Posts Tagged Offshore Bank Account:Sterling
Since we take such requests serious and want o provide as much information as possible then below you find the explanation and the requirements.
1. How long does it take to open a Cyprus Bank Account, I have been waiting 7 days now?
Normally the account is opened within 3 – 4 days IF all documents are delivered to the bank as original. The entire process depends very much on the client and can take from 7 – 14 days to be completed.
Important to have in mind is, that compared to our competition and many other companies providing such services, then we don’t open the bank accounts in Cyprus our self, and we don’t issue “sub accounts” ,no, what you get with CCLOGIC is a real Cyprus bank account with an IBAN number and a SWIFT code to send and receive international money transfers. This can depending on the work load of the bank take some time and sometimes also exceed the above mentioned time frame.
Since we have several Cyprus Banks to work with, then we are only able to list below the general requirements they can vary from bank to bank.
1. The Bank Account opening application need to be signed, scanned and returned to us electronically.
2. The Application forms need to be send by courier to our address in Cyprus as original together with a copy of Passport, Utility Bill and Reference letter.
Upon receivable of above we submit everything to the Bank that open the Cyprus Bank Account and from that stage it normally only takes 3 – 4 days.
However, the Internet Banking system to access you Bank Account will take about 7 to 14 days before it is accessible for you since the PIN code will be send by courier to you and you need it to access your Bank Account.
Feel free to ask any question CCLOGIC LLC is available at Skype, Live Chat, E-Mail or Phone
The question has been asked by many of our clients which want to incorporate their business in Cyprus but don’t have the experience yet of such an advanced and powerful step.
To explain it I will start to say that it is in any way mandatory to have a nominee shareholder or director for your Cyprus company formation.
A nominee shareholder:
This is a person which is a Cypriot and which is acting as shareholder on behalf of the beneficial owner of the company and which can be any person as long as he is a resident of Cyprus. (for this purpose)
A nominee director:
It is almost the same as a nominee shareholder, the different lays in that the director will have a power to act on behalf of the Cyprus Company and can finalize business deals on behalf of you without prior notice.
When we go and register Cyprus companies and our client’s business is of nature of where they are not willing to release their own identity (this can be for many reasons) but rather will have the entity operating as a anonymous vehicle to operate their day to day business, then we advice to use the instruments of a nominee shareholder and director, this will absolutely give them the best protection of identity and beneficial owner release.
Now that said, we get many questions each days for people wanting to register a Cyprus Company and which want to stay anonymously how they can be sure that the nominees don’t withdraw moneys from their accounts and how the beneficial owner can act on behalf of the company!
First of all, a beneficial owner of a Cyprus Company will become a Power of Attorney ( POA ) which will last for a period and which can be renewed upon request at any time. With the POA the beneficial owner can act on behalf of the company as would it not exists, bank accounts can be opened, business contracts can be signed and all the daily tasks can be fulfillment and be legit.
It is an obvious question to ask if the Nominees will run with your moneys and even think about it, first of all the nominees we use are all employed by our company or business partners, they only act as the term says Nominees, they won’t have access to clients bank accounts, basically to the reason that they will never see the account number, the pin codes or have the password for the Internet Banking facilities which comes with the opening of a Cyprus bank Account.
Except that, then a nominee shareholder and director will have a agreement with the trustee that will responsible for the company which disallow them to act on behalf of the clients company without written accept by the client. In fact they even not have the power to do so.
For more information on Cyprus Company Formation, please visit our website.
Please also visit our Merchant Services Offshore Discussion forum to get answers to any questions you might have and to see what others are doing.
An offshore bank in Cyprus is just a bank where you can open an account but it’s not in the country where you reside. They offer their clients defense against any sort of local political or monetary stability and have a bigger access to deposits.
The bulk of offshore banks are found on island states ; a number of these include Cyprus, Jersey, The Isle of Man and Bermuda, Tanzania. They can also however be found in other nations that aren’t islands,eg Luxembourg. Offshore banks have no legal responsibility to report earnings to other tax authorities as they are guarded by bank privacy.
Why do folk opt to open an account offshore? Often , the offshore banks will be offering higher IRs than those that are on offer by the banks in the clients own countries. This is probable as their outgoings are significantly lower thanks to the location and the lack of any participation by the governing body of the jurisdiction. For residents of nations that are politically and economically unstable, putting their lifesavings in a deposit account could be a dangerous action. Offshore bank accounts can offer a safe and trustworthy place to put their cash with no worry that it’s going to be reduced or perhaps frozen and they subsequently lose everything. There are few industries a little island community can earn cash from, most of them are popular holiday maker destinations and tourism is their main industry. Offshore banking provides another industry they can take on and struggle with other states. Also it can supply a technique of making investment and expansion in the economy of the country and helping to spread out the planet’s finances to the undeveloped world. When an offshore bank pays interest almost all of the time tax is not subtracted.
