Hi People.
Sorry I simply can't find where to make a new discussion here, so I decided to comment under this post.
I just got an email from RCB bank Cyprus that they will not be engaged in business relationships with companies that have the characteristics of “shell companies” and they will close my account in November.
So I am looking for a new bank.
We are a construction/workforce agency with a permanent establishment in Sweden (95% of the work is in Sweden, transfers coming from Sweden, monthly revenue is around 60,000 to 150,000 EUR). The company is registered in Cyprus, the owner of the company is the parent company, which is registered in the UAE.
The parent company's bank is Mashreq bank. We transferred all the expenses through that bank because there were no transaction expenses. This is changed big time one transaction cost around 35 EUR.
So we are changing the company structure, the Cyprus company will receive all the revenue and the Cyprus company will handle all the company related expenses (such as rent, flight tickets, salaries, tools etc.) For this reason we are looking for a bank with favorable fees.
Could you recommend a bank in Cyprus or anywhere where I can open a bank account with parent-company being registered in the UAE?
Would revolut be a solution? (I would hold around a 100k EUR on the account, the rest would go to the parent company (Mashreq bank)s account)
Do you have a better solution to optimize taxation and banking structure (my Swedish clients only work with European companies).?
Thanks in advance
Sorry I simply can't find where to make a new discussion here, so I decided to comment under this post.
I just got an email from RCB bank Cyprus that they will not be engaged in business relationships with companies that have the characteristics of “shell companies” and they will close my account in November.
So I am looking for a new bank.
We are a construction/workforce agency with a permanent establishment in Sweden (95% of the work is in Sweden, transfers coming from Sweden, monthly revenue is around 60,000 to 150,000 EUR). The company is registered in Cyprus, the owner of the company is the parent company, which is registered in the UAE.
The parent company's bank is Mashreq bank. We transferred all the expenses through that bank because there were no transaction expenses. This is changed big time one transaction cost around 35 EUR.
So we are changing the company structure, the Cyprus company will receive all the revenue and the Cyprus company will handle all the company related expenses (such as rent, flight tickets, salaries, tools etc.) For this reason we are looking for a bank with favorable fees.
Could you recommend a bank in Cyprus or anywhere where I can open a bank account with parent-company being registered in the UAE?
Would revolut be a solution? (I would hold around a 100k EUR on the account, the rest would go to the parent company (Mashreq bank)s account)
Do you have a better solution to optimize taxation and banking structure (my Swedish clients only work with European companies).?
Thanks in advance
