An international stock broker and a bank account for a Cayman Ltd company

[mendo]

Hi!

I would need an international stock broker account for a Cayman Ltd company. I would prefer IBKR, but as I told them that the company is an SPV from a former fund, they complicated everything so much, that I do not have nor concentration nor will to deal with it. They want to be opened as a hedge fund account, but in fact only about 250k is still investable, an can only go down, as no new subscriptions could be accepted. Also, investors have no voting rights and right of redemptions, but redemptions are possible if I approve them.

What would you advise.

I am resident of a non EU European country and I hold all voting shares through another European off shore co.

Bank account is not so necessary, but also needed in mid term, as the current bank is winding down (voluntary liquidation and based on payments processed I can confirm they have the money).

 

[Panamood]

Up Fintech (Tiger brokers) is registered in Cayman so they will probably open the account. IB is a shareholder of them.
Cons: No european markets. Only US, HKG, SIN, AUS
Maybe try reach them out: [email protected]

 

[mendo]

What about FUTU? And how safe are the former and the later?

 

[Panamood]

Both are pretty much the same in terms of commissions and services. FUTU doesnt reach the australian markets though.
I have used TIGR for 3 years now and pretty happy with them.
Both are supervised by the MAS (monetary authority of SIN), SEC, etc... All the holdings are held in custodian accounts.
https://www.tigerbrokers.com.sg/security-n-custody

 

[mendo]

I also succeeded to open a Payoneer account for the entity some time ago, but I have never used it, as it is stated and confirmed via email, that "you can't wire yourself your own money from another account". And that is the first thing that I would need to do.
Does anyone has any expierience, is it really problem in practice if you move money to them from company's own bank account with another bank.
and are there any problem sending and receiving money to and from brokers like IBKR, Tiger Brokeres, FUTU?

 

[Panamood]

I also succeeded to open a Payoneer account for the entity some time ago, but I have never used it, as it is stated and confirmed via email, that "you can't wire yourself your own money from another account". And that is the first thing that I would need to do.
Does anyone has any expierience, is it really problem in practice if you move money to them from company's own bank account with another bank.
and are there any problem sending and receiving money to and from brokers like IBKR, Tiger Brokeres, FUTU?

With Tiger for deposits I use WISE or international transfers. Both ok.
For withdrawals I have to tell my 'bank officer': Hey, I am about to send 34500$ from my brokerage account. This is the screenshot of the order. He says ok thanks. After 12-36 h money is in the bank.
Also, no withdrawals to EMIs, only 'real' banks.
In my structure, company registration place and bank accounts (both company & personal) are in the same place. Only the Brokerage account (Tiger) is offshore.

 

[mendo]

With Tiger for deposits I use WISE or international transfers. Both ok.
For withdrawals I have to tell my 'bank officer': Hey, I am about to send 34500$ from my brokerage account. This is the screenshot of the order. He says ok thanks. After 12-36 h money is in the bank.
Also, no withdrawals to EMIs, only 'real' banks.
In my structure, company registration place and bank accounts (both company & personal) are in the same place. Only the Brokerage account (Tiger) is offshore.

I have a WISE acc for the European off shore co, but they said they do not open acc for Cayman co.. Have anyone successfully opened a WISE acc for a CY entitiy? For European one I like it and works well with IBKR in both directions.