This could be a large benefit for people that don’t pay tax on worldwide revenue and those that don’t pay tax till the tax return is decided. It’s also likely to put up an unnamed checking account in Cyprus or another jurisdiction, this option isn’t available with domestic banks. Higher rate loans based mostly on the chance and investment opportunities are also more practicable than anywhere else. There are drawbacks of offshore banking and the main one is that it is commonly related to tax crime and arranged crime.
Those folks who receive high incomes customarily hunt down the services of Cyprus offshore banks as they have an inclination to pay a higher rate of tax and having an account offshore can save them money.
No matter how long you have been in business, it is likely that you have heard of the offshore business in Tax Havens. They are one of the top instruments for many large corporations worldwide. If you are in the market for new business, you will likely want to consider taking your business offshore at some point. It is certainly not for everyone (as no business venture is), but it offer a large enough range of tax savings that you might just be able to find something that you would like to use. Here I will describe some of the things offered by CCLOGIC LLC, and what sorts of Offshore Instruments they can let you make use of.
CCLOGIC LLC is very famous for its offshore company formation that is able to hit balls further than any other Offshore incorporation Agencies. Most of the time these are against regulation for actual official authorities, but if you are just going to run your business entirely offshore then there shouldn’t be a problem. The professionals at CCLOGIC LLC spend literally years developing their business to be able to serve their clients, and adjusting every little piece of it to make it into the perfect piece of an offshore incorporation venture. Usually the process to incorporate an offshore company for instant in Cyprus is very easy and fast, while the professional agencies at CCLOGIC LLC are trained perfectly and given a good amount of support towards their clients. The specifications depend on the “business model” that you choose, but most of the time their regular Cyprus Company Formation setup is enough to meet businesses requirements.
While CCLOGIC LLC offers products and services that could be used by the most professional of any business industry, they also have quite a few solutions that are more geared towards beginners. You can use some of these specially designed vehicles or instruments sets to familiarize yourself with the offshore venture game and become very proficient with your business. This will allow you to become an excellent player before you even begin to spend huge amounts of money on your items. Some of the best ways include the adjustable services that CCLOGIC LLC provides, with just the basic choices to familiarize yourself with what you just entered into. Look for the Cyprus Offshore services and products at their website, and get an hold of them to get started.
CCLOGIC LLC’s product line doesn’t end at Cyprus Offshore services. Everything else you need for setting up your online business, you will have the option of ordering through CCLOGIC LLC. This includes Merchant Accounts, which everyone knows is a must-have when you are going to run an online business. Cyprus Bank Accounts are the best for moving your moneys offshore, that makes up the ground of the entire “going offshore”, and other financial services such as Anonymous Debit Carts and Credit Cart’s will protect you from the brutal elements involved in the game. If you are an easily sunburned person, then you should visit the Banks which CCLOGIC LLC introduce you to in the sunny Cyprus.
As with any Offshore Agency Service Company, CCLOGIC LLC sells a large range of extra products and services. Whether you are a new starter or an expert or somewhere in between, you will be able to find the service and product that works for you.
All the services mentioned aren’t necessarily offered by every bank, most either lean towards retail services or private banking services. Retail services are generally economical and undifferentiated, while private banking services are more liable to offer a personalised group of services to the customer.
There are considerable remunerations to be acquired by moving your international business and assets to an offshore jurisdiction. If you are concerned about the possibility of a disastrous liability action being taken out against you or are an international trader and your income is raised from different countries and continents or maybe you are worried about how much your family will have to pay in inheritance taxes if you should die, then opening an offshore bank account can help with all these issues.
A bank reference will be needed from any personal bank account you currently have, this will be in the form of a letter and will be required from all the signatories, directors and shareholders of the account you are planning to open.
You also need to send the bank where you want to open the account a board resolution that choices the approved signatories. If you are hiring the services of an agency in your bank account application then they will be responsible for preparing this for you.
Once you have completed all the necessary documents and filled in the forms correctly ensure they are all signed and then they are to be sent together to the bank where you wish to open the account. Once your Cyprus bank account is open you can then make a deposit into it, normally this is in the region of 1,000 USD, 1,000 Euro or 500 GBP.
Any bank account opened in another country, apart from your own country, is considered an offshore bank account. Whether you are looking for a personal offshore bank account or a corporate offshore bank account the appeal of offshore bank accounts is the amount of tax you will save. Recently, rules and laws governing an offshore bank account have become a lot stricter. Any bank account holding over $1,000 USD has to be reported as income to the IRS, even if that bank account is located in a jurisdiction such as the Cayman Islands. Some companies and more affluent individuals choose to open an offshore bank account in the smaller sovereign states as they permit account holders to stay close to anonymous.
