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EMI / Bank Account for an UK LLP with an Offshore Partner

#41
JohnD said:
correct, I was not precise enough - I have an UK LLP with 2 Partners - Belize IBC and EU individual.
I know you can not say that for sure, but do you think this might be acceptable for Transferwise ?
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Yes, it worth trying

Cyprus asks for local director, lease agreement and landline phone (in UK in your case)
it's possible for sure, but will take time and money
 
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#43
#44
#45
kanakke said:
Is it possible to receive euro from 3rd party to a business account with Bilderlings is a fintech service platform for your business ?
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I think as long as there is an IBAN and the account is in name of my company it should be OK for my customers.
Do you think I should try to open account with Bilderlings ?

Currently I'm still in the 'opening process' with Transfer Wise and most of the time I just wait for 'we are verifying your documents' :(
 
#46
kanakke said:
Is it possible to receive euro from 3rd party to a business account with Bilderlings is a fintech service platform for your business ?
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Yes, they have individual IBANs

JohnD said:
I think as long as there is an IBAN and the account is in name of my company it should be OK for my customers.
Do you think I should try to open account with Bilderlings ?

Currently I'm still in the 'opening process' with Transfer Wise and most of the time I just wait for 'we are verifying your documents' :(
Click to expand...

In December opened an account in Bilderlings - for just one day. But it depends on company and business, I think.
 
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#47
I've been able to open an account with Transfer Wise. However if you want transfer EUR, the target bank needs to be in a country participating in the IBAN standard. Sadly this is not the case for the Belize member of the LLP.
 
#48
#50
#52
It is almost impossible to open a PayPal account for a Belize company! You may approach an agent in Belize to ask them if they can help with that part. I believe unless you live there you can't get an account with PayPal.

I have been researching on this for a long time and never found a real solution. Maybe somone here may have a solution.
 
#53
Admin said:
It is almost impossible to open a PayPal account for a Belize company! You may approach an agent in Belize to ask them if they can help with that part. I believe unless you live there you can't get an account with PayPal.



I have been researching on this for a long time and never found a real solution. Maybe somone here may have a solution.
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this is what I've assumed and decided not to try, but after kanakke mentioned it might be possible, I've googled a bit and found this (see below). It has no date, so it might be outdated. Did you try something similar ?



HOW TO OPEN A PAYPAL ACCOUNT FOR YOUR IBC

Re opening a Paypal account for your Offshore Company or IBC, here’s how that usually works (Note the below scenario assumes that you have chosen a Nominee Director as part of your Company package):

1. The client/company owner (“you”) is usually appointed (via Consultancy Agreement) as an Authorised Representative of the Company.

2. The Consultancy agreement gives you the authority (amongst other things) (a) to negotiate purchase and supply contracts on behalf of the Company and (b) to approach a bank or merchant account or payment provider seeking an account on behalf of the Company (In essence the Consultancy Agreement gives you the power to do anything except sign a legal contract on behalf of the Company).

3. Presumably you will want/need to approach Paypal asking for (a) a merchant account facility (ie where clients can pay your Company via card) and/or (b) a Paypal payment facility ie whereby you can pay others via Paypal or receive payment from others via Paypal.

4. Paypal will probably ask you to provide “Due Diligence” or “KYC” as regards the Company. Usually you will have to provide them with (a) proof that the Company is currently registered and “in good standing” (ie still alive at law) and (b) proof of who the Director/s Shareholder/s and beneficial owners of the Company are.

5. Paypal’s DD/KYC requirements can vary from country to country. Once you know what they require as regards your Company (if you don’t have that info/documentation yourself) email your International Corporate Service Provider (eg OCI) who can/will arrange for the requisite KYC/DD Docs to be supplied to you for passing on to Paypal.

6. Paypal will probably also need the Company to sign a service agreement. That you will need to get the Director to sign.

If time is of the essence what can also happen is you could be provided with a Limited/Specific Power of Attorney which will enable you to temporarily stand in the shoes of the Director and do, on behalf of the Company, anything and everything required to open a Paypal Account on behalf of the Company.
 
#54
It looks to me exactly like what we have discussed here endless times just with a Cyprus or Hong Kong company. You need a complete setup in one of the mentioned countries which includes, nominee director and shareholder both have to be located in the same country as the company. So you will need to setup a bank account in the same country and you use the nominees to open the PP account.

It's a straight forward procedure and works in 99% of all cases.
 
#55
Admin said:
It looks to me exactly like what we have discussed here endless times just with a Cyprus or Hong Kong company. You need a complete setup in one of the mentioned countries which includes, nominee director and shareholder both have to be located in the same country as the company. So you will need to setup a bank account in the same country and you use the nominees to open the PP account.

It's a straight forward procedure and works in 99% of all cases.
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thank you for answer, I have a Belize IBC, nominee director & shareholder from Dominica, Euro Pacific Bank account, what do you think about this setup ?
 
#56
That's not like what I already mentioned. It won't work that way. Everything has to be in one and the same country :)
 
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#57
Martin Everson said:
Please note that Serbia is on the high risk list for money laundering by the FATF and most banks. Even EPB I think blacklist it bor&%#. So don't waste too much time opening an account there. If banks still accepts Belize entities when rest of world is moving away from opening accounts for such entities then it should ring alarm bells. However if your desperate then its an option thu&¤#. Just keep in mind it will probably be the next Latvia for banking scandals. Serbia is not on the same list as North Korea and Syria for no reason ns2.

Serbia remains on FATF list as high risk country for money laundering and corruption - Serbian Monitor
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100% correct. Someone I know got his bank account of 3+ years with huge volume\history closed within 24 hours, because of just ONE wire from Serbia. Stay away from Serbia if you don't have to (and if you have to bank in Serbia it may be time to re-think your structure)
 
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#60
Only if the company, bank account and even the owners are in the same country you can open a paypal account. Some report that company and bank account need to in the same country that would be enough.

Personally I have company, bank account and ownership in same country BUT I have also attached a Cyprus bank account to the setup and can withdraw to that, so I have the Cyprus debit card connected and can use it if there are no funds on the PP account.

So it is possible to mix it.
 
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