Best reason to tell the bank why I am sending money to my onshore company?

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by Yaneek, May 17, 2018.

  1. Yaneek

    Yaneek Building Trust Entrepreneur

    I need to close my offshore company this month.
    I still have $ in my bank account.

    My bank (from Cyprus) became very strict and they are asking for proof for each transaction I make.
    Last time I sent them an invoice and they asked for a more detailed invoice with more info.

    What would be the best reason to tell them when I want to transfer the $ from my offshore to my onshore company.

    My onshore company contains my name so they will know it's me.

    If I tell them it's consultancy, then they will ask for more info. Also $ is too much money for 1 month of consultancy.

    What should I do? What is the most acceptable answer?
    negon likes this.
  2. vebipayments

    vebipayments Member

    I am facing the same problem
  3. negon

    negon hannibal the cannibal Mentor Group Business Angel

    Why don't you say you are selling digital / web services, it's normal to sell some sort of software or license or something for high amounts.
  4. Uillians

    Uillians Member

    Say that you want to withdraw 100% of your money for private reasons (I did not see any bank request proof of service for personal reasons)
  5. Yaneek

    Yaneek Building Trust Entrepreneur

    And if they ask for proof what do I show them?
    I could sell a legit website which is actually worth that much. Do you think that will work?
  6. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Just send them a resolution of dissolution signed by yourself. This is a non-issue
  7. Yaneek

    Yaneek Building Trust Entrepreneur

    Can you tell me what happens in this case? They won't ask for any documents and will send it wherever I want?

    Can I solve this myself or do I have to get my nominee director to sign it as well?
  8. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    negon likes this.
  9. Yaneek

    Yaneek Building Trust Entrepreneur

    Awesome thanks. You are really helpful.
    My bank does not accept wires to crypto exchanges. Do you think they will allow this transfer to a crypto exchange if I send them this Resolution?
  10. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    I doubt it as they will want to do a first party wire to an account in shareholders name as given in resolution. You can for example open an account with Mistertango or any EMI and have funds sent there before later moving them onwards.
  11. Yaneek

    Yaneek Building Trust Entrepreneur

    I just found out that my account is frozen. So I cannot do any wires or payments or withdrawals with the card. Wow this really sucks.
    @Martin Everson : Any info you give me helps a lot. I am very desperate and afraid atm.

    Please tell me (or anybody else) if I should transfer it to a mistertango personal account? They will 100% ask what this money is for. What do I tell them? What papers do I show them?

    Also how will the Mistertango wire be different from a personal bank account wire? What are the advantages?
  12. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Mistertango is effectively same as personal bank account, it is just the account is held with an EMI rather than a bank.

    You need to find reason they froze it and work with bank to see what they need. If you were up to any fishy business you may have problems.
    blueweb likes this.
  13. blueweb

    blueweb Corporate Services Mentor Group Business Angel

    I can't see any advantage of doing so.