I'm filling in the needed forms to apply for a Vanuatu bank account by using my Vanuatu company while I'm an EU citizen/tax resident.
My company will be used for a dropshipping ecommerce activity but I'm also planning to invest a bit in forex trading and stocks.
Now you know the whole scenario so what option should I tick in your opinion among the ones listed below ?
The firm who opened the company says they can't give any advice about this ...
My question is the following: will I become a FFI with a financial account if part of my proceedings will come from forex/stock trading ?
In such case what's the most appropriate option for my case ? The bank said it's up to me what filling in and they can't either give any advice.
Chapter 4 Status (FATCA status) (See instructions for details and complete the certification below for the entity's applicable status.):
1. Nonparticipating FFI (including an FFI related to a Reporting IGA FFI other than a deemed-compliant FFI, participating FFI, or exempt beneficial owner).
2. Participating FFI.
3. Reporting Model 1 FFI.
4. Reporting Model 2 FFI.
5. Registered deemed-compliant FFI (other than a reporting Model 1 FFI, sponsored FFI, or nonreporting IGA FFI covered in Part XII). See instructions.
6. Sponsored FFI. Complete Part IV.
7. Certified deemed-compliant nonregistering local bank. Complete Part V.
8. Certified deemed-compliant FFI with only low-value accounts. Complete Part VI.
9. Certified deemed-compliant sponsored, closely held investment vehicle. Complete Part VII.
10. Certified deemed-compliant limited life debt investment entity. Complete Part VIII.
11. Certain investment entities that do not maintain financial accounts. Complete Part IX.
12. Owner-documented FFI. Complete Part X.
13. Restricted distributor. Complete Part XI.
14. Nonreporting IGA FFI. Complete Part XII.
15. Foreign government, government of a U.S. possession, or foreign central bank of issue. Complete Part XIII.
16. International organization. Complete Part XIV.
17. Exempt retirement plans. Complete Part XV.
18. Entity wholly owned by exempt beneficial owners. Complete Part XVI.
19. Territory financial institution. Complete Part XVII.
20. Excepted nonfinancial group entity. Complete Part XVIII.
21. Excepted nonfinancial start-up company. Complete Part XIX.
22. Excepted nonfinancial entity in liquidation or bankruptcy. Complete Part XX.
23. 501(c) organization. Complete Part XXI.
24. Nonprofit organization. Complete Part XXII.
25. Publicly traded NFFE or NFFE affiliate of a publicly traded corporation. Complete Part XXIII.
26. Excepted territory NFFE. Complete Part XXIV.
27. Active NFFE. Complete Part XXV.
28. Passive NFFE. Complete Part XXVI.
29. Excepted inter-affiliate FFI. Complete Part XXVII.
30. Direct reporting NFFE.
31. Sponsored direct reporting NFFE. Complete Part XXVIII.
32. Account that is not a financial account.
My company will be used for a dropshipping ecommerce activity but I'm also planning to invest a bit in forex trading and stocks.
Now you know the whole scenario so what option should I tick in your opinion among the ones listed below ?
The firm who opened the company says they can't give any advice about this ...
My question is the following: will I become a FFI with a financial account if part of my proceedings will come from forex/stock trading ?
In such case what's the most appropriate option for my case ? The bank said it's up to me what filling in and they can't either give any advice.
Chapter 4 Status (FATCA status) (See instructions for details and complete the certification below for the entity's applicable status.):
1. Nonparticipating FFI (including an FFI related to a Reporting IGA FFI other than a deemed-compliant FFI, participating FFI, or exempt beneficial owner).
2. Participating FFI.
3. Reporting Model 1 FFI.
4. Reporting Model 2 FFI.
5. Registered deemed-compliant FFI (other than a reporting Model 1 FFI, sponsored FFI, or nonreporting IGA FFI covered in Part XII). See instructions.
6. Sponsored FFI. Complete Part IV.
7. Certified deemed-compliant nonregistering local bank. Complete Part V.
8. Certified deemed-compliant FFI with only low-value accounts. Complete Part VI.
9. Certified deemed-compliant sponsored, closely held investment vehicle. Complete Part VII.
10. Certified deemed-compliant limited life debt investment entity. Complete Part VIII.
11. Certain investment entities that do not maintain financial accounts. Complete Part IX.
12. Owner-documented FFI. Complete Part X.
13. Restricted distributor. Complete Part XI.
14. Nonreporting IGA FFI. Complete Part XII.
15. Foreign government, government of a U.S. possession, or foreign central bank of issue. Complete Part XIII.
16. International organization. Complete Part XIV.
17. Exempt retirement plans. Complete Part XV.
18. Entity wholly owned by exempt beneficial owners. Complete Part XVI.
19. Territory financial institution. Complete Part XVII.
20. Excepted nonfinancial group entity. Complete Part XVIII.
21. Excepted nonfinancial start-up company. Complete Part XIX.
22. Excepted nonfinancial entity in liquidation or bankruptcy. Complete Part XX.
23. 501(c) organization. Complete Part XXI.
24. Nonprofit organization. Complete Part XXII.
25. Publicly traded NFFE or NFFE affiliate of a publicly traded corporation. Complete Part XXIII.
26. Excepted territory NFFE. Complete Part XXIV.
27. Active NFFE. Complete Part XXV.
28. Passive NFFE. Complete Part XXVI.
29. Excepted inter-affiliate FFI. Complete Part XXVII.
30. Direct reporting NFFE.
31. Sponsored direct reporting NFFE. Complete Part XXVIII.
32. Account that is not a financial account.
