EU bank account for Cyprus resident company

[metronic]

Hey everyone,

I run a social media marketing platform and am currently a non dom in Cyprus with my LTD also being a resident here. I have a few EMIs but I also heard some have bank accounts for their Cyprus company in other EU countries. I am wondering what the process and requirements are to let’s say set up a corporate bank account in Germany/austria etc. any tips and recommendations of banks are also very welcome

all the best

P.s.: if I posted this in the wrong section , admins feel free to move it.

 

[Gediminas]

a corporate bank account in Germany/austria etc.

Probably most of the time they will be resident in Germany/Austria/etc.

For a regular guy, it would be too hard to open an account in the EU country for the offshore company (a legal entity incorporated in a jurisdiction outside of your home country).

 

[metronic]

Probably most of the time they will be resident in Germany/Austria/etc.

For a regular guy, it would be too hard to open an account in the EU country for the offshore company (a legal entity incorporated in a jurisdiction outside of your home country).

Got it , not sure in the cases I heard if they are. I am a EU citizen if that helps maybe ? Or would it be easier to just get substance in another EU country with employees and be a non dom yourself to get the dividend benefit ?

 

[Gediminas]

Or would it be easier to just get substance in another EU country with employees and be a non dom yourself to get the dividend benefit ?

Since you got an EMI account for your company already, why do you want to complicate things?

Of course, it is very important to have a relationship with a trustworthy financial institution that is business-oriented. If you have that, you should not worry about it.

 

[metronic]

Since you got an EMI account for your company already, why do you want to complicate things?

Of course, it is very important to have a relationship with a trustworthy financial institution that is business-oriented. If you have that, you should not worry about it.

Ok sounds good, was just asking since I am fully sure or have experience with of how stable are EMIs. Thanks for all the info btw

 

[CyprusLaw]

Hey everyone,

I run a social media marketing platform and am currently a non dom in Cyprus with my LTD also being a resident here. I have a few EMIs but I also heard some have bank accounts for their Cyprus company in other EU countries. I am wondering what the process and requirements are to let’s say set up a corporate bank account in Germany/austria etc. any tips and recommendations of banks are also very welcome

all the best

P.s.: if I posted this in the wrong section , admins feel free to move it.

What about Cyprus banks? Have you tried opening a bank account in a Cyprus bank?

 

[metronic]

What about Cyprus banks? Have you tried opening a bank account in a Cyprus bank?

Not yet but I heard that the process is hectic especially in my business category

 

[CyprusLaw]

Not yet but I heard that the process is hectic especially in my business category

They take their time, but as long as you satisfy their KYC you will be ok. Avoid smaller banks as they are more reluctant to onboard this kind of business.

 

[glengoolie]

I was asking about this my bank, which is my broker, in Czechia, since I was pondering the idea of incorporating in Cyprus and using the company to trade equities instead of my current personal account. Their response was that will not open up a bank account(you need ba and then they can open up a trading account) for offshore companies, but what they meant was simply tax heavens. Cyprus was not banned, since it is in EU anyway. To open up the bank account for a company, you will need to provide the standard documentation like incorporation certificate, tax id, info director(s)(should be you), what type of business you do and so on. The bank has internal list of banned countries, on top of tax heavens and EU blacklisted countries but there is no way they would not open up a bank account for company from EU so nothing to worry about. Teey also won't open up bank account for certain types of businesses, which surprised me. They listed crypto, online gambling, forex, binary options, contracts on demand, weapons and financial services(money transfer, card issuers...). They will also want info on the directors, as I have said. If it is you, just you, yourself and your id or passports.

You will have to get the documents translated by accredited translator and approved by notary.

Anyway, you have to talk with the bank and they will specifically tell you what you need to do and which documents they will require. Then you can go there and set it up. Although they said that they will still need to go over these documents and make a decision so providing the documents is a requirement but not a guarantee they will take you in as a client.

So the first step is to pick a country and a bank, and send them enquiry and explain your business and ask what they would need from you. Not much else to it.