Unregulated forex Business Structure, Bank Account & PSPs Assistance

[ElPatron]

Hello everyone,

Since I had this thread and I had no replies, I thought to provide more detailed information that might help to get some replies. I am new here so I would appreciate your help.

SITUATION & BUSINESS STRUCTURE:

We have an LLC incorporated at Saint Vincent and the Grenadines and the company is a forex broker unregulated/unlicensed. The UBO is a citizen and resident of Switzerland. At the same time, we have a different company in Cyprus selling software solutions to brokers and another company again registered in Cyprus acting as a marketing agency. The software company is providing all technology for the SVG company but we did not try yet to transfer money to the bank of Cyprus bank account of the software company since we are afraid that it will be blocked or declined due to the fact that it comes from an unregulated company.

The software company has a bank account with the Bank of Cyprus and we are in the process of opening a bank account for the marketing agency with either Hellenic or Astrobank. The Marketing and software company in Cyprus until now has nothing to do with the forex brokerage company in SVG. All three until today are considered and treated as 3 completely different businesses.

DIFFICULTIES AND CHALLENGES:

1. We have difficulties with opening bank accounts and getting PSP's for the SVG LLC company. We had one bank account with scotran Bank in Singapore but now they decided that they don't want to work with unlicensed/unregulated companies. We proceeded with Migom bank but since I have seen some negative reviews in this forum I decided we will need some more Corporate bank Accounts opened to be on the safe side. We need B2B, C2B &B2C bank accounts, Both SEPA and SWIFT.
2. SVG company was registered in 2019 but since then it was just building the systems and team - We recently started the B2C, therefore we are considered a startup since we do not have any processing history to show to the PSPs and Banks.
3. We have a business account with a crypto processor, Alphapo, and we have some money there but we cannot exchange to FIAT and withdraw to our bank account, and we don't want to send it to Migom bank.

QUESTIONS:

1. Is there anything we could do so we can find more banks and PSPs?
2. Is there anything we could do with the Cyprus companies that could help us somehow? any restructuring or something?
3. Any legit crypto exchange that we can send crypto and exchange to fiat and withdraw to our bank account of SVG company?
4. Will we need the bank to be crypto-friendly if we want to transfer fiat from the crypto exchange?

Your help will be much appreciated since we are stuck and we are quite new to this.

Thanks.

 

[TheoG]

Hello everyone,

Since I had this thread and I had no replies, I thought to provide more detailed information that might help to get some replies. I am new here so I would appreciate your help.

SITUATION & BUSINESS STRUCTURE:

We have an LLC incorporated at Saint Vincent and the Grenadines and the company is a forex broker unregulated/unlicensed. The UBO is a citizen and resident of Switzerland. At the same time, we have a different company in Cyprus selling software solutions to brokers and another company again registered in Cyprus acting as a marketing agency. The software company is providing all technology for the SVG company but we did not try yet to transfer money to the bank of Cyprus bank account of the software company since we are afraid that it will be blocked or declined due to the fact that it comes from an unregulated company. (Re:Correct)


The software company has a bank account with the Bank of Cyprus and we are in the process of opening a bank account for the marketing agency with either Hellenic or Astrobank. The Marketing and software company in Cyprus until now has nothing to do with the forex brokerage company in SVG. All three until today are considered and treated as 3 completely different businesses.
[Re: are you sure? Do they have same Ubos or common / related structure? Cause they won’t tell if they have this information]

DIFFICULTIES AND CHALLENGES:

1. We have difficulties with opening bank accounts and getting PSP's for the SVG LLC company. We had one bank account with scotran Bank in Singapore but now they decided that they don't want to work with unlicensed/unregulated companies. We proceeded with Migom bank but since I have seen some negative reviews in this forum I decided we will need some more Corporate bank Accounts opened to be on the safe side. We need B2B, C2B &B2C bank accounts, Both SEPA and SWIFT.
2. SVG company was registered in 2019 but since then it was just building the systems and team - We recently started the B2C, therefore we are considered a startup since we do not have any processing history to show to the PSPs and Banks.
3. We have a business account with a crypto processor, Alphapo, and we have some money there but we cannot exchange to FIAT and withdraw to our bank account, and we don't want to send it to Migom bank.

QUESTIONS:

1. Is there anything we could do so we can find more banks and PSPs?
   [Re: why you don’t redomicile forex company into high AML country and be licensed? This will help the process of bank accounts and future payments issues]
2. Is there anything we could do with the Cyprus companies that could help us somehow? any restructuring or something
   [Re: acquisition plan and mergers of the group companies/create substance and get licensed and tax planning for IMF, then open the bank account]
3. Any legit crypto exchange that we can send crypto and exchange to fiat and withdraw to our bank account of SVG company? [Re: not sure]
   1. Will we need the bank to be crypto-friendly if we want to transfer fiat from the crypto exchange? [Re:not sure]
   2. 
      Your help will be much appreciated since we are stuck and we are quite new to this

Please check reply in the text with [Re:..], Thanks

 

[WMD666]

Please check reply in the text with [Re:..], Thanks

Hi, we offer some services for unregulated forex. Might be worth a chat?

