Euro pacific bank - reliable, safe or no

[Sols]

Well, the extreme would be closure of account, especially if you have no economic activity in or commercial ties to Singapore.

Other than that, they might ask to see detailed invoices for ever transaction you do and hold/freeze funds if they find you suspicious.

Marshall Islands are used disproportionately for criminal activities (fraud, money laundering). It's on almost every bank's list of high-risk jurisdictions.

 

[BTCNG]

Thank you @Sols can you give me an example of that problems I can run into in the future, when there will be a compliance review?

thank you

For Marshall Islands - they have introduced a new law for Economic Substance. If you will not have staff, Headoffice etc. there they can fine you (50K$ or 100K$):

New offshore Economic Substance Laws – Implications for Hong Kong companies of new Economic Substance Laws in the Cayman Islands and the British Virgin Islands | CGJ HKCGI

Eugene Yeung, Director, and Johnson Tee, Senior Manager, Corporate Tax Advisory practice of KPMG China, overview the new Economic Substance Laws and explain how regulatory changes in the Cayman Islands and the British Virgin Islands impact Hong Kong businesses with holding companies in those...

csj.hkics.org.hk

This applies also on MANY other tax-haven jurisdictions (and those that didn’t not introduce it are BLACKLISTED by the EU).

For Singapore banking - they are closing accounts also for LOCAL companies.

Singapore steps up scrutiny of shell firms to combat money laundering

Singapore's central bank is raising its guard against money launderers increasingly using onshore shell companies to mask their transactions, a senior official said.

www.reuters.com

For offshore companies, I got the information they are sizing down the exposure so it is a matter of time until they will close your account (IF you will manage to open it), so think twice before you travel to the other side of the world for that (and travelling is a MUST. no way for opening a bank account from distance).

VERY difficult times... I know...

 

[JackieTsan]

I had no idea of that when I was opening the company in marshall.
But my company will be clear and providing some specific items. I have no issue to send them the invoices in every transaction.

In any case will I have risk they freeze my money and I will lose them? Or they will just tell me we close the account take your money out (which is a fair approach).

Thank you

For Marshall Islands - they have introduced a new law for Economic Substance. If you will not have staff, Headoffice etc. there they can fine you (50K$ or 100K$):

Oh I had no idea of this. What i need to do now?

For offshore companies, I got the information they are sizing down the exposure so it is a matter of time until they will close your account (IF you will manage to open it), so think twice before you travel to the other side of the world for that (and travelling is a MUST. no way for opening a bank account from distance).

Yes this is a risk but my company is ok and doing specific things so I don't see reason not to get it approved

 

[BTCNG]

Oh I had no idea of this. What i need to do now?



Yes this is a risk but my company is ok and doing specific things so I don't see reason not to get it approved

If your company is inactive, I think the economic substance law is irrelevant (but you need to check the law).

I would advise to dump the Marshall Islands company and get a good (paid) consultant.

 

[JackieTsan]

But this says regarding hong kong, yes?

The company is still inactive and new. So that I payed is a complete loss and leave it like that? They are asking a lot to close it immediately.

Am I in danger?

Thanks

 

[BTCNG]

But this says regarding hong kong, yes?

The company is still inactive. So that I payed is a complete loss and leave it like that? They are asking a lot to close it immediately.

Am I in danger?

Thanks

The Marshall Islands passed a low on Economic substance.
For all the rest - you need to ask a professional.

 

[JackieTsan]

where can i find a payed professional to ask all the details? can you please suggest me? thank you

For Marshall Islands - they have introduced a new law for Economic Substance. If you will not have staff, Headoffice etc. there they can fine you (50K$ or 100K$):

New offshore Economic Substance Laws – Implications for Hong Kong companies of new Economic Substance Laws in the Cayman Islands and the British Virgin Islands | CGJ HKCGI

Eugene Yeung, Director, and Johnson Tee, Senior Manager, Corporate Tax Advisory practice of KPMG China, overview the new Economic Substance Laws and explain how regulatory changes in the Cayman Islands and the British Virgin Islands impact Hong Kong businesses with holding companies in those...

csj.hkics.org.hk

This applies also on MANY other tax-haven jurisdictions (and those that didn’t not introduce it are BLACKLISTED by the EU).

I am not an accountant, but as I read this is talking for other comjpanies that hold/ are holding to other companies etc.

I am talking about a Limited company that is a personal company which invoices services etc, having a local Director, and me as shareholder. Is this illegal if I declare in my tax country the income from this company? And if yes, why it is illegal?

Thank you

@Martin Everson what about CAYE INTERNATIONAL BANK in BELIZE or BANK ONE LIMITED in MAURITIUS ? Are they same to EPB?

 

[Martin Everson]

@Martin Everson what about CAYE INTERNATIONAL BANK in BELIZE or BANK ONE LIMITED in MAURITIUS ? Are they same to EPB?

Don't know about Bank One Limited yet but avoid Caye Bank like the plague now. They change correspondence banks like underwear. Now they are using a UK EMI to process payments in and out.....lol. Look at their wire instructions below. They might as well throw their banking license in the bin...its now a joker bank at end of road.

