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What's the best solution for my case in these hard Covid times ?

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OffshoreResearch

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Nov 27, 2019
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#1
Hi All,
I'm a Paraguayan resident but I can't yet proof my residency, the intention was to complete a couple of final steps in April but the Covid made our life much harder.

Well, let's study my current situation: I'm still seen as an European resident and I've recently opened a Georgian company remotely while I can't trust a local lawyer to open a bank account on my behanf honestly.

So here're my questoins:
1. Where can I actually go to open a business bank account for my Georgian company ? Georgia isn't an option considering I'll be in quarantine for 14 days once arrived there and an additional 14 days once back to my country;
Any remote solution is fine but if there're countries where I can actually go in person, that will be perfect as well.
I need to manage around $400/450k so EMIs are not an option I'm afraid.

2. Will the bank reports my operation to Georgia (the company seat) or to my country (considering I'm the company administrator) ?

Thanks in advance for your advice.
 
#2
Have you looked into Uruguay and their banking, not sure how it is working today, but I believe similar to the rest of the world, but it is near by and you can open accounts in person with the right business model.
 
#3
My problem is I'm in Europe now but if frontiers for Uruguay are opened (I'll check later), this solution might work. Do you think they should open a business account for my Georgian company ? Because I already have a personal account in a good bank so I just need a biz acct to move forward with my activity.
 
#5
My problem is I need to close a first deal of roughly Eur 400k and this should be done once I'll have the account ready.
Most EMIs will surely lock my funds because as first deposit it will be too high.
I can obviously proof the origin of funds but this may not suffice.
 
#6
Maybe @Gediminas can help. I would think that if you explain the situation to the EMI in advance, they may be able to work with you and not lock your account. But then again, I don’t know if I would want to hold so much money with an EMI. Maybe you could also try SwissQuote?

In any case, the reporting would go to the country where you personally are tax resident if CRS data is exchanged. Otherwise it would be kind of pointless. ;)
 
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#7
Uhm Swissquote might be the perfect solution and surely better than an EMI but I should wire funds from the a company account I guess :(
Lol, I don't have a company account and the company with whom I need to close this deal will wire funds to the bank I'll give them ...
Probably discussing the situation in advance with an EMI might be the best option or I'll lose this deal and I'll start to work behind the scenes to get a real account somewhere (really not easy opening a business account remotely in a jurisdiction outside Georgia I think).

Ok I'll still do some research before making a decision, thanks for trying to help.
 
#10
Thanks JustAnotherNomad & Gediminas, I'll discuss again the whole situation internally and get in touch with you in the next few days if we'll decide to disclose all details of this case.
Thanks since now for your time and prompt support.
 
#11
You biggest problem is the big payment to start with. The KYC you need to provide from the sender will be a nightmare.

No one will open a Georgia company a bank account offshore. I would look for a paymaster to receive the funds and hold onto ot for you. The good thing about using a paymaster is the have good relationship with banks they use.

If they can't help you with a bank account then at least when you provide the paymaster as where your funds are being held. The bank normally assumes that the paymaster has done his DD already and accepts the payment.
Then split it between multiple EMI's.

You will pay about 1% for the service but its invaluable for what it helps you with.

I have no experience of Paraguay but if you contact the banks in advance and speak to the HNW department they can guide you.
 
#15
Many possibilities on whom thinking a bit before making a final decision, thanks for your feedback.
It seems we can take some time to close our deal which may happen in the second half of September and this's a great news so we'll have more time to consider multiple options.

I'll do some research about paymasters as well, the main problem might be to find one we can trust.

There's another possibility too, maybe I've seen the whole thing in the wrong way: I've already a 'safe personal account' so I should check with my partners and with the bank if possible cashing these funds directly and this means I'll close this deal in my own name.
Only once I'll have proven the origin of funds to the bank and they'll have authorized me to receive them, I'll move the needed steps to get them.

I'm doing it too easy now maybe but I'll check with my bank first otherwise we'll start to consider the chance to look for a good paymaster and to split funds among multiple EMIs (a bit long and complex to do but for sure a fair alternative solution).
 
#16
You can also check Moneycorp/MoneycorpBank.
Maybe you could also receive the funds in your personal bank account on behalf of the company? But then the transaction would obviously be known in your home country. But maybe that’s not a problem?
 
#17
My personal account is in Georgia but I've other concerns:
1. I'm not sure they'll allow me to cash this sum of money by a single wire;
2. I'm not 100% sure I'll be easily allowed to send these funds outside Georgia once I'll need to do so.

I'll check these points with the bank.
Never heard about MoneycorpBank but I'll do some research immediately about them, thank you.
 
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