Turnerlittle unable to open decent bank account for HK company

black2 said:
black2 said:
Interesting, if anyone would know about Revolut and Transferwise not accepting HK that would be TL, so it looks like they did it to seem like they are working hard. To be fair they did apply for them.

Is personal visit to HK mandatory to open account with local bank?



Resident in Norway, Russian passport (totally understandable that passport will bring some issues)

I did optin for Virtual office in HK, as well as nominee director and shareholder.

Thank you for HK EMI's list, looks like I will be applying myself for them soon.


Additionally, we have a great history with "tier 1" bank in Norway - DNB, however, noone has been interested in any details of our business except for quick form for the bank where I wrote digital marketing and expected turnover and such.

So it seems like HK or the company formation is the main issue here and that applications are rejected at an early stage.

It's understandable that banks like HSBC etc. will be difficult to get, however, the expectations were high when TL told me that we shouldn't have any issues opening an account in Switzerland.

I accepted Euro Deniz IBU since TL told me in a very polite way that they've done they've done their part of the deal and that if I do not accept it then they will not try any other banks.
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As you know I attempted to contact you today to discuss your situation with you and to try and find a solution to your problem. You have not responded to my message either via the DM in forum or my email, but have chosen to post here. I am available to discuss your options whenever it is convenient for you and I would welcome your contact. Meanwhile I can say with certainty that the company structure combination, including a Nominee Director is not where the problem exists. The likely issue is the Russian passport, which if none resident can be overcome in a lot of cases, but can also be objected to on a very large scale. Notwithstanding, it would be helpful to discuss your case with you and see what options do exist for you.

Last edited: Feb 27, 2020
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CaLViN said:
CaLViN said:
Same situation.
I dont have any other options.Seems like company will be dissolved at renewal date.No reputable bank account.Not even a proper EMI account was possible.
They simply dont have any other banking options.
I have known Turner Little for more than 10 years but my first experience with them was failure.I would expect different results from such a reputable consultancy company.
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@CaLViN I have also sent a DM on the forum to you today, but have not received a response. It is incorrect to say that other options don't exist. There are always options, but as you have not responded to indicate who you are, I am unable to look at your file at this time. Again, I am available at your convenience to discuss your case and try to find a solution for you and would welcome your contact.

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AlbanyJames said:
AlbanyJames said:
I decided against proceeding with TL myself.

They asked me to make a deposit to proceed with bank account opening for an existing entity via live chat on the initial discussion.

They didn't ask me any kind of due diligence or forms to fill up.

Found it strange, any lawyer/accountant/introducer I have ever dealt with always ask for details before asking for any payment.
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Hi @AlbanyJames, Sadly I do not know who you spoke to or your circumstances, but you would need to undergo a full due diligence process, identification and full understanding of your nature of business and a lengthy discussion surrounding your circumstances in order for us to place your company for a bank account. In some cases it is very simple, others more complex but in all cases the procedure exists. If you would like to discuss your case with me personally, please feel free to contact me.

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James Turner said:
James Turner said:
Hi @AlbanyJames, Sadly I do not know who you spoke to or your circumstances, but you would need to undergo a full due diligence process, identification and full understanding of your nature of business and a lengthy discussion surrounding your circumstances in order for us to place your company for a bank account. In some cases it is very simple, others more complex but in all cases the procedure exists. If you would like to discuss your case with me personally, please feel free to contact me.
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I totally agree with you, I even brought this up to your person on live chat.

They wanted a deposit/payment before even hearing any of my circumstances.

Found this extremely strange as you can see.

At the moment I satisfied part of my needs, but in the future If needed I will contact you.

Thank you for your reply.
 
It would be very helpful if you guys could answer PM's that Turner Little send you to sort this out with them. Furthermore there is no need to post about anything else here other than what is regarding this particulr issue, everything else belongs in new threads or other threads not here..

I will clean this thread now, hope you can stick to the topic next time, it would make my live easier 😀

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Admin said:
Admin said:
It would be very helpful if you guys could answer PM's that Turner Little send you to sort this out with them. Furthermore there is no need to post about anything else here other than what is regarding this particulr issue, everything else belongs in new threads or other threads not here..

I will clean this thread now, hope you can stick to the topic next time, it would make my live easier 😀
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I agree with you. However, I do not understand why was my post deleted, citing "irrelevant", given that what I wrote was very relevant and helpful to OP in order to understand why his applications in several banks were rejected.
 
If people don't stick to the topic the post get deleted, that simple. I don't think we shall start a discussion about it in this thread otherwise post will be removed.

If you think you have something specific to Turner Little and the particular issue you are welcome to post it, otherwise stay out.

It is not the first time I have to clean a thread and also not only threads with similar issues I clean, people seem to get confused what a thread is about or are simply to lazy to open their own thread.

Hope it is clear, and don't comment further on the above in this thread, if you have additional comments or think something is wrong, please use the forum available here
https://www.offshorecorptalk.com/forums/forum-news-announcements-and-suggestions.20/
We try to work for the community not against it, but some people think it is a war they entered into behind their screen.