 

[TheoG]

Hi, we offer some services for unregulated forex. Might be worth a chat?

Hey, if you are interested to be regulated, contact us

 

[alexor424]

Hi, we offer some services for unregulated forex. Might be worth a chat?

I'm interested in services for unregulated forex. PM me pls?

 

[LoveMyLife]

Bank of Cyprus will not see any problems of incoming transfer from SVG company if it is for use or software, not a comission for unregulated financial services.

If you need SEPA and SWIFT bank accounts, not EMI accounts, you have to talk to european banks.

The best way to have account is not to have a bank account of SVG company, but use so called payment agent. It will be a company which will be fully owned by SVG company and will handle payments as so called payment agent.

There are 2 countries, where a payment agent company does not need a financial license, if this company provides services just for other company which has to be a full owner of payment agent.
Banks are willing to open bank accounts for this payment agent companies. So, you will have a structure, where SVG company will be a 100 % owner of other european company and this european company will have a bank accounts in more banks and will handle apop incoming and outgoing payment in a name of SVG company on its bank accounts.

There is no way how you can have SEPA + SWIFT bank account for unregulated company from SVG in any reasonable bank. You have o use this bypass.

Answers to your questions:

1. Is there anything we could do so we can find more banks and PSPs?
No for SVG company. But you can create your own payment agent company and it can be much easier to have a bank account for this company.

2. Is there anything we could do with the Cyprus companies that could help us somehow? any restructuring or something?
No. Not needed.

3. Any legit crypto exchange that we can send crypto and exchange to fiat and withdraw to our bank account of SVG company?
No. But if you will have a payment agent company, banks will gladly accept incoming payments from Kraken and AdvCash.

4. Will we need the bank to be crypto-friendly if we want to transfer fiat from the crypto exchange?
No for FIAt to Crypto but yes for Crypto to Fiat.

I see, here are few members who are offering their services..
So just a short reaction on them: You do not need to be regulated if you are not doing a business with investors in EU nor USA, Canada.

 

[alexor424]

There are 2 countries, where a payment agent company does not need a financial license, if this company provides services just for other company which has to be a full owner of payment agent.

Which are they?

 

[LoveMyLife]

Which are they?

Slovak republic
Czech republic

 

[alexor424]

Slovak republic
Czech republic

what kind of agreement do you have to have?
Are they ok for C2B?

 

[LoveMyLife]

what kind of agreement do you have to have?
Are they ok for C2B?

Payment agent agreement

They are OK for all types of payments.

 

[alexor424]

Payment agent agreement

They are OK for all types of payments.

are you able to help with formation and opening bank in Czech ?

 

[LoveMyLife]

are you able to help with formation and opening bank in Czech ?

I am not here to offer any services. Unlike many offshore resellers who are here, I am not here to attract any potential clients. I am able to help with that, but I will not do it. The only reason why I am here is to reveal a truth and real solutions and do not let newbies to be eaten by predatory resellers.
If you send me PM, I will send you a list of few people who can help you. But I do not sell anything, here.

 

[ElPatron]

Bank of Cyprus will not see any problems of incoming transfer from SVG company if it is for use or software, not a comission for unregulated financial services.

If you need SEPA and SWIFT bank accounts, not EMI accounts, you have to talk to european banks.

The best way to have account is not to have a bank account of SVG company, but use so called payment agent. It will be a company which will be fully owned by SVG company and will handle payments as so called payment agent.

There are 2 countries, where a payment agent company does not need a financial license, if this company provides services just for other company which has to be a full owner of payment agent.
Banks are willing to open bank accounts for this payment agent companies. So, you will have a structure, where SVG company will be a 100 % owner of other european company and this european company will have a bank accounts in more banks and will handle apop incoming and outgoing payment in a name of SVG company on its bank accounts.

There is no way how you can have SEPA + SWIFT bank account for unregulated company from SVG in any reasonable bank. You have o use this bypass.

Answers to your questions:

1. Is there anything we could do so we can find more banks and PSPs?
No for SVG company. But you can create your own payment agent company and it can be much easier to have a bank account for this company.

2. Is there anything we could do with the Cyprus companies that could help us somehow? any restructuring or something?
No. Not needed.

3. Any legit crypto exchange that we can send crypto and exchange to fiat and withdraw to our bank account of SVG company?
No. But if you will have a payment agent company, banks will gladly accept incoming payments from Kraken and AdvCash.

4. Will we need the bank to be crypto-friendly if we want to transfer fiat from the crypto exchange?
No for FIAt to Crypto but yes for Crypto to Fiat.

