Looking for a banking solution for a Cyprus company.
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Hungary, Bulgaria, Portugal, Poland, even Liechtenstein, and Luxembourg. All depends on your activity. And almost all popular EMIs accept CY companies.
For avoiding such situation you need to open 5-6︆ banks accounts and diversify your funds.
Look at guys which have their accounts only in︇ Loyal or Choice. EU banks have deposit insurance fund. So you can't lose all if︈ you will diversify.
Don't be huffy on the picture. This is just joke, buddy😉
Hungary, Bulgaria, Portugal, Poland, even Liechtenstein, and Luxembourg. All depends on your activity. And almost all popular EMIs accept CY companies.
For avoiding such situation you need to open 5-6︆ banks accounts and diversify your funds.
Look at guys which have their accounts only in︇ Loyal or Choice. EU banks have deposit insurance fund. So you can't lose all if︈ you will diversify.
Don't be huffy on the picture. This is just joke, buddy😉
This thread went out to be funny. Neverless I would like to know if OP figured out where to bank for his Cyprus company and if so what he found? @bombaelefant
Hello People,
I just wanted to give an update about this situation.
So, because of American pressure, Cyprus announced new regulations on offshore/shell companies and all of the shell companies need to close bank accounts. You can go around this by setting up an office with employees in Cyprus. One important point to check before you are opening a bank account with a Cypriot bank is to see if the bank has deposit insurance at all (a lot of them don't have). Most of the Cypriot banks -which has a deposit insurance- is ensuring up to 100k EUR, so anything above, you would lose in︀ case of another financial crisis. So above 100k, you should invest into low-risk government securities︁ etc.
In order to make things easier, we changed the company ownership structure and took︂ out the UAE parent company from the picture.
There are several banks in several countries︃ which would accept offshore companies, but we went with Lichtenstein and a virtual bank account︄ with Revolut (Maan, soo much money you can save on bank and exchange fees with︅ Revolut..)
Hope this helps, cheers
I just wanted to give an update about this situation.
So, because of American pressure, Cyprus announced new regulations on offshore/shell companies and all of the shell companies need to close bank accounts. You can go around this by setting up an office with employees in Cyprus. One important point to check before you are opening a bank account with a Cypriot bank is to see if the bank has deposit insurance at all (a lot of them don't have). Most of the Cypriot banks -which has a deposit insurance- is ensuring up to 100k EUR, so anything above, you would lose in︀ case of another financial crisis. So above 100k, you should invest into low-risk government securities︁ etc.
In order to make things easier, we changed the company ownership structure and took︂ out the UAE parent company from the picture.
There are several banks in several countries︃ which would accept offshore companies, but we went with Lichtenstein and a virtual bank account︄ with Revolut (Maan, soo much money you can save on bank and exchange fees with︅ Revolut..)
Hope this helps, cheers
And this isn't OLD news and not applicable any more. By the way it was already mentioned in the proper forums for Cyprus bank accounts by Admin.
Anyway, the banks started to accept shelf companies again as well as other offshore company setups.
Anyway, the banks started to accept shelf companies again as well as other offshore company setups.
Hi everyone,
At the end Cyprus RCB bank did not close our bank account. The final version of the Central Bank of Cyprus circular on “shell” companies is much more improved than the original “draft” that created (unnecessarily) some confusion to people and banks. here you can find the latest version from 2nd of November, 2018. I can link the pdf version of the classification, but im not sure if that something that is allowed by the forum rules..
SHELL COMPANY CLASSIFICATION CRITERIA
The main questions to ask are the follow:
If both answers︃ are ‘NO’ the company is a “shell” company unless it falls in one of the︄ following exceptions that indicate economic activity:
I. The company/entity is established for the purpose of︅ holding stock or shares or other equity instruments of another business entity or entities engaged︆ in legitimate business with identifiable ultimate beneficial owner(s);
II. The company/entity is established for the︇ purpose of holding intangible or other assets including real estate, ship, aircraft, portfolio of investments,︈ debt and financial instruments;
III. The company/entity is established to facilitate currency trades and asset︉ transfers, corporate mergers as well as carrying out asset management activities and trading of shares;︊
IV. The company/entity acts as a treasurer for companies recognised as a group or manages︋ the activities of the group;
V. Any other case where convincing evidence can be provided︌ that the company/entity is engaged in legitimate business, with identifiable ultimate beneficial owner(s).
Consequences of︍ classification as shell company:
At the end Cyprus RCB bank did not close our bank account. The final version of the Central Bank of Cyprus circular on “shell” companies is much more improved than the original “draft” that created (unnecessarily) some confusion to people and banks. here you can find the latest version from 2nd of November, 2018. I can link the pdf version of the classification, but im not sure if that something that is allowed by the forum rules..
SHELL COMPANY CLASSIFICATION CRITERIA
The main questions to ask are the follow:
- Does the company have physical presence in country of incorporation?
- Does the company have︀ economic activity in the country of incorporation?
If both answers︃ are ‘NO’ the company is a “shell” company unless it falls in one of the︄ following exceptions that indicate economic activity:
I. The company/entity is established for the purpose of︅ holding stock or shares or other equity instruments of another business entity or entities engaged︆ in legitimate business with identifiable ultimate beneficial owner(s);
II. The company/entity is established for the︇ purpose of holding intangible or other assets including real estate, ship, aircraft, portfolio of investments,︈ debt and financial instruments;
III. The company/entity is established to facilitate currency trades and asset︉ transfers, corporate mergers as well as carrying out asset management activities and trading of shares;︊
IV. The company/entity acts as a treasurer for companies recognised as a group or manages︋ the activities of the group;
V. Any other case where convincing evidence can be provided︌ that the company/entity is engaged in legitimate business, with identifiable ultimate beneficial owner(s).
Consequences of︍ classification as shell company:
- If the company is considered shell company and is registered in︎ a jurisdiction where it is not required to submit audited financial statements to the authorities️ and does not voluntarily prepare audited financial statements then the banks should avoid business with such companies.
- If the company is considered a “shell” company and has no tax residency or is tax resident in a jurisdiction that is included in the list issued by the EU for non-cooperative jurisdictions for tax purposes then the bank shall avoid business with such companies.
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