Poor man's bank for Seychelles IBC

[TheDabar]

We all know that the days are numbered for all account in Cyprus.
I wanted to ask for the experience of fellow members of the forum.

A short introduction: I have an online retail buiness (low risk) with a Seychelles IBC and I'm not an EU resident nor a US person. Unfortunately I don't have the required sum to open an account that requires more than 2000e initial deposit and my turnover isn't that large. I can't confirm my MrTango account because they don't support my country of residence. Same goes for most of other EMIs because of the same reason.

I opened an account with advcash just to find out that they don't issue cards anymore.

I also opened an account with worldcore but I didn't get any reply from them in regards to will they be issuing cards that aren't powered by wavecrest.

To top that I opened an account on Paysera just to find out they can't deliver cards outide of EEA.

Has anybody used a bank account in Malta-based bank? I can fly over, it's not far but I'm a bit discouraged by the reviews people leave regarding banks.

I found this options regarding Malta:
Epayzz (EMI)
Bank of Valetta (real bank)

I've also found this Mauritius options:
SBI
Banque des Mascareignes

I heard that Georgian banks aren't willing to open accounts for offshore companies anymore so I won't mention them.
I also sent an email to Bank of Nevis and got no response (1 week ago)

Has anybody had any experiences with the previously mentioned banks? If yes then please share.

Also if anybody has a cheap non-emi solution for a bank then please say so. I am looking for a bank that's cheaper than BOC.

Thanks in advance for your replies.

 

[Martin Everson]

I can tell you right now not to bother with BOV. BOV is Malta's biggest bank and has no time for non-resident in 2018 let alone a shell company.

You can try Paxum Bank as its cheap and cheerful

Business Account Fees

 

[TheDabar]

Thanks for the info about BoV. Do you happen to know if Epayzz is an EMI or a bank? They have charges like bank but I'm not sure.

It's not a shell company, I don't do dropshipping and I don't have nominees. I'm renting a warehouse and paying a firm to post the stuff.

Is it possible to withdraw from Paypal with Paxum? Also, I saw this trustpilot review for paxum, and it looked fishy because of the numerous complains. Also, they don't have a SWIFT code. Any experiences?

 

[David97255]

You can try with

ABC Banking Corporation - count on us

You will need an introducer

 

[Martin Everson]

o you happen to know if Epayzz is an EMI or a bank?

EMI

It's not a shell company, I don't do dropshipping and I don't have nominees. I'm renting a warehouse and paying a firm to post the stuff.

You say its not a shell company, so you have a warehouse in the Seychelles that you rent and staff working at the Seychelles company?

Is it possible to withdraw from Paypal with Paxum?

You need to ask them.

Also, I saw this trustpilot review for paxum, and it looked fishy because of the numerous complains. Also, they don't have a SWIFT code. Any experiences?

Paxumbank.com is related company to paxum.com but not the same. You don't have the luxury of choosing where you bank with a Seychelles company especially as a "poor man" in 2018. Beggars cannot be choosers unfortunately in this situation.

 

[negon]

You say its not a shell company, so you have a warehouse in the Seychelles that you rent and staff working at the Seychelles company?

if that is the case, walk in to the local bank there and get your business an account, can't be difficult.

 

[TheDabar]

Thanks for the replies folks.

I agree, I can't be very picky right now. I tried to confirm a Payoneer business account, they don't allow accounts from BoC for verification, I wrote to them but got no reply.
I also wrote to Paysera and asked if they can send me a card to another address in the EU and I will just come and pick it up. Hopefully they will reply. I will update if anybody is interested.

I also tried at Europacific Bank but my country of residence is on the restricted list. ABC Corporation looks great but I don't have the minimum to open an account at the moment. Business is going slow because it's summer.

Banks on the Seychelles require presence and about 10k to open a FCY current account. That's out of my reach (at the moment). No, the warehouse isn't on the Seychelles.

I will make a Paxum account and hope for the best. Hopefully I will accumulate enough capital in the next month or two to open an account at a serious bank. I just started panicking because I don't know when will they close my account at BoC and I didn't manage to find a proper bank to replace it.

Has anybody had experience with banks in Hungary? I heard that they require presence and translation of documents in order to open an account but that they are generally fine with IBC-s. Can someone confirm this?

Also, has anybody had experience with US LLC-s and opening an EMI account? In case I can't get a card I was thinking of opening a new company and get an EMI (because banks require presence).

 

[JohnLocke]

hmmm, well, first of all. If you have a Cyprus company you can open a Cyprus bank account, no problems at all in this! What is the problem with the min. deposit, why you say EUR 2000 in min. deposit?

In regards to EMI's I don't know which one will accept foreign beneficial owners but is that really a problem for corporate accounts or is this only when you try to open a personal account if I may ask?

 

[Martin Everson]

. No, the warehouse isn't on the Seychelles.

