Need help trying to avoid paying in advance for service.

[Dazl]

So i was lookin to start a company for the sole purpose of converting USD to stablecoins for my Ecommerce business
I ran into this company which says they can assist me with opening a bank account for my existing Thai company that supposedly allow this kind of operation for a few thousand dollars fee
They wont state the name of the bank before i pay them so i cant do my research on it
What i managed to get out of them: is that its a Cyprus physical bank with fees of 0.1% for incoming and 0.2% for outgoing transfers.
They also say this bank doesnt require to report to OECD etc.

They say that there are 2 accounts option
1 standard account with no iban with minimum balance of 1000 eur
2 ultra account with iban and minimum balance of 6000 eur.



Im not really trying to figure out the bank to bypass them, im ok with paying for the service but i need to make sure that this is a reputable bank where my money would be safe
That they actually allow crypto operations
That the exchange platform i want to use- PAXOS is ok with this bank.

Obviously im trying to make sure im getting what im paying for and not get stuck with it later.

Anyone can venture a guess as to which bank is it?
Could this be under the turkish side of cyprus? If it is, is it safe?

Any other recommendations for my situation is more than welcome

 

[Sols]

Sounds like BS, or very risky.

Cyprus is fully compliant with CRS/AEOI and no bank in Cyprus would knowingly engage in crypto business.

If they mean TRNC, I would be extra careful. The big Turkish banks themselves don't like crypto and the offshore-only IBU banks are mostly just offshoots of those banks. The independent IBUs are reliant on Turkish banks to access foreign currencies and USD especially is strictly monitored.

 

[JohnLocke]

You may want to let us know what agent you asked to help? Most often someone around OffshoreCorpTalk know the service in question.

That said, I would not fall for this, unless you have a company with substance (discuseed here a endless times) you will not get a bank account.

 

[Dazl]

You may want to let us know what agent you asked to help? Most often someone around OffshoreCorpTalk know the service in question.

That said, I would not fall for this, unless you have a company with substance (discuseed here a endless times) you will not get a bank account.

They're called QX TRUST

 

[Sols]

They seem to check out as being a licensed service provider in Labuan. Maybe someone else has experience with them.

The solution still sounds dodgy, though, based on the information provided so far.

Can you get more details about the bank? Or is it an EMI?

 

[Dazl]

They seem to check out as being a licensed service provider in Labuan. Maybe someone else has experience with them.

The solution still sounds dodgy, though, based on the information provided so far.

Can you get more details about the bank? Or is it an EMI?

Yes that was the initial intent but they say i could do it with my existing company
Im trying to get more details, dont appreciate their secrecy about it, seems shady to say the least

 

[bastard]

with my existing company

where is this company setup?

 

[Dazl]

where is this company setup?

I have both thai and Seychelles company
They said can open the account under the thai one.

 

[bastard]

This is not going to happen! I just saying, you will not get any bank account for this company in Cyprus! Not for Thai not for Seychelles. This forum should have learned you at least this. Personally I have read at least 50 posts where people confirmed you will not get a bank account for a foreign company in Cyprus without substance and a real good business model!

That is properly why they want upfront payment. Use and Escrow service if you do this.

 

[Dazl]

This is not going to happen! I just saying, you will not get any bank account for this company in Cyprus! Not for Thai not for Seychelles. This forum should have learned you at least this. Personally I have read at least 50 posts where people confirmed you will not get a bank account for a foreign company in Cyprus without substance and a real good business model!

That is properly why they want upfront payment. Use and Escrow service if you do this.

Ease up brother, im only asking here before taking steps
Havnt paid anything yet

 

[Spinat]

Yeah you should not go and pay them anything without using an Escrow service. I would choose an EMI and to this at my own, List of Banks, EMI's, Payment processors and BTC to FIAT institutions. this is a big list where you can find useful EMi's and banks.

 

[sullyferdinand]

You should not pay anything to that company (no escrow, NOTHING)
They have all the right to not confirm the name of the bank but they should tell you before you pay about the economic substance, this is a main requirement there

The same way they are not disclosing this requirement, they most probably do it again for any other service you ask

 

[Dazl]

You should not pay anything to that company (no escrow, NOTHING)
They have all the right to not confirm the name of the bank but they should tell you before you pay about the economic substance, this is a main requirement there

The same way they are not disclosing this requirement, they most probably do it again for any other service you ask

Economic substance? What is that mean?

 

[Sols]

Economic substance? What is that mean?

It's intentionally vague but in this context would usually mean having an office and some people working for the company in Cyprus.

 

[user9823671]

It's intentionally vague but in this context would usually mean having an office and some people working for the company in Cyprus.

Isn't it more than that? Being able to show the company is run out of and managed from that location? Having an office with a secretary there a couple of days a week is not going to cut it

 

[Dazl]

Bank is Home
Anyone know it?

 

[Sols]

We have discussed that bank extensively and generally concluded that it's a scam operation. If they operate at all, it's probably just temporary until it gets shut down and the people behind it vanish with your money.

Read the whole thread: Is Euro Deniz IBU Bank legit?