Seychelles company and Cyprus bank account why is that best?

[orangeye]

I read everywhere that a Seychelles company and Cyprus bank account is the best match, why?


Will my Cyprus account be managed by me or the Seychelles company?


Is it best to appoint a nominee director to sign for the Cyprus bank account?


Is it required to appoint a nominee shareholder in the Seychelles company to stay anonymous?

 

[JohnLocke]

There are several reasons for it but one of them may be that your have a very high level of privacy doing so. For instant there is no TIEA that apply if structured correctly.


FYI: Offshore Company Forum - Open bank account in Cyprus, personal or corporate?


You will always be in control of the bank account, means, only you will have access to the bank account!


Actually a nominee director will not help you at this point, only if you want to avoid to sign agreements/contracts on behalf of a company a nominee director will help, it will not provide an additional layer of privacy towards the bank if it is what you are asking for.


It is not a requirement to appoint a nominee shareholder at all, honestly, I don't think you will even need to do so.

 

[orangeye]

Thank you, how long until I get my bank account operative?

 

[JohnLocke]

You will want to follow this link: /home/faq.html?view=category&id=18 very useful and informative FAQ that will answer most of your questions in regards to bank account opening in Cyprus.

 

[wonderwilly]

So it takes 1 week for the Seychelles company to be incorporated now? Mine took only 2 hours doublethumbsup seems something has changed.

 

[JohnLocke]

At the moment we are facing delays both in the Seychelles and with the banks in Cyprus, so the starting point is 2 - 3 weeks to get it all done it can be faster or even take longer, we are depending on several instances here so it is really difficult to say the exact time frame.

 

[blainchain]

Good point actually, will the nominee director have access to the bank account if nominee is appointed in the Seychelles company?

 

[JohnLocke]

Good point actually, will the nominee director have access to the bank account if nominee is appointed in the Seychelles company?

No, defiantly no, the nominee will not have access to your bank account only you will have access.

 

[stuntbiker]

Can a nominee be the beneficial owner of a Seychelles company?

 

[JohnLocke]

Sorry, no that is not possible. The beneficial owner will always be the person or entity that pays for the incorporation of an offshore company!

 

[stuntbiker]

Can I stay anonymous if I open a Cyprus bank account with Panama offshore company?

 

[stuntbiker]

Can I stay anonymous if I open a Cyprus bank account with Panama offshore company?

If you had read the forum and more specific topics containing Cyprus bank accounts you would have known that you wont stay 100% anonymous even though you have a Seychelles company to open the corporate bank account in Cyprus.... it may be very difficult for any authority to access the beneficial owner data, but if it is moneylaundering or other criminal activity going on they will get you.

 

[cosmo]

I agree with hotdoc There is a hell of lots of information about why Cyprus banking works best for most... still there can be open questions.

 

[blainchain]

So no anonymous Cyprus bank account exists, how comes so many are opening a bank account there?

 

[forcet]

It seems the anonymity comes if you incorporate a Seychelles company (non EU entity) and open the bank account in Cyprus, this will make any TIEA or DTA signed not applicable.

 

[JohnLocke]

That is correct, however, note, the bank will still know the beneficial owner of the company and the name of the person who will have access to the account.

 

[thenegotium]

So which turns out to be better for privacy then? Seychelles company with a Cyprus bank account (that you operate yourself) or a Seychelles company with a Seychelles bank account that is handled by a nominee director?


Also, nominee directors can never manage bank accounts in other jurisdictions, is that correct?

 

[JohnLocke]

Well, what is best is up to you, nevertheless, then it requires a minimum balance of $100,000 to be maintained instantly with the Seychelles bank's, the most clients are Incorporating a Seychelles company and open a bank account in Cyprus or in some other jurisdiction like Switzerland, Liechtenstein etc.


The nominee director is not necessary for a Seychelles company if the only purpose is that he signs for the bank application, the reason is that the bank will require full ownership information i.e. copy of passport, utility bill etc. for the beneficial owner. This information won't be released to anyone unless a local (Cyprus) court order which is difficult to obtain for any authority in such a structure.

 

[thenegotium]

What about BMI? Is there any advantage in using them since they are a partnership of two different jurisdictions?


BMI's site says that their minimum balance is $50,000, but I have read elsewhere that it is only $5,000. Which is correct?

 

[JohnLocke]

BMI has rised the minimum limit to $50k as well, actually it has always been so.