Cyprus company with Bank account

[AHK84]

Hi all,

Hope everyone is doing well and in good health, I have enquired about the subject matter before going Ill, so am asking again basically am looking for a cheap option to register 2 holding companies in Cyprus with bank accounts.

More about me am a UK Citizen but reside in the UAE, the first holding company would be owner of 2 UAE and 1 Delaware company, the second Holding company will own 1 UAE company, I have been quoted 1300 EUROS for company setup including registered address and nominee secretary however the same provider does not offer bank account assistance.

I know there are a few providers of company formations here on this forum if you can provide a quote based on the above information it would be appreciated, if it helps the process with the bank account opening I am able and willing to fly to Larnaca for a couple of days if the banks want to meet me.

Any help or advice is most welcomed and appreciated, should you have any questions or concerns please either ask them here or via DM, many thanks again and look forwards to hearing from you all soon.

 

[algotrader]

Do you have a residence with utility bill in your name in Cyprus? If not, it might be difficult. The price seems low but be carful!

Two years ago, I formed a LTD company for trading with a large CSP in Cyprus specialized on German clients that had very good ratings by customers and "TÜV certificate". They offered the setup for 2,650 EUR with bank account opening assistance. They told me that I could run it offshore without residence in CY and with myself registered director and UBO and that I would be able to open corporate bank accounts with that setup.

Once I had transferred 2650 EUR + 3,850.00 EUR (1 year accounting w unlimited bookings) excl. VAT they told me suddenly that I would need to have my residence in CY to proceed or use their "trust services". I thought they would appoint a nominee director and I made clear on the instruction sheet that I wanted to be director and UBO. However, instead they formed the company solely with a third party director and third party company registered as UBO. They gave me then a "trust deed" which gives me the right to transfer the ownership to myself. The appointed director of that company also gave me a PoA to open a bank account on behalf of that company. I tried myself with a few EMIs but needless to say that none of them accepted the PoA.

So far, I have spent more than 10k for that inactive company which I couldn't use. My understanding is that I will first need to rent an apartment with utility bill there to be able to open bank accounts. I won't accept any structure in which a third party could potentially have access to my company accounts.

 

[MiltonStone]

You want to speak with the 3 people from Cyprus around here @CyprusLaw @CyprusLawyer101 and one more I don't remember.

 

[CyprusLaw]

You want to speak with the 3 people from Cyprus around here @CyprusLaw @CyprusLawyer101 and one more I don't remember.

Many thanks Milton!

@AHK84 I will send you a PM