Going to Cyprus in 3 weeks, bank account opening help needed

[Zappat]

Hi! This is my first post in this forum and i do really need some advices from you guys.

I am currently operating a E-commerce and receiving incoming payments through Paypal. Therefore i need to open a Business account + Bank account in the same country, in order to make withdrawals from Paypal to the bank account (Paypal rules).

I recently came over this site, which seems to be the Holy Bible of offshore-planning AFTER i booked the flight-ticket to Cyprus. Now i realize this was maybe a bad decision to make.

If i do not manage to do this (as it seems):
* Which will be the best country to open up a business + bank account which is linkable with Paypal-funds?
- The annual fee's should not be too high, and it would be really nice to avoid bookkeeping if possible.

Seychelles, Dominica, or some other countries? Cheers!

Sincerely,
"Zappat"

 

[negon]

Why do you think that Cyprus was a bad decission. Take your flight there, speak with some agents around and ask them to help you to setup the company, bank account and even a Paypal account. It's way easier if you are there rather than try to do it remote!

Welcome to the forum

 

[Zappat]

Why do you think that Cyprus was a bad decission. Take your flight there, speak with some agents around and ask them to help you to setup the company, bank account and even a Paypal account. It's way easier if you are there rather than try to do it remote!

Welcome to the forum

Thanks!

I have red that the Central Bank of Cyprus is trying to get rid of the companies who is not actually performing in Cyprus. First i red it in this forum and afterwards i Googled it to confirm.

I have actually no problems with having no nominee's or so on, i will not actually perform in Cyprus but i do want to take advantage of the tax-benefits.

Do you happen to know which annual fee's i can expect from the banks in Cyprus?

Cheers!

 

[negon]

Well there is a monthly fee of EUR 50 that's all what I pay. And some small card payment fees but I don't really care about it.

 

[Zappat]

Well there is a monthly fee of EUR 50 that's all what I pay. And some small card payment fees but I don't really care about it.

Is this a normal fee or considered as a high/low? Do you possible know which banks are the best for E-commerce business?

 

[negon]

Well they are all the same when it comes to regular e-com biz. You need a good business plan in order to convience them to open an account. Ask your agent to help you with this part and you are good to go.

 

[TurnedToRobot]

You never got back here to give your feedback or to let us know if this was going to work for you or if you found alternative banking?

 

[JimBeam]

I have a company in Cypruss, VAT registered, BoC bank account. All taken care of remotely (without traveling to Cyprus).

Bank monthly fee is 50 EUR/month + 6 EUR/moth for "printing statements or something" + 750 EUR/YEAR (charged this year only not in previous years) for "yearly account audit" or something like that.


Also have you considered setting up a Estonian company. Check website leapin.eu - I have not personal experience with this but seems easier to setup and much cheaper to maintain compared to Cyprus. It's kind of built for people working online and you might have less problems with banks etc...

 

[Mark34]

If I can ask what firm is doing your audit for 750eur/year? Thanks.

 

[JimBeam]

That was for the bank account audit (these €750) not for accounting + audit.

The accounting and auditing for previous year have costed me €2.200 + VAT = €2.640

 

[TurnedToRobot]

The accounting and auditing for previous year have costed me €2.200 + VAT = €2.640

yeah that's more like the rate they charge in Cyprus for this type of work.

 

[JohnLocke]

if you want bank account i cyprus you need fisical office and 1 employee, means 1000 eur a mounth, no way around
alll rest is non sense , and you need reliable business plan , and for each operation you need invoice trasport docs verifiable
in other words a real nightmare, beware of people on this forum try selling cheap cy company , is just toilet paper, you will end up with no bank account at the ened

That's your opinion and not true. Your post is in need of more information and can't be taken serious. Sorry to say so but you need to elaborate your post a whole lot.

Sorry guys, had to remove and BAN this guy!

 

[AMD]

OP you got your account ever setup?