Cyprus Company Formation, Bank Account and fiscal residency

[rogert]

First post by me! Admin, not sure if this is the best thread, there seem to be several appropriate options. Please move if there is a more relevant one.

I'm seeking help establishing a company and bank account in Cyprus to financially manage an existing website business, in addition to becoming fiscally resident according to the new 60 day rule.

I've spoken to several 'agents' and have gotten to the point where they are refusing to answer proper questions unless they invoice me for their time. So far, I've just received generic information available all over everyone's websites, fee schedules and vague suggestions.

The most progress I've made so far is with AGP.

The problem and key factor seems to be the corporate bank account, due to the internet nature of my biz model, and so far I'm either told 'we can do everything for you except open the bank account' or I'm told I just have to pay the 1500 euro or so to incorporate and then 'see what happens'.

My time window is short (2 months) and I'm told August is pretty much a dead month on the island, so I have to make a careful choice about who to commit to, or I'll burn up my available time for no result.

I appreciate this forum may be rather biased towards OffshoreCorp (who I've emailed but still waiting for response), but would appreciate if anyone has experience with AGP if they can recommend them or warn about them.

Thanks
Roger

 

[rogert]

Oh, forgot to add and the 2 minute edit has expired...

I'll also be needing accountancy services and help with apt. rental for the residency application and future real estate purchases. I'm able to briefly visit the island (could be there in 2 weeks) to meet with potential firms if necessary.

 

[Martin Everson]

Pay those agents for their time if you want a proper answer as nothing in this world is free. You would not go to KPMG or PWC and ask for their time for free. Likewise you would not ask a lawyer to assess your case for free without paying a fee.

So here you are now wanting the information for free.

 

[rogert]

Hi Martin and thanks for your input.

OK, you seem to have a strong opinion, and in most part I agree with you - if I want advice, and only advice, I should, and do pay for it.

However, if I am looking to hire a firm for their advertised services I expect them to be able to explain exactly what they are offering and answer any questions I have in order to clarify that I understand them properly. I would expect the same from KPMG or PWC, and in fact I've had conversations with KPMG about potentially hiring them for tax planning and there was no hint a fee was required for making and clarifying such an enquiry.

I'm surprised at your response to be honest. I've done my homework about Cyprus and have a good idea of what I need. I'm here asking for recommendations for legit firms to work with, not for tax or business structuring advice. Did you misunderstand my post?

Usually, the point of a forum is free exchange of information and I've noticed a lot of posts here are requests for referrals and responses to that. Have I misunderstood the purpose of offshorecorptalk? Do i need to pay you for your recommendations of firms that you have experience of dealing with?

Kindly
Roger

 

[Martin Everson]

I hope someone other than myself is willing to respond to your post.

I just pointed out the obvious so don't shoot the messenger

 

[rogert]

Hi Martin

I'm sorry but I don't understand what you seem to think is obvious about my post that you are pointing out. I've explained my position which as far as I'm concerned is antithetical to your assertions - there's no 'shooting' of any 'messenger' intended.

I responded to you as someone who, by the forum badge displayed on your profile, seems to be in some standing here, suggesting that this forum is not a place to ask for advice or recommendations/referrals unless there is a willingness to make a financial payment for such information. I find that an odd position to take and not at all 'obvious' to anyone who has frequented online public forums before, or someone who is trying to select a firm with which to establish a long term and potentially quite costly relationship for a very serious reason.

I would love to hear from anyone who has experience with AGP because 3rd party ('unbiased') referrals are potentially very valuable when one is establishing new and remote relationships in differing cultures, however I'll most likely be proceeding with them within a day or two unless I don't hear a convincing reason not to

If things work out, I'll be happy to share my experience of the firm (and the process) for the benefit of other members here.... free of charge of course

Kindly
Roger

 

[Martin Everson]

Good luck

 

[rogert]

Thanks Martin

 

[JohnLocke]

I would expect the same from KPMG or PWC,

They are more than happy to answer any question you have and even do everything you say, they will just charge you for every single minute you are using of their very costly time which most often is charged at a rate of EUR 400 - 600 / hour !

So to expect any of the so called professional Agents around to answer lots and lots of questions without to pay a single Euro is naive, sorry to say so, you get what you pay for.

Anyway, @Martin Everson is of great help here on the forum, so a lot of other guys active here so you may be able to get the information you are looking for almost free.

 

[rogert]

You're wrong, on both of your opinions, and I already demonstrated that in my replies to Martin, which you have chosen to mostly ignore.

 

[negon]

You're wrong, on both of your opinions, and I already demonstrated that in my replies to Martin, which you have chosen to mostly ignore.

Maybe this is not the proper forum to ask such question since the only thing you get is the forum will be spammed with providers offering the services you request!

 

[rogert]

Hi Auric

it's ok, I've already realised that I fundamentally misunderstood the purpose of this forum.

I gave some background information and asked one simple question of the forum: a request for a recommendation or a warning from anyone with personal experience of a particular firm. The response has been quite telling.

I'd delete the thread if I could

Kindly
Roger

 

[Martin Everson]

I've spoken to several 'agents' and have gotten to the point where they are refusing to answer proper questions unless they invoice me for their time.

Just seeing your posts on this forum, I totally understand them now for taking this stance with you...lol.

 

[John Spectre]

Really I don't understand why did you accept this position against Roger.
He is clearly know structure of what his business must be, he spent some time with taking some knowledge about laws, rules, etc.
What is the problem in asking *correct* questions, at least for understand that potential firm could provide service at needed quality or know what it do? Is it need to pay hundreds of dollars for advertise itself?
International laws/business is not simple question, a lot of fraud or scammers in this market, who just take money and give a trash solution.
So it's a absolutely proper way to find correct people for help with.
Not to follow first proposal from the people who talk BS or give out trivial things for their deep specific knowledge.
It's a not a question about paying fees of few hours of consulting.
It's a question about how this business will work after this consulting.
In any way only Roger will be responsible for any penalties, constraints, or even crime court if he follow to illegal suggestions by those incompetent consultants.
Even this forum a full of questions about missing agents, solutions when agents was able to provide only part of service, etc. It's a all about competency and reliability.

 

[Martin Everson]

Really I don't understand why did you accept this position against Roger.
He is clearly know structure of what his business must be, he spent some time with taking some knowledge about laws, rules, etc.
What is the problem in asking *correct* questions, at least for understand that potential firm could provide service at needed quality or know what it do? Is it need to pay hundreds of dollars for advertise itself?
International laws/business is not simple question, a lot of fraud or scammers in this market, who just take money and give a trash solution.
So it's a absolutely proper way to find correct people for help with.
Not to follow first proposal from the people who talk BS or give out trivial things for their deep specific knowledge.
It's a not a question about paying fees of few hours of consulting.
It's a question about how this business will work after this consulting.
In any way only Roger will be responsible for any penalties, constraints, or even crime court if he follow to illegal suggestions by those incompetent consultants.
Even this forum a full of questions about missing agents, solutions when agents was able to provide only part of service, etc. It's a all about competency and reliability.

I don't think he is as smart as you give him credit for...lol. He said he spoke to KPMG and can't even work out that they offer global mobility service.

I didn't see anyone responding to his questions either...I wonder why...hummm. Feel free to answer them for him.