Any SEPA country/bank left for transactional Hong Kong company ?

[Adrian1]

My Hong Kong company (owner&director=EU citizen, non-dom Malta resident) recently lost an Eastern-European bank account, due to being non-resident there (it now all of a sudden requires local tax number / local branch registration in that country or otherwise absolute rejection/closure).
It is a very high-volume, transactional company, mostly SEPA transfers in EUR sourced from a multitude of EU individuals, so the goal is to get cheap SEPA transfers somewhere.

I heard that "good old" Latvia & Cyprus are now supposedly rejecting new and even closing existing non-resident corporate accounts, is this really true for all banks there?

Which SEPA-compatible countries/banks are still left where you can just walk-in with passport and apostilled & translated company docs and open accounts?
1) I am happily willing to travel anywhere
2) An opening balance of up to 100,000 EUR is no problem, as long as 90% of it can be removed after opening.
3) I prefer not to show audited financial reports, because it will take me ages, but willing to do it if no other way.
4) I need low fees per transaction (due to many transactions), but a bit high monthly/yearly fees are no problem (does this open up Switzerland as an option?)

Ideas?
- Does something like Revolut/Mistertango work on offshore Hong Kong companies?
- Andorra? Luxembourgh? Switzerland? (Latvia? Lithuania? Cyprus?)
- Is there non-European banks that support cheap SEPA transactions?
- ......

 

[John Spectre]

I know one HK company that hosts banking in the RIB - Par banku
You could try it.

 

[Adrian1]

Thanks, never tried this bank, will call them tomorrow and ask what is possible.

However, I read in news that Latvia wants to slowly close all non-resident accounts, so the danger always looms that they might close it later on. (Or maybe that HK company you know rented an office address / opened a branch in Latvia? Because branches are always OK everywhere in Europe)

 

[John Spectre]

I dont think this HK company have EU branch. Its simple shell company.

About closing non-res accounts its possible. My latvian bank close all abroad branches few monthes ago, so it looks like first step for it.

Risk of having latvian banking nowadays present for sure.
Not only by closing the account. For example my manager from cyprus bank said that they ban own clients if they work with latvian banks somehow(all latvian banks are in stop list from their words).

 

[Samuel Newman]

Norvik and Meridian in Latvia still accept such companies, but they may ask for rental agreement(in the country of incorporation)+labor contracts

Leupay and Paysera accept HK as well

Swiss CIM Banque may accept HK company without nominees

 

[Adrian1]

Volume is of this HK account is 1 million EUR/month.

I heard EMIs like Leupay/Paysera/Paxum will block this HK account in 1 week.

Swiss CIM Banque is terrible, I get stuck in never-ending bureaucratic processes, tried it already.

Where should I go?

 

[John Spectre]

Swiss CIM Banque is terrible, I get stuck in never-ending bureaucratic processes, tried it already

What is the exact issues with them?
Because you also could come to same issues with any other bank if the questions are from general business liat.

 

[Samuel Newman]

Volume is of this HK account is 1 million EUR/month.

I heard EMIs like Leupay/Paysera/Paxum will block this HK account in 1 week.

Swiss CIM Banque is terrible, I get stuck in never-ending bureaucratic processes, tried it already.

Where should I go?

there are no good banks with simple compilance nowadays

you may try Mauritius banks, which are really good (but not SEPA)

 

[negon]

Swiss CIM Banque is terrible, I get stuck in never-ending bureaucratic processes, tried it already.

seems you don't have made your home work nor do you have the company documents in place?

 

[Mark Rucken]

Volume is of this HK account is 1 million EUR/month.

I heard EMIs like Leupay/Paysera/Paxum will block this HK account in 1 week.

Swiss CIM Banque is terrible, I get stuck in never-ending bureaucratic processes, tried it already.

Where should I go?

What is wrong with CIM? They could ask for some additional corp documents or additional certification, but that can all be arranged for a fee or there is some other issue?

 

[Samuel Newman]

What is wrong with CIM? They could ask for some additional corp documents or additional certification, but that can all be arranged for a fee or there is some other issue?

it is rather difficult to open an account there
CIM prouds that it has only 10% success rate for corporate accounts

 

[myhand]

CIM prouds that it has only 10% success rate for corporate accounts

where did you read this? link, screenshot something?

 

[Mark Rucken]

where did you read this? link, screenshot something?

It could actually be true, but 10% from all inquiries that they get and I imagine they get a lot of requests for Seychelles, Belize, MI .... etc. and those are automatically rejected.

 

[Adrian1]

I read on this forum EMIs block after 100,000 EUR is reached. But 100,000 EUR is reached within 3 days for this HK company.
Is there any chance some EMIs can handle that if you pre-inform them and provide all info & docs in advance? Or will they block anyway? If they block and we rely on this account, it will be disaster.
====
We have all docs available, financial reports done until last year.
(The money doesn't stay there, no savings. Bills are paid immediately from incoming money, daily end balance is usually 30,000~50,000 EUR. But we can optionally work slower and keep a higher minimum balance for example 100,000 EUR if that helps.)

 

[Adrian1]

And is CIM bank supposed to be the easiest bank in Switzerland? Which bank is easiest in Switzerland? Or why is CIM bank popular on this forum?

 

[Adrian1]

What is the exact issues with them?
Because you also could come to same issues with any other bank if the questions are from general business liat.

CIM bank: application already pending for 9 months. Every other month or so a new question pops up, then we do home work, and answer, and wait again. They already have CV of UBO, bank statements of old bank, fin. reports until last year, apostilled docs incl PoA for staff members as signatory, even business plan / explanation / story of the concept etc.. Looks like they don't really want it. They don't tell us why.
Which docs does CIM bank usually ask? (for those experienced with them here?)

 

[Mark Rucken]

CIM bank: application already pending for 9 months. Every other month or so a new question pops up, then we do home work, and answer, and wait again. They already have CV of UBO, bank statements of old bank, fin. reports until last year, apostilled docs incl PoA for staff members as signatory, even business plan / explanation / story of the concept etc.. Looks like they don't really want it. They don't tell us why.
Which docs does CIM bank usually ask? (for those experienced with them here?)

Notarized passport and local ID and a full set of company documents Notarized and certified with Apostille. Nothing else for HK entities.