Wire Transfers | Caye International Bank

We have developed strong international correspondent banking relationships over the years, which have made wire transfers for bank customers easy, fast and secure.

www.cayebank.bz

 

[JackieTsan]

what a dirt i'm involved in. I should have listen to you @Martin Everson and stay far from offshore.

are these true? do i have problem with those? :

New offshore Economic Substance Laws – Implications for Hong Kong companies of new Economic Substance Laws in the Cayman Islands and the British Virgin Islands | CGJ HKCGI

Eugene Yeung, Director, and Johnson Tee, Senior Manager, Corporate Tax Advisory practice of KPMG China, overview the new Economic Substance Laws and explain how regulatory changes in the Cayman Islands and the British Virgin Islands impact Hong Kong businesses with holding companies in those...

csj.hkics.org.hk

Thank you

 

[Martin Everson]

are these true? do i have problem with those? :

are these true? do i have problem with those? :

Yes it is largely true and old news now. It was a project of EU....sorry OECD to shutdown shell company activity across the offshore world via an aggressive practice of "Do what we say or we will blacklist your country". I touched on subject in many threads months ago i.e

AEOI CRS - BVI > AUS

Hi guys, My business partner and I (Bahrain resident) are planning to incorporate a BVI company and BVI corporate bank account. My business partner being an Australian citizen is concerned how the AEOI CRS policies will affect his Australian tax liability status. As far as I know BVI does not...

www.offshorecorptalk.com

Dominica and tax status for IBC’s

Hi all, I notice this recently... see further down below. I'm Interested to know if this is now the case as Dominica was one of the countries I was considering when setting up my offshore company. Does this mean any company registered since Jan 2019 is now liable for 25% tax on income from...

www.offshorecorptalk.com

Transferwise Business Account - Belize Company - USD wire bank details

Seychelles is it a best solution for TransferWise? I don't think they like offshoring

www.offshorecorptalk.com

Some islands have not ratified these new laws but will have too. It is not something that just appeared but a calculated plan by EU to kill shell company activity. The next stage they will plan will make it almost impossible or not worthwhile to hold a company outside your country of residence if you live in EU. I have been banging on that people must plan to relocate quickly else you will be trapped with exit taxation etc and all kinds of new stuff.

 

[JackieTsan]

Hi @Martin Everson i don't undertstand what is this. And there will be penalty to company owners 50K$ - 100K$ as somebody wrote? what is the issue?

Regarding the exit taxation, what do you mean? please clarify

Thank you

 

[JohnLocke]

FBME

I remember FBM E very well, it was awesome with the nameless debit card they offered.

 

[joseph15]

Don't know about Bank One Limited yet but avoid Caye Bank like the plague now. They change correspondence banks like underwear. Now they are using a UK EMI to process payments in and out.....lol. Look at their wire instructions below. They might as well throw their banking license in the bin...its now a joker bank at end of road.

Wire Transfers | Caye International Bank

We have developed strong international correspondent banking relationships over the years, which have made wire transfers for bank customers easy, fast and secure.

www.cayebank.bz

It seems like that all the banks that offer "remote opening" suck like Caye, EPB, etc. do you know any good ones in any non-euro jurisdiction? Maybe ABC bank in mauritius? But don't know if they offer remote openings to be fair

 

[JackieTsan]

Guys I am extremely confused.
I don't understand anything.

@Martin Everson according to what you send me, an Offshore (marshall) with a singapore bank account is ok, right?

What is this New offshore Economic Substance Laws – Implications for Hong Kong companies of new Economic Substance Laws in the Cayman Islands and the British Virgin Islands | CSJ HKICS
a guy in this forum said that will be a penalty to companies 50$K to 100K$ if not having local office, employes etc. Is this true?

Thank you

 

[Spinat]

a guy in this forum said that will be a penalty to companies 50$K to 100K$ if not having local office, employes etc. Is this true?

What guy told you this?

 

[JackieTsan]

What guy told you this?

please look earlier at this post, page 3 post by @BTCNG

is this true?
thank you

 

[Martin Everson]

Hi @Martin Everson i don't undertstand what is this. And there will be penalty to company owners 50K$ - 100K$ as somebody wrote? what is the issue?

You mean for Marshall Islands penalty? Then looks that way for certain businesses see page 4-5 and for penalties page 10. But see if your business type is covered firstly which I doubt.

https://www.register-iri.com/wp-content/uploads/Economic-Substance-Regulations-2018-courtesy-copy-published-by-the-Registrar-of-Corporations-through-29-August-2019-amendments.pdf

Not sure if the above is the best guidance notes so don't shoot me....lol.

Marshall Islands removed from EU blacklist; economic substance guidelines forthcoming

On October 10, 2019, the Marshall Islands was removed from the European Union’s blacklist of non-cooperative jurisdictions for tax purposes.

www.wfw.com

Regarding the exit taxation, what do you mean? please clarify

See my posts in other threads about exit taxation. Right now its applied to high values companies moving abroad. But in some countries like Poland to they apply it to individuals over a certain threshold moving abroad as I posted on another thread...lol.

 

[Martin Everson]

do you know any good ones in any non-euro jurisdiction? Maybe ABC bank in mauritius? But don't know if they offer remote openings to be fair

Yes ABC Mauritius is a serious bank has been around for a while, publishes its finances on website. It also has serious correspondence banking relationships.

You just need to look at who their correspondence banks most of the time and if you see i.e MisterTango or CurrencyMatters rather than i.e Citibank or Barclays then that.....tells you also need to know .

 

[JackieTsan]

@Martin Everson I'm very stressed and confused now.

According to this I will have penalty!

I am not having there employees etc I have only a director and I'm the shareholder.

My business is it related services and online services (nothing illegal business wise).

So I need to close it then?

Thank you

 

[Martin Everson]

My business is it related services and online services (nothing illegal business wise).

So what does your business activity fall under on page 4-5 section 3? Or are you worrying about nothing?

You mean for Marshall Islands penalty? Then looks that way for certain businesses see page 4-5 and for penalties page 10. But see if your business type is covered firstly which I doubt.

https://www.register-iri.com/wp-con...rations-through-29-August-2019-amendments.pdf