Bank Account opening usa, cyprus, malta, lativa, germany, uae
   

 Bank Account opening

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Bank Account opening

Bank account abroad without incorporation of a company abroad respectively without shifting the resident taxation?

In many cases an “isolated” account opening abroad doesn’t make sense. This is because regardless of the country where a natural person or legal entity (company) holds an account, the country of residence has the right of taxation. In case of the natural person the country, where this person is subject to resident taxation.

In case of the legal entity, the place where the official place of business, in accordance with Article 5 OECD-MA, is documented.  

Due to the international treaties (also compare OECD CRS Treaty since 2016) it is almost impossible today to keep foreign accounts secret. If foreign accounts/income is not declared in the tax return, it is generally considered to be tax fraud.    

If the client’s (legal entity, company) purpose is the legal reduction of ongoing tax charge, an incorporation abroad with locally registered business location should be realized. As an international tax consultancy, we offer all important countries and services:

  • Incorporation abroad (e.g. Malta with Malta Holding Model and 5% taxation; Cyprus, Ireland and Liechtenstein with 12,5% taxation)

  • Local nominee director (Article 5 Double-Taxation-Agreement: Place of business management as business location)

  • Nominee shareholder

  • Registered office and official place of business

  • Account opening for foreign company.

We are happy to advise you.  

For natural persons the relocation of the resident taxation to a low-tax country is suitable.  Often the Non Dom & Remittance Base in Ireland, England or in Malta is interesting.

When does an isolated account opening without the incorporation of a company abroad make sense?

  • Protection against account distraint: Account distraints (e.g. by the German Tax Authority, Social Security Authority, other creditors) cannot be realized abroad. Exceptions may be e.g. if a creditor knows the account information of the account abroad and he appoints a lawyer in the residence country with the enforcement of the distraint. With a little skill this can be easily avoided.

  • General measures for asset protection

  • You have business partners in a specific country and would like to provide them with a local bank account

  • Your local bank causes problems (For example Spanish banks) and/or are not “trustworthy”

  • A foreign account is imperatively required for the realization of specific business activities, e.g. financial services, through US brokers etc…

  • the foreign bank offers better terms and conditions e.g. within the scope of financial investment

  • Other reasons, outside of tax evasion/ tax fraud

In all case we advise our clients to declare foreign account income in the local tax return. It is totally legal for natural persons or legal entities to hold foreign accounts, as long as the earnings are declared in the tax return.  

Bank Account opening

Bank Account opening abroad  

Our office opens accounts locally and abroad for natural persons and companies:

  • Account opening Cyprus (EU Part) for corporations and private persons with fiscal domicile outside of Cyprus. The personal presence of the beneficial owner is not needed. For companies, no Cyprus branch has to be realized.

  • Account opening in Latvia (EU) for corporations and private persons with fiscal domicile outside of Latvia. The personal presence of the beneficial owner is not needed. For companies, no Latvian branch has to be realized.

  • Account opening Germany for corporations with fiscal domicile outside of Germany: The personal appearance of the beneficial owner is usually required for the account opening. We prepare everything and arrange the appointment with the bank. The installation of a branch is not required for EU and Swiss corporations

  • Account opening Malta (EU) for corporations: The personal presence of the beneficial owner is not required for the account opening. For corporations no branch has to be installed in Malta.

  • Account opening USA for corporations and private persons: the beneficial owner has to have a US residence. Here we can assist without the person having to travel to the US. For the account opening the personal presence of the beneficial owner is required. We prepare all documents and arrange an appointment with the bank. For non-US companies (US Corporation or US LLC) [SB1] a US branch has to be realized. Because this is very difficult due to the US corporate law, we advise to incorporate a US corporation with the same name as the existing company outside of the US.  

    Additional countries on request.

For the account opening of natural person the following documents are generally needed:

  • Notarized copy of ID card or passport

  • Additional proof of identity e.g. driver’s license, also notarized

  • Utility bill (current residence, e.g. electricity, water, telephone) not older than three months

  • Reference letter from a lawyer or local bank (we can provide a draft)

Required documents account opening for corporations  

-Natural persons (directors, shareholders):

  • Notarized copy of ID card or passport

  • Additional proof of identity e.g. driver’s license, also notarized

  • Utility bill (current residence, e.g. electricity, water, telephone) not older than three months

  • Reference letter from a lawyer or local bank (we can provide a draft)

-Legal entity:

  • Notarized copy of company registration documents authenticated with a Hague Apostille

  • Shareholder resolution for account oneing

  • Commercial Registry Excerpt “Shareholder”

All above mentioned documents are required in English. If not available in English, translation by an officially recognized translator, along with required notarization and Apostille For account opening in Germany, the same documents are needed in German language.   The fees depend on the country of the account opening. We are happy to send you a fee schedule.  

Bank account opening USA via Delaware Bank and Delaware Corporation

We can open a bank account in the US without the need for president of the US corporation to have a domicile in the US. However, the personal presence of the beneficial owner/ president of the US corporation is required for the account opening in the US. We would prepare everything and arrange an appointment with the bank. On request we accompany our client to the bank appointment (included in account opening fees). Foreign corporations (e.g. German GmbH or English Limited etc.) need a Delaware Corporation with the same name.  

The following requirements have to be met for an US account opening:  

  • Company registration papers from Delaware

  • Employer Identification Number (EIN)

  • US Telephone number (US Corporation)

  • US Postal address (business address of US Corporation)

  • Passport and driver’s license of the president/beneficial owner

  • Utility bill of the president/beneficial owner, not older than two months (Proof of residence).

For documents in a language other than English a translation into English by a sworn translator has to be presented along with notarization (the notary’s text has to be in English).  

We offer a complete package to our clients:

1. Incorporation US Corporation Delaware, Complete package:

Package International Delaware

·    Founding of US Corporation, Entry into Delaware Commercial Registry

·    Government fees paid

·    Corporate Kit Pro

·    US Registered Agent Service (statutory)

·    Postal address in the US (statutory)

·    Minutes of the first board of directors meeting (statutory)

·    Employer Identification Number (EIN)

·    Notarization and Apostille of registered documents (English)

·    US tax number, EIN (statutory)

·    By-Laws (for corporation)

·    US Telephone number for US Corporation

2.  Account opening Bank Delaware

Account opening for existing US Corporations or US LLCs in other US states

For existing US corporations from other US states we can also open an account with our bank in Delaware.

Opening merchant service account  

Merchant Account for your US Corporation (online credit card statement + PayPal): Installation fee one-off 350 USD. Plus provider fees.

Account opening USA for physical person with residence outside of the US

Can only be realized through an incorporation of a Delaware Corporation with account opening Delaware, see above. With this, the corporation can bear your name, e.g. John Q. Public Corporation.

 

 
 
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