Cyprus company - bank account outside Cyprus

[CyprusLawyer101]

Seek to set up a regulated vehicle and bank first and foremost in the jurisdixtion where you are licensed

 

[fortunespeculator]

Seek to set up a regulated vehicle and bank first and foremost in the jurisdixtion where you are licensed

We will be applying license in cyprus only.Hence checking which good banks will work with this setup.

 

[Forester]

Hedge fund for trading stocks,cryptos ,currencies,gold ,silver.

I.e., a high risk category.

Single director Indian(UBO) but resident of cyprus.

Not completely easy but manageable, IMO. I presume director is an employee and manages the real office (otherwise it would be troublesome).

Investors can be from around the world.I will be funding the company initially with my own funds and then later when investors availability is there they can transfer funds hence payouts will be based on investor nationality mostly EU,US,Gulf,China,Russia.Can expand the list of countries if i get willing investors.

I am afraid that you can forget about finding one financial institution that is able to serve all named destinations – nowadays.

CIM will decline that. They would maybe accept it if you were licensed and based in Switzerland, but probably not even then.

Seek to set up a regulated vehicle and bank first and foremost in the jurisdixtion where you are licensed

I agree with @Sols and @CyprusLawyer101. Try some Cyprus banks (yes, I know they are far from perfect) – Ancoria, Astrobank, Bank of Cyprus, Hellenic... Or you can think about Sepaga (CY based EMI, they are open to high risk businesses). As a high risk business, I would try to stay onshore before going offshore... (transfers to and from Russia will still be a problem but let's put it aside for this moment).
Bottom line: I understand when UBO and director is resident at Cyprus, establishing a local company is a natural way. But I am not sure whether this jusridiction is optimal for this kind of business...

 

[fortunespeculator]

I.e., a high risk category.

Not completely easy but manageable, IMO. I presume director is an employee and manages the real office (otherwise it would be troublesome).

I am afraid that you can forget about finding one financial institution that is able to serve all named destinations – nowadays.



I agree with @Sols and @CyprusLawyer101. Try some Cyprus banks (yes, I know they are far from perfect) – Ancoria, Astrobank, Bank of Cyprus, Hellenic... Or you can think about Sepaga (CY based EMI, they are open to high risk businesses). As a high risk business, I would try to stay onshore before going offshore... (transfers to and from Russia will still be a problem but let's put it aside for this moment).
Bottom line: I understand when UBO and director is resident at Cyprus, establishing a local company is a natural way. But I am not sure whether this jusridiction is optimal for this kind of business...

Which jurisdictions would you suggest to be optimal for this business.Ya i as a director would work as an employee and draw 19000 euro salary on which i dont have to pay taxes.Its good information from you Forester thank you for the detailed reply.

 

[Forester]

Which jurisdictions would you suggest to be optimal for this business.Ya i as a director would work as an employee and draw 19000 euro salary on which i dont have to pay taxes.Its good information from you Forester thank you for the detailed reply.

Frankly, I do not consider myself to be an expert for company setups; if you search and ask here Offshore Company, you will very probably obtain more valuable information / much more competent answer from another members. From me, just some thoughts: UAE (not far from CY, friendly taxing, friendly business environment, perhaps a little bit problematic but manageable banking)? Somewhere in Caribbean? But really, I would prefer another member's input re: company setup...

 

[Sols]

Ancoria

Why Ancoria? They don't have an IBU and decline anything that isn't primarily dealing with locals (foreigners must have lived there for at least 5 years).

 

[Forester]

Why Ancoria? They don't have an IBU and decline anything that isn't primarily dealing with locals (foreigners must have lived there for at least 5 years).

They are relatively new at the market (since ~2015, IIRC) and I heard (no personal experience) that their customer service is better than CY average and they are open for discussion about non-standard cases. And they are quite digitalised, even remote opening of an personal account is possible. So I have considered it worth trying. I know that they do not onboard offshores but it is not fortunespeculator's case, as far as I understand; the information that they decline anything that isn't primarily dealing with locals was unkown to me (but I believe you ) ...

 

[lostguy]

It's worth to make your own personal experience with Ancoria! What works for others don't always works for you, so the opposite.

 

[Sols]

Ancoria is an insurance company that got a banking license. They barely open salary accounts for resident foreigners that work for international companies.

 

[CyprusLaw]

They are relatively new at the market (since ~2015, IIRC) and I heard (no personal experience) that their customer service is better than CY average and they are open for discussion about non-standard cases. And they are quite digitalised, even remote opening of an personal account is possible. So I have considered it worth trying. I know that they do not onboard offshores but it is not fortunespeculator's case, as far as I understand; the information that they decline anything that isn't primarily dealing with locals was unkown to me (but I believe you ) ...

Ancoria is a good bank when it comes to Cypriots and small amounts. They don't have an IBU and will reject anything non-local related or too complex. So Ancoria is definitely not an option.

 

[lostguy]

I assume BoC and Astro bank still open accounts for foreigners with the right help from experts like @CyprusLaw - so it is a better idea.

 

[Dmytro Petrovich]

CIM Bank will require an office at the place of registration of the company and the presence of local employees. If you can confirm this, they may open an account for you.

 

[lostguy]

CIM Bank will require an office at the place of registration of the company and the presence of local employees. If you can confirm this, they may open an account for you.

it's not much of costs to setup such office setup!

 

[fortunespeculator]

it's not much of costs to setup such office setup!

I am guessing there are coworking spaces to rent for an office.Any leads are helpful.

 

[Forester]

@CyprusLaw and @Sols, thank you very much for the clarification.

Ancoria is a good bank when it comes to Cypriots and small amounts.

It is probably the background. I had heard the positive information about Ancoria from a local person who is not operating at a large scale; and after I found that they did not onboard offshores, I just have stopped further investigation...
So – sorry, men...

They don't have an IBU and will reject anything non-local related or too complex. So Ancoria is definitely not an option.

In such a case, really not.

CIM Bank will require an office at the place of registration of the company and the presence of local employees.

Yes, it is true.

If you can confirm this, they may open an account for you.

But in the fortunespeculator's case, with his business setup, I really do not think that CIM Banque is an option, unfortunately. Do you have any particular information / experience showing the opposite?