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black2 said:
black2 said:
Resident in Norway, Russian passport (totally understandable that passport will bring some issues)
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Ok so there is your problem right there like I suspected 😕. There is a very good reason why Russians form one of the largest blocks seeking alternative passports. There is no way any Tier 1 bank is gonna work with a Russian operating a new offshore company in today's climate due to Russiaphobia 😕.

You may need to try banks like East West United Bank in Luxembourg that are Russian friendly. The Russian passport is your biggest obstacle to banking. Take whatever banking you can get and once you save up enough money do what every Russian business man does and buy a new passport. Even billionaires like Roman Abramovich had to go this route and others did in Malta including founder of Yandex etc etc.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
Martin Everson said:
East West United Bank in Luxembourg
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@Martin Everson thanks for the input, as always I should add😉 Have you got any experience with them? Or do you have any references on their financial stability/position? I see in their website they have only two languages to browse it through ENG/RUS, which me thinks is synonymous of Russian structure (and I don't mean the obvious shareholders you see in their webpage) behind the scenesca#"! or maybe that they cater for the big oligarchs and their money parties ca#"!ca#"!

How is the process to open an account with them? Do they require not only personal visit but Lux residence and similar? etc.. Any input would be helpful. @Admin do us all favour and don't delete this one, Ok?eek¤%& I know it's a off topic but hey, we may all profit from this!thu&¤#
 
Nicholas Van Orton said:
Nicholas Van Orton said:
@Martin Everson thanks for the input, as always I should add😉 Have you got any experience with them?
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No experience with them as im not Russian ca#"!. They have been around a little while and are well known by those in the know 😉.

Nicholas Van Orton said:
Nicholas Van Orton said:
Or do you have any references on their financial stability/position?
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See their 2018 financial report below from their website. They are transparent with their financial records.

https://www.ewub.lu/IMG/pdf/ewub_-_sfr_luxgaap_-_31_12_2018.pdf
Nicholas Van Orton said:
Nicholas Van Orton said:
I see in their website they have only two languages to browse it through ENG/RUS, which me thinks is synonymous of Russian structure behind the scenesca#"! or maybe that they cater for the big oligarchs and their money parties ca#"!ca#"!
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It is a pure Russian outfit see below ownership structure 😉.

https://www.ewub.lu/-Shareholders-?lang=en
Nicholas Van Orton said:
Nicholas Van Orton said:
How is the process to open an account with them? Do they require not only personal visit but Lux residence and similar? etc.. Any input would be helpful. @Admin do us all favour and don't delete this one, Ok?eek¤%& I know it's a off topic but hey, we may all profit from this!thu&¤#
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Best to contact them they speak fluent Russian 😉.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Admin said:
Admin said:
If people don't stick to the topic the post get deleted, that simple. I don't think we shall start a discussion about it in this thread otherwise post will be removed.

If you think you have something specific to Turner Little and the particular issue you are welcome to post it, otherwise stay out.

It is not the first time I have to clean a thread and also not only threads with similar issues I clean, people seem to get confused what a thread is about or are simply to lazy to open their own thread.

Hope it is clear, and don't comment further on the above in this thread, if you have additional comments or think something is wrong, please use the forum available here
https://www.offshorecorptalk.com/forums/forum-news-announcements-and-suggestions.20/
We try to work for the community not against it, but some people think it is a war they entered into behind their screen.
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personally i think EWUB's fees are too high and their offering is not very exciting compared to what else exists in the world. but as a Russian passport holder perhaps there is no other choice. maybe he should try to focus on acquiring another passport before thinking about acquiring another bank account...

btw i just managed to get a visa platinum with 10k credit from a luxembourg bank after 2 months of forging transaction history... i think the country has some potential. there is also no credit register yet in the country. could make for some good hit & run scenarios...
 
ontherun said:
ontherun said:
personally i think EWUB's fees are too high and their offering is not very exciting compared to what else exists in the world. but as a Russian passport holder perhaps there is no other choice. maybe he should try to focus on acquiring another passport before thinking about acquiring another bank account...

btw i just managed to get a visa platinum with 10k credit from a luxembourg bank after 2 months of forging transaction history... i think the country has some potential. there is also no credit register yet in the country. could make for some good hit & run scenarios...
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@ontherun care to mention that "bank"?
 
Nicholas Van Orton said:
Nicholas Van Orton said:
How is the process to open an account with them? Do they require not only personal visit but Lux residence and similar? etc.. Any input would be helpful. @Admin do us all favour and don't delete this one, Ok?eek¤%& I know it's a off topic but hey, we may all profit from this!thu&¤#
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EWUB replies very promptly (Russian english speaking staff), they will send you the onboarding form to fill and based on this will come up with decision. Just to clear some possible misconception, they don't take everyone or everything like we would have thought, but they rejected my Malta IT related company.

It seems very hard to open business account for foreign company in Luxembourg, especially without any ties.
 
@clemens I can tell you that Black2 did contact me and we continue to work with them to obtain an account that works for them. Calvin, we did not receive a response from. We have several options open to Black2 however travel is necessary in order to obtain an account of the calibre that the client requires and so we have these arrangements ready to go as soon as the client is able to travel. They have indicated a willingness to travel and so I do not see a problem completing this for them when travel restrictions are lifted.

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I agree @clemens although Black2 did come back to me and has agreed to travel when possible. So I am hopeful this can be resolved for the client.

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