Recent changes in requirements of Cim Bank

[CaLViN]

Hello,
I have today received an email from our banking agent about changes in Cim Bank rules :

CIM Bank makes changes to its rules.
1). It is necessary to confirm company office in the country of registration;
2). It is necessary to confirm employee in the country of registration;
3). It is necessary to provide AUDITED statements;
4). It is necessary to provide tax return report.

Possibilities for overcoming :
1). Office in the country of registration. (Solution is 500 e / year).
2). Employee. We have no solution.
3). Audited report.
Explanation: To obtain audited report is need to audit all years. Estimated audit costs: from 2500 euros for each year.
4). Tax return report.(Solution is 350 e).
Click to expand...

Do you have any updates on your side ? Any advices on how to solve this issue ?
Thanks.

 

[Piano]

CaLViN said:
Hello,
I have today received an email from our banking agent about changes in Cim Bank rules :





Do you have any updates on your side ? Any advices on how to solve this issue ?
Thanks.
Click to expand...

When where these changes implemented ?

 

[CaLViN]

Hello,
As i have been informed,it has been decided this year and we have a deadline of December 15.

 

[Praetorian]

For the audited statements you should provide the statements for the last fiscal only. If they ask for more tell them to screw off. Top main street banks only ask for 1 year worth of audited statements from their corporate clients, BNP and Citi being two of them. They just want to see that you maintain actual books and aren't just some jerk off running a shady business with a shell company. They don't care enough to do do research or check your statements at all other than checking the total assets and profits for the last year.

For tax documents it shouldn't be an issue if your business is legit. If your business isn't legit i don't know what you are doing at a swiss bank unless you have deep pockets which at this point i'd be looking at UBS or Credit Suisse. They want it to see that you are not a tax dodger (risk management) and look legit if they ever get audited.

Substance and employees, you can find work around with certain providers or simply hire a relative/friend at a low wage and declare him an employee. If your business plan is clear they shouldn't be giving you troubles over this, they just want to cover their bases on the compliance side.