Can I open Business bank account in Cyprus?

[Syrup]

Hello. I have a US LLC in Wyoming and I need Business bank account for my LLC. But I can't go to another country to open bank account. I heard Cyprus is not require visiting bank to open account by using service. And low or no minimal deposit and initial deposit. I'm living in Asia.

 

[diablo]

You just need to find an introducer which isn't difficult to find in order to open a Cyprus bank account.

Anyway, what business are you into ?

 

[Syrup]

Thanks diablo.
If I find introducer and open bank account how much money I need. I need to knoe average fee about introducer service.

I am running a blog. There is no illegal thing. But I form LLC to prevent lawsuit about my blog's content. My country can punish me if I write a post that real but someone didn't want to spread. So I need Business bank account to protect and seperate LLC's asset and my identity. As you know Wyoming protect LLC owner's information.

 

[Martin Everson]

What country are you from?

If you are from certain countries you are wasting your time trying to open an account.

 

[Syrup]

I'm living in South Korea. I think South Korea has no problem to open bank account.

 

[Martin Everson]

Yeah your countries fine.

You can try a Cyprus Law firm like Dame Law. I don't have any experience with them though. They offer US LLC's and seem to work with several Cyprus banks.

May be worth just setting up new company, nominee, account opening with them. As courioring, notorizing documents etc could get expensive.

 

[Syrup]

Yeah your countries fine.

You can try a Cyprus Law firm like Dame Law. I don't have any experience with them though. They offer US LLC's and seem to work with several Cyprus banks.

Delaware - www.damelaw.com

May be worth just setting up new company, nominee, account opening with them. As courioring, notorizing documents etc could get expensive.

Thanks. I'll find Law firm like that.

 

[JohnLocke]

Cyprus will work pretty fine for you, depending on what business you are into.

 

[Syrup]

Cyprus will work pretty fine for you, depending on what business you are into.

My LLC in US currently manage my private blog.

 

[Samuel Newman]

it is a problem to open foreign account for US LLC nowadays
US LLC is a good choice for non-US business
we usually provide bank accounts in Florida for US LLC
for example, in TD Bank or Morgan Chase

 

[JohnLocke]

Well, even you are Mentor Group member it's not allowed to mislead nor run a hidden advertising campaign.

There is NO problem to open a Cyprus bank account for a Delaware LLC nor for any other US company. I know a lot of people that have done this also this year.

Hope it's clear!

 

[Syrup]

it is a problem to open foreign account for US LLC nowadays
US LLC is a good choice for non-US business
we usually provide bank accounts in Florida for US LLC
for example, in TD Bank or Morgan Chase

Sadly, I'm not US citizen. So I have to go to US to open bank account. But I can't. And Wyoming LLC allow to use non-us bank account maybe not a problem. Of cource, I want to use US bank account. But it takes too much time for me. So I was pick Cyprus bank acvount because it doesn't require visiting Cyprus or branch by using introducer service.

 

[Martin Everson]

Keep in mind you want to open an account for a shell company i.e one with no real presence in US. Sooner rather than later all shell companies will be cracked down on. You will soon be forced to prove the company has an operating presence in the company it is incorporated in or it will be transparent for tax purposes (i.e taxed like local company).

 

[Syrup]

Keep in mind you want to open an account for a shell company i.e one with no real presence in US. Sooner rather than later all shell companies will be cracked down on. You will soon be forced to prove the company has an operating presence in the company it is incorporated in or it will be transparent for tax purposes (i.e taxed like local company).

Thanks. But I am doing business via Wyoming LLC like managing my Wordpress blog.

 

[globalconsultancy]

Keep in mind you want to open an account for a shell company i.e one with no real presence in US. Sooner rather than later all shell companies will be cracked down on. You will soon be forced to prove the company has an operating presence in the company it is incorporated in or it will be transparent for tax purposes (i.e taxed like local company).

It's unlikely. The US authorities already get everything they need on US tax residents from FATCA information exchanges. Why bother trying to figure out who owns what in a complicated corporate structure when you can go straight to the weakest link - the bank account? If a foreign entity operates a US LLC and uses US bank accounts, the IRS generally doesn't care about them.

 

[Martin Everson]

It's unlikely. The US authorities already get everything they need on US tax residents from FATCA information exchanges. Why bother trying to figure out who owns what in a complicated corporate structure when you can go straight to the weakest link - the bank account? If a foreign entity operates a US LLC and uses US bank accounts, the IRS generally doesn't care about them.

I think you missed the point. I am not referring to the US cracking down. I am referring to governments outside the US cracking down. If you operate a US or for a matter of fact any offshore company with no physical presence in the country it is domiciled then expect tax problems. They will be become transparent for tax purposes as place of operation (directors residency or place of significant control) is all the matters to certain authorities today. You would need to check carefully the text of any DTA in place and get professional advice.

I have not met a single person that has set up a US LLC that has any clue what they are doing. 99.9% have read a blog or spoken to a quack opaque CSP and that good enough for them to go ahead because the price is cheap :-(

 

[Samuel Newman]

We are the direct business intermediary of Bank of Cyprus, can provide account opening services to companies or physical person, provided the purpose of bank account are well descripted and also well understood by us and the bank. For example your business scope, counterparties, revenue, source of funds etc... Nowdays the bank spend more efforts on the KYCs to eleminate the AML risks...

No personal visit is required, however apostille documents are needed if you can/do not want provide in original, particularly your passport, in some cases we would advise the easiest way to do it.

50% of users on the forum are direct business intermediaries of Bank of Cyprus

 

[Syrup]

We are the direct business intermediary of Bank of Cyprus, can provide account opening services to companies or physical person, provided the purpose of bank account are well descripted and also well understood by us and the bank. For example your business scope, counterparties, revenue, source of funds etc... Nowdays the bank spend more efforts on the KYCs to eleminate the AML risks...

No personal visit is required, however apostille documents are needed if you can/do not want provide in original, particularly your passport, in some cases we would advise the easiest way to do it.

I will manage my blog by forming LLC. And share some softwares and upload application to Google Play. Revenue may caused by Adsense and other Ads. I want to open Cyprus bank account. Because US banks need to visit because I'm not a US citizen.

 

[Banker89]

Sadly, I'm not US citizen. So I have to go to US to open bank account. But I can't. And Wyoming LLC allow to use non-us bank account maybe not a problem. Of cource, I want to use US bank account. But it takes too much time for me. So I was pick Cyprus bank acvount because it doesn't require visiting Cyprus or branch by using introducer service.

It is also possible in USA to open accounts without having to go there. You need to go through an introducer and fees are usually higher than Cyprus for the set-up. However once you are there the wire transfers in US are much cheaper and they do not ask you for paperwork for each transaction like Cyprus banks do now.

(And for the record my company is also a direct introducer to Bank of Cyprus

 

[Syrup]

It is also possible in USA to open accounts without having to go there. You need to go through an introducer and fees are usually higher than Cyprus for the set-up. However once you are there the wire transfers in US are much cheaper and they do not ask you for paperwork for each transaction like Cyprus banks do now.

(And for the record my company is also a direct introducer to Bank of Cyprus

Really? I heard US didn't allow open bank account without visit after 201x.