So like I said the Seychelles entity is nothing but a shell company. The fact you don't understand this says a lot

The days of shell companies are numbered. You will be well advised to seek an alternative structure. However for the most stubborn it will take learning the hard way before reality to sets in.

 

[Mark Rucken]

So like I said the Seychelles entity is nothing but a shell company. The fact you don't understand this says a lot

The days of shell companies are numbered. You will be well advised to seek an alternative structure. However for the most stubborn it will take learning the hard way before reality to sets in.

THIS! From A to Z.

Seychelles and company ... gone with the wind, done.

 

[Mark Rucken]

hmmm, well, first of all. If you have a Cyprus company you can open a Cyprus bank account, no problems at all in this! What is the problem with the min. deposit, why you say EUR 2000 in min. deposit?

In regards to EMI's I don't know which one will accept foreign beneficial owners but is that really a problem for corporate accounts or is this only when you try to open a personal account if I may ask?

In fact, you would be surprised how hard it is to open an account for Cyprus company in Cypriot banks. They have now started requesting physical office in Cyprus plus at least one local employee. Apparently, by the end of August, they should have clear directions, but it looks days with Cypriot banks are over.

 

[David97255]

The people's usuals are hard to take off.
Seychelles was the place 10 years ago, it was the trend and it worked perfect.
But every good thing got an end. The authorities learnt, the banks too.
There is a lot of new places, with lot of new advantages, like Uruguay, this one is my favorite place.
My personal advice is don't stay a lot of time in the same place if you don't want to be targeted.

 

[Suzy Emerald]

@David97255 : I looked some time ago into Uruguay offshore but read that since the Panama papers, offshore in Uruguay is in decline and banks serving offshore are pulling out. What would be a solution for the bank account (USD/EUR) here?

 

[JohnLocke]

There is a lot of new places, with lot of new advantages, like Uruguay, this one is my favorite place.

LoL Uruguay, new place, should it be better? I have been there in person many times and visited banks there as well, like Santander and even smaller private banks. They are exact the same thing as any other bank in this world. You need an introducer if you don't come there in person. Even if you have a lawyer or a person from a well known tax consultancy firm with you, they have a lot of questions and forms to be completed and signed.

The thing with as physical address to be a requirement from now on in Cyprus is very new, must be so new that it came during the last week or so. I know at least 2 people that got their account remote opened last week, simply with a skype call and of course all the other paperwork in place.

 

[David97255]

LoL Uruguay, new place, should it be better? I have been there is person many times and visited banks there as well, like Santander and even smaller private banks. They are exact the same thing as any other bank in this world. You need an introducer if you don't come ther is person. Even if you have a lawyer or a person from a well known tax consultancy firm with you, they have a lot of questions and forms to be completed and signed.

The thing with as physical address to be a requirement from now on in Cyprus is very new, must be so new that it came during the last week or so. I know at least 2 people that got their account remote opened last week, simply with a skype call and of course all the other paperwork in place.

I use an introducer right, we can't always do everything remotely. For my business it suits perfectly my needs.
For me it s a new place and there is surely a lot more. Have no interest to promote Uruguay since I m like everybody and use introducer.

 

[MrTony]

The thing with as physical address to be a requirement from now on in Cyprus is very new, must be so new that it came during the last week or so. I know at least 2 people that got their account remote opened last week, simply with a skype call and of course all the other paperwork in place.

Do you mean, that their CIF set up physical offices at CY and that provides a possibility to open CY bank account remotely?

 

[MrTony]

I use an introducer right, we can't always do everything remotely. For my business it suits perfectly my needs.
For me it s a new place and there is surely a lot more. Have no interest to promote Uruguay since I m like everybody and use introducer.

Do you use such type of company as Sociedades Anónima? I have read that they should pay 1.5% tax rate if you have an account at Uruguay.

Does anybody know the attitude of EU banks to companies from Uruguay?

 

[David97255]

Do you use such type of company as Sociedades Anónima? I have read that they should pay 1.5% tax rate if you have an account at Uruguay.

Does anybody know the attitude of EU banks to companies from Uruguay?

Yes the Sociedad anonymat
Thé 1.5% taxe you mention are on the asset you got in your Uruguayan bank account during the fiscal year.

 

[Suzy Emerald]

Out of curiosity, could you just give an indication of the cost to incorporate in Uruguay?

 

[offshoreoperator]

So like I said the Seychelles entity is nothing but a shell company. The fact you don't understand this says a lot

The days of shell companies are numbered. You will be well advised to seek an alternative structure. However for the most stubborn it will take learning the hard way before reality to sets in.

A shell company is a non trading company that is used as a vehicle for financial maneuvers such as tax avoidance. If his business had a warehouse it isn't necessarily a shell company if he had actual trading activity on it. Having a warehouse in the Seychelles isn't necessary to avoid being a shell company. All that is necessary is some real trading activity, holding assets, etc.

And with such a snarky and condescending attitude you'd think that you'd actually offer some advice in here on what is a potentially good alternative structure.