Limited Partnership LP/LLP Business Bank Account?

zeytin

Active Member
Hi,

Is it possible to open an offshore bank account for a Canadian LP or LLP company? It is a limited partnership so it isn't an LLC or Limited company. Some locations in Canada don't require an audit or paying corporation taxes for your LP/LLC and it makes it ideal for some people. I've heard that they won't open a bank account in Canada unless you can show some ties to Canada for your business (I don't, my income is not from Canada either).

Transferwise might work but I don't want to invest 2000 USD for something might work and then I'm left with zero bank accounts. I prefer to have alternatives like TW + Some other bank account when things go sideways with TW.

Thank you.
 

Gediminas

Offshore Tax Advisory
Business Angel
Mentor Group
Commercial Service
Hi,

If I understood you right, you want to establish a Canadian company and get a trustworthy bank account.

You have to look for a smaller bank (outside CA) that is willing to understand your business model, but these won't be the cheapest option.

If you are going to have many smaller transactions, look for the EMI. Transferwise is not the only solution.

I hope this helps.
 

zeytin

Active Member
Have you looked into ePayments and Revolut if they are able to help with an account opening or check the list here List of Banks, EMI's, Payment processors and BTC to FIAT institutions. also check posts in that thread it may be of great help to you.
My payments will be in USD so I'm not sure Revolut would work for me?
I need to split 50-60k USD a month of incoming payments to my informal partners (3 people including me) and doing that from a personal account raises all kinds of red flags which I'm getting problems and warnings from my personal bank accounts lately.
 
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