want to put through they will ask for extra docs and if OK they will allow it.

Actually as suggested here, you want to split up this volume for your own security if you are using EMI's!

In addition, you want to check with the Cyprus banks directly if they accept your business, if it is all clean and straight forward business you may have no problems to open accounts there!
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Cyprus bank are not a good idea where to hold your funds if it's not personally yours. I remember the financial crisis on Cyprus. Some of my business partners have lost their businesses in one day. I was in trouble also. Would not recommend absolutely.

Last edited by a moderator: Oct 4, 2018
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I'm a scam artist - I tried to cheat this forum, that's why I'm banned!!
 
PavelMSK said:
PavelMSK said:
Cyprus is not a part of EU officially. Did you tried to open a bank account anywhere in EU? I did. No bank will accept Cyprus company in my opinion and knowledge.
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I agree total BS you don't know what you speak about at ALL! Only thing you are doing is post spam this forum in the hope that someone is hooking up on your service what ever it may includeash&/
 
PavelMSK said:
PavelMSK said:
Cyprus is not a part of EU officially. Did you tried to open a bank account anywhere in EU? I did. No bank will accept Cyprus company in my opinion and knowledge.
Cyprus bank are not a good idea where to hold your funds if it's not personally yours. I remember the financial crisis on Cyprus. Some of my business partners have lost their businesses in one day. I was in trouble also. Would not recommend absolutely.
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images



Every world is BS)))
 
Dubsize said:
Dubsize said:
I'm sorry but how can you say such a BS? Cyprus is entirely and officially part of the E.U. - their currency is Euro.
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Sorry. My mistake. I mean that Cyprus is not in Schengen Area.

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I'm a scam artist - I tried to cheat this forum, that's why I'm banned!!
 
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