Continues at Cyprus Company Formation and Merchant Service Forum
Opening an offshore bank account in Cyprus can offer a multitude of benefits to International companies, the main advantage being that you can use the internet to carry out most transactions. Well established banks in Cyprus can provide multi-currency trading accounts and investment accounts that can be accessed via the internet, so practically every transaction can be done online or by fax or telephone if you prefer. There is no need to go into the bank in person to proceed with business, everything is convenient and instant. Some banks in Cyprus also offer debit cards.
To set up this kind of account there are various forms of identification that you will be require to supply. Proof of your permanent address is always essential to open an offshore bank account, this can be a utility bill for electric or the telephone and has to be provided from all signatories, shareholders and directors of your company.
The bank will provide you with forms to be filled in and signed, if you are unsure of certain details or how to proceed there are agencies that can assist you with preparing all the relevant forms and paperwork and ensure you have everything in order before applying for the bank account. These bank account opening forms need to be completed and signed.
You will also need to get hold of a certified copy of the Certificate of Incorporation and a certified copy of the Memorandum and Articles of Association, again a good agency will be able to provide you with these relevant forms and help you to fill them in correctly.
You cannot open an offshore bank account without the necessary identification documents. Banks will invariably require a form of ID with a photo attached to it, these will be a passport or an international driving license or some other document with photo to identify you. Again you will have to make copies and these all need to be certified. All the signatories of the account to be opened, the directors and the shareholders need to supply ID. The ideal form of identification required by the bank is your passport, a copy made and it has to be notarized.
To be continued soon!
An offshore bank is simply a bank where you can open an account but it is not in the country where you reside.
An offshore bank is simply a bank where you can open an account but it is not in the country where you reside. Most people decide to open a bank account in a country where there is no tax to pay or the rates are extremely low, one that provides financial and legal benefits, opening a Cyprus bank account can give you many of these benefits.
Advantages to opening a bank account in Cyprus include a great deal of privacy and confidentiality as well as less restrictive legal laws and rules than those imposed by an offshore bank account. They offer their customers protection against any kind of local political or financial stability and have a greater access to deposits.
The majority of offshore banks are located on island nations; some of these include Cyprus, Jersey, The Isle of Man and Bermuda. They can also however be found in other countries that are not islands, such as Luxembourg.
Once offshore banking was associated with illegal activities, laundering money, organized crime and tax evasion, however there are plenty of law abiding citizens’ who maintain an offshore bank account as individuals or for their international business.
Offshore banks have no legal responsibility to report income to other tax authorities as they are protected by bank secrecy. This doesn’t make the practice legal of course, if you have an income that you don’t declare to your own tax authorities then it is illegal and if they do become aware that you have this account you could be in some serious trouble.
Since 2001 there have been more demands for increased directives on global finance, especially those relating to offshore banks and tax havens, due to their reputation and the easier risks of illegal money flows.
Why do people choose to open a bank account offshore? Generally, the offshore banks will offer higher interest rates than those that are on offer by the banks in the clients own countries. This is possible as their overheads are considerably lower due to the location and the absence of any involvement by the government of the jurisdiction.
For residents of countries that are politically and economically unstable, putting their lifesavings in a bank account can be a risky action. Offshore bank accounts can provide a safe and reliable place to put their money with no fear that it will be reduced or even frozen and they subsequently lose everything.
There are few industries that a small island community can earn money from, many of them are popular tourist destinations and tourism is their main industry.
Offshore banking provides another industry they can take on and compete with other countries. Also it can provide a way of creating investment and growth in the economy of the country as well as helping to spread out the world’s finances to the developing world.
When an offshore bank pays interest most of the time tax is not deducted. This is a huge benefit for those who don’t pay tax on global income and those who don’t pay tax until the tax return is decided. It is also possible to set up an anonymous bank account in Cyprus or another jurisdiction, this option isn’t available with domestic banks. Higher rate loans based on the risk and investment opportunities are also more viable than anywhere else.
Supporters of offshore banking claim that creating competition in the tax and banking world is a benefit to the industry, as it permits people to select a suitable equilibrium of services and taxes. Those against offshore banking say that the competition puts the banks at a disadvantage, as governments in developed countries are forced to deregulate their banking systems in order to stop everyone turning to offshore banks for their financial needs.
There are disadvantages of offshore banking and the main one is that it is often related to tax fraud and organized crime. Although there are instances and once there was a time when the majority of people who used offshore banks might have been involved in these kinds of activities, now a large number of expatriate and international workers use and open offshore bank accounts.
Due to the location of many offshore banks it can be difficult to get information and access the bank, contact would be mostly by telephone or via email and this isn’t always proficient.
Accounts can easily be set up online and all business transactions handled online, which many people prefer. Those people who receive high incomes usually seek out the services of offshore banks as they tend to pay a higher rate of tax and having an account offshore can save them money.