BVI Company, But No Banking (Russia)

[inector]

A friend of mine has a company that does logistics. He is involved in trade with Russia.

He has a few companies in those offshore areas like BVI, Cayman, etc.

But he struggles with banking.

Moldovan nationality.

Considering the Russia part, where can he set up operating company?

 

[Sols]

Pick a territory that's neutral or friendly towards Russia. Turkey, UAE, and Kazakhstan were the initial places business went to. Things have cooled down there now and it's harder than ever for Russians to start/move businesses there and open bank account. Same goes for Malaysia, Hong Kong, and so on. But those are the kind of places you'd probably need to work with.

 

[wellington]

Problem you have, logistics wise, sometimes these companies are used to transport goods to Russia which is dual purpose.

The US routinely indicts persons for this, and in the case of shipping they detain and extradite individuals (see Persian gulf recently).

So risk is very high... banking wise.

 

[inector]

for Malaysia, Hong Kong

If he goes for this Asian route - how can he send payments to Russia?

In Kazakhstan I believe it would be possible, any bank advice?

 

[baltic7]

Pick a territory that's neutral or friendly towards Russia. Turkey, UAE, and Kazakhstan were the initial places business went to. Things have cooled down there now and it's harder than ever for Russians to start/move businesses there and open bank account. Same goes for Malaysia, Hong Kong, and so on. But those are the kind of places you'd probably need to work with.

Turkey and UAE are blocking transactions with Russia. Kazakhstan more soon than later.

 

[Sols]

If he goes for this Asian route - how can he send payments to Russia?

In Kazakhstan I believe it would be possible, any bank advice?

Turkey and UAE are blocking transactions with Russia. Kazakhstan more soon than later.

Last I heard, transactions in western/major international currencies (USD, EUR, GBP) are blocked but local/regional currencies still work. There is a lot of extra scrutiny, though, and in many cases involve multiple currency swaps.

 

[baltic7]

Last I heard, transactions in western/major international currencies (USD, EUR, GBP) are blocked but local/regional currencies still work. There is a lot of extra scrutiny, though, and in many cases involve multiple currency swaps.

https://ura.news/news/1052734849
It's in russian, but UAE start to close bank account of russians in UAE. Trnansfer from UAE to Russia, literally don't works.

My girlfriend is russian (with estonian passport), her cousin in Turkey blocked.

Kazakhstan is the way right now, but in few days they will start to close and frozen money too.

There will not be a single country where Russians can go en masse to open bank accounts. The United States simply threatens these countries by leaving them out of the banking system and they have no choice but to give in.

The most intelligent Russians escape from typical destinations such as UAE, Turkey, Kazakhstan or Thailand, and carry out operations from countries that are less attractive to everyone's eyes.

Sooner or later, Russia will be isolated like Cuba, Venezuela or Iran.

 

[Forester]

In Kazakhstan I believe it would be possible, any bank advice?

E.g. Jusan Bank is probably advisable; they even have seemingly a quite clever agent around here, @EasyAcc I guess – make a search...

Turkey and UAE are blocking transactions with Russia.

Not true. Only partially / sometimes, especially in USD. Local currencies seem to work.

Kazakhstan more soon than later.

Well, we will see...

It's in russian, but UAE start to close bank account of russians in UAE.

It's a myth. Yes, something happened but it's not common. Well, never heard about Ura.news (that's not a surprise as I do not follow Russian media) so I cannot say how trustful is this source... some media agency from Ekaterinburg, I see. Generally, any media information related to Russia should be read very carefully.

There will not be a single country where Russians can go en masse to open bank accounts.

Probably not but they do not need to do it. En masse.

The most intelligent Russians escape from typical destinations such as UAE, Turkey, Kazakhstan or Thailand, and carry out operations from countries that are less attractive to everyone's eyes.

Or from the countries that are not much US friendly anyway.

Sooner or later, Russia will be isolated like Cuba, Venezuela or Iran.

I do not expect it to happen.
Do not overlook that countries like China and India do not care much what is Uncle Sam's opinion.

@inector : In addition to above named, your friend can consider Latin America. Some countries there are very suitable for this task. More evt. in PM if you like.

 

[Dictator]

There will not be a single country where Russians can go en masse to open bank accounts. The United States simply threatens these countries by leaving them out of the banking system and they have no choice but to give in.

When precisely "there will not be"? Give me a time frame.

And let's make a deal for $100k if you're so certain. Are you or not? If not, then make a remark that that's what you foresee, your opinion and nothing more.

Sooner or later, Russia will be isolated like Cuba, Venezuela or Iran.


I do not expect it to happen.
Do not overlook that countries like China and India do not care much what is Uncle Sam's opinion.

But that stament isn't expected to predict what will happen. But what @baltic7 wants to happen, to demonstrate to others his opinion.

 

[baltic7]

When precisely "there will not be"? Give me a time frame.

And let's make a deal for $100k if you're so certain. Are you or not? If not, then make a remark that that's what you foresee, your opinion and nothing more.

Of course, is just my opinion. I don't have the absolute truth in anything in life. Don't be offended.

P.D: You are very wrong if you think that i want this situation happens. But you win.

 

[Helkins]

There is ways to do it.

I'm currently in Moscow and have been discussing this topic for my businesses.
What we're doing now is we have non resident bank accounts of our foreign companies in Russia and also we do internal settlements between non resident companies here and also in China and Hong Kong.

It's actually very straightforward and easy to set everything up here, just need to visit the place.

 

[clemens]

You need connections in Moscow to not get killed as a successful business man right?

 

[Helkins]

You need connections in Moscow to not get killed as a successful business man right?

Contrary to the western belief Moscow is one of the safest places on earth. I've been doing business with Russians since 2015 and never faced security problems.

 

[Legal]

A friend of mine has a company that does logistics. He is involved in trade with Russia.

He has a few companies in those offshore areas like BVI, Cayman, etc.

But he struggles with banking.

Moldovan nationality.

Considering the Russia part, where can he set up operating company?

If UBO has residency outside of Russia here is lot of opportunities for him, if no residency outside of Russia then no chance.

 

[clemens]

If UBO has residency outside of Russia here is lot of opportunities for him, if no residency outside of Russia then no chance.

what opportunities if a Russian has residency outside of Russia? You mean same as for instant an EU citizen?

 

[inector]

what opportunities if a Russian has residency outside of Russia? You mean same as for instant an EU citizen?

Almost, there is rarely restrictions based on citizenship. They are rather on residency.

 

[Forester]

Contrary to the western belief Moscow is one of the safest places on earth. I've been doing business with Russians since 2015 and never faced security problems.

Yes, I believe you. It's 2024, not 1994.

Almost, there is rarely restrictions based on citizenship.

Except of political pressure at many institutions.

 

[Legal]

what opportunities if a Russian has residency outside of Russia? You mean same as for instant an EU citizen?

Minimum 5 Bank and EMI will onboard such clients.

 

[clemens]

Minimum 5 Bank and EMI will onboard such clients.

mind to mention one or two ? your posts make no sense otherwise?

 

[Jorakornev]

Energbank from Moldova operates freely with Russian banks, check with them for a solution.