Onboarding in Ireland

[Gjrwings]

We are a nonprofit limited liability company registered in April 2022 in Cyprus, after lengthy procedures and contacting 42 banks later we have still not been able to onboard (even had Bank of Cyprus freeze our personal account). We are now considering Ireland. Can anyone advise what would be the best route to onboard in Ireland, even if we need to purchase a small apartment.
It's a legitimate philanthropic entity with a Christian ethos.

 

[EliasIT]

You want to "onboard" a company in Ireland ?

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[Gjrwings]

No I'm wanting to onboard a bank, if we need to go through the process of registering a new nonprofit entity then we will pursue that. But if it's possible to rather have a subsidiary/branch that would be far more convenient.

 

[EliasIT]

You posted in the wrong forum!

Have you tried with Neobanks ?

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[Sols]

Charities are very tedious to onboard and manage for banks. I don't think there is any bank in Ireland that would take your Cypriot charity.

AIB and Irish Bank both open bank accounts for non-resident business, if they are large enough and/or have a connection to Ireland. I don't think I've seen Ulster or any of the other Irish banks be particularly interested in non-resident clients.

If you set up the charity in Ireland and have some connection to Ireland, you might have more luck.

EliasIT said:
You posted in the wrong forum!
Click to expand...

Thread moved.

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This is the probably the answer to your question.

 

[Gjrwings]

Thanks for the advice and apologies for wrong forum post. If any of you know of a reputable corporate lawyer in Ireland, it would be much appreciated.

 

[Gjrwings]

EliasIT said:
You posted in the wrong forum!

Have you tried with Neobanks ?
Click to expand...

Most don't do nonprofits and then one like Wise doesn't do Cyprus

Sols said:
Charities are very tedious to onboard and manage for banks. I don't think there is any bank in Ireland that would take your Cypriot charity.

AIB and Irish Bank both open bank accounts for non-resident business, if they are large enough and/or have a connection to Ireland. I don't think I've seen Ulster or any of the other Irish banks be particularly interested in non-resident clients.

If you set up the charity in Ireland and have some connection to Ireland, you might have more luck.


Thread moved.
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Thanks Sol, I'd probably need a good corporate lawyer who isn't just looking to make as much out of the process as possible 🙂

 

[EliasIT]

Gjrwings said:
Thanks Sol, I'd probably need a good corporate lawyer who isn't just looking to make as much out of the process as possible 🙂
Click to expand...

That's going to be very hard when it comes to lawyers, but I hope you will find someone.

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[Forester]

Well, I do not know why you are now considering particularly Ireland; but if it is because of a strong catholical tradition there that might imply they are more open to a philanthropic entity with a Christian ethos, you can try Poland as well. Namely, Conotoxia (a Polish EMI) might onboard you (but I am just speculating). (I agree with @Sol that charities are, in general, very tedious to onboard and manage for banks/EMIs ”“ no interesting profit except perhaps of some PR.)

I am thinking about a certain possibility with one another EMI ”“ I am writing you a PM...

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[Gjrwings]

Hi Forester,
Thank you for your time in writing. The reason we are looking at Ireland is purely for the best route between our benefactor's bank in the US and ourselves. (Due to US compliance). We are a nonprofit limited liability company, not a charity registered in Cyprus.
The purpose is multifaceted: building an arts and community center (in Cyprus), organic farming (aquaponics, beekeeping, winemaking etc.) a home for victims of abuse, Elderly care and youth/family camps, life coaching and counseling, and also partnering with other already established NGOs.
For the first couple years turnover will include all the costs involved in getting the center built and established and thereafter running and project costs. Funds will come from a main benefactor in the US.
Main currencies will be Euro and US Dollar.