I see, here are few members who are offering their services..
So just a short reaction on them: You do not need to be regulated if you are not doing a business with investors in EU nor USA, Canada.

Hello there,

Thanks a lot for your message. it really helped me open my eyes and see how other forex companies are doing it. So if we open a payment agent company in one of the 2 countries you mentioned and try to open bank accounts in Europe, The compliance team of the banks will most probably ask for all information and activity of the holding (SVG) company, right? if they see is SVG and unregulated they would not mind?

Also for PSPs - Since we use API to connect them to our forex trading website, they will not mind if we use the payment agent? We have to inform the PSPs for the structure?They will not mind?

Just for your information, we do not target any clients from the EU, US, Canada, or Australia

Sorry for asking these questions, they might sound stupid, but we are new to this

Thanks and really appreciate your support.

 

[rey skywalker]

why you listen bulls**t about migom bank, is just usual mud of agents , migom is a register bank , they offer you a bank solution?
they will not risk their licence for taking 100 k from you , i notice that bad things on migom bank are posted from our supposed super expert who hide their names , only listen advise of peolple who publish their name and their real names , the rest of advisor here is crap who want to sell you something, like csp , i am sure they will open you account try with them

 

[LoveMyLife]

Hello there,

Thanks a lot for your message. it really helped me open my eyes and see how other forex companies are doing it. So if we open a payment agent company in one of the 2 countries you mentioned and try to open bank accounts in Europe, The compliance team of the banks will most probably ask for all information and activity of the holding (SVG) company, right? if they see is SVG and unregulated they would not mind?

Also for PSPs - Since we use API to connect them to our forex trading website, they will not mind if we use the payment agent? We have to inform the PSPs for the structure?They will not mind?

Just for your information, we do not target any clients from the EU, US, Canada, or Australia

Sorry for asking these questions, they might sound stupid, but we are new to this

Thanks and really appreciate your support.

Bank will not ask about activity of SVG company. Local banks merely ask for activity of a local company. Local companies are written into corporate registry by the judge in a court. So banks trust a system and they do not ask as many questions if it is a bank account for a local company. If good lawyer know what to do and how to form a payment agent, bank will ask no questions at all. Just usual questions in KYC DD as for any bank account, but no over questions..

I can not say how PSPs will react. But usigin a payment agent is very standard structure. So if you will explain them the situation and they will see it is totaly legal, there shooudl be not problem at all.

It is great that you do not target clients in EU, USA, Canada or Austria. If you would, there will be a license for that region needed. Also when company is registered in SVG. Any foreign company which wants to provide any financial service in EU, has to have a license from any EU regulatory authority. And this is the same in USA, Canada, Australia, UK..

 

[Davis123]

Hello there,

Thanks a lot for your message. it really helped me open my eyes and see how other forex companies are doing it. So if we open a payment agent company in one of the 2 countries you mentioned and try to open bank accounts in Europe, The compliance team of the banks will most probably ask for all information and activity of the holding (SVG) company, right? if they see is SVG and unregulated they would not mind?

Also for PSPs - Since we use API to connect them to our forex trading website, they will not mind if we use the payment agent? We have to inform the PSPs for the structure?They will not mind?

Just for your information, we do not target any clients from the EU, US, Canada, or Australia

Sorry for asking these questions, they might sound stupid, but we are new to this

Thanks and really appreciate your support.

Look for Cyprus bank accounts fiasco from 2013 on google. Lot of people including my friends lost a lot of money in Cyprus due to govt seizures of all bank deposits over 100k euro. Cyprus lost its tax haven reputation from that day.

 

[rey skywalker]

cyprus is scam , they play like they are super correct , in reality you have to pay someone in comapliance and everything will be so smooth this is the new business

 

[netixone]

Look for Cyprus bank accounts fiasco from 2013 on google. Lot of people including my friends lost a lot of money in Cyprus due to govt seizures of all bank deposits over 100k euro. Cyprus lost its tax haven reputation from that day.

Was that something to do with FBME?

 

[Davis123]

Was that something to do with FBME?

No FBME was the one to save Cyprus at the time. Ironic US shut them down due to money laundering. later. In 2013 it was Cyprus govt raiding all bank deposits over 100k euro and my friends had accounts in Cyprus at the time. All of them lost accounts over 100k euro never returned to them. Cyprus is a terrible jurisdiction.

 

[Fred]

No FBME was the one to save Cyprus at the time. Ironic US shut them down due to money laundering. later. In 2013 it was Cyprus govt raiding all bank deposits over 100k euro and my friends had accounts in Cyprus at the time. All of them lost accounts over 100k euro never returned to them. Cyprus is a terrible jurisdiction.

Can confirm this as well as currently switching all the people from Cyprus to UAE.