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    Overview: Additional bank accounts

    OPENING OF INTERNATIONAL ACCOUNTS INCL. ONLINE BANKING & VISA/MASTERCARD

    For the opening of international business and private accounts we can offer you complete Full-Banking-Service (service description), which is TÜV NORD CYPRUS ISO 9001:2008 certified (show certificate).

    Our Full-Banking-Service guarantees professional support throughout the process of opening an account and offers you a wide selection of international commercial and private banks as well as Fintech-companies in Europe, Asia, South America and the world’s leading financial centres.

    Ras Al Khaimah (RAK ICC)

    International commercial banks (SWIFT, VISA/Mastercard, online banking)
    Bank Online banking Minimum deposit
    Minimum credit    		 Cost in USD
      Noor Bank 2,500 EUR
    5,000 EUR    		 USD 420.00 
      RAK Bank 25,000 EUR
    25,000 EUR    		 USD 420.00 
      Euro Pacific Bank USD 1,000
    —    		 USD 420.00
      Mashreq Bank AED 25,000
    AED 25,000    		 USD 420.00 
      Afrasia Bank USD 10,000
    —    		 USD 499.00
      FinTech accounts /
    payment service providers
    (we are happy to advise you on this)    		 — —

    Canada Ontario LP

    International commercial banks (SWIFT, VISA/Mastercard, online banking)
    Bank Online banking Minimum deposit
    Minimum credit    		 Cost in USD
      Euro Pacific Bank USD 1,000
    —    		 USD 420.00
      Afrasia Bank USD 10,000
    —    		 USD 499.00
      FinTech accounts /
    payment service providers
    (we are happy to advise you on this)    		 — —

    Panama

    International commercial banks (SWIFT, VISA/Mastercard, online banking)
    Bank Online banking Location of bank
    requirements    		 Cost in USD
      Euro Pacific Bank USD 1,000
    —    		 USD 420.00
      Banistmo For residents or
    domestic dividend payouts    		 USD 990.00
      Banco Panama Only for real estate
    investments    		 USD 990.00
      Afrasia Bank USD 10,000
    —    		 USD 499.00
      FinTech accounts /
    payment service providers
    (we are happy to advise you on this)    		 — —

    Seychelles

    International commercial banks (SWIFT, VISA/Mastercard, online banking)
    Bank Online banking Minimum deposit
    Minimum credit    		 Cost in USD
      Euro Pacific Bank USD 1,000
    —    		 USD 420.00
      Global Bank of Commerce USD 5,000
    USD 5,000    		 USD 395.00
      Bank of Saint Lucia Int. USD 5,000
    USD 5,000    		 USD 395.00
      Komercijalna Banka AD Skopje —
    —    		 USD 390.00
      Afrasia Bank USD 10,000
    —    		 USD 499.00
      FinTech accounts /
    payment service providers
    (we are happy to advise you on this)    		 — —

    Private accounts

    Bank Online banking Location of bank
    requirements    		 Cost in USD
      Ancoria Bank Only for Cyprus
    residents    		 USD 299.00 
      Hellenic Bank Only for Cyprus
    residents    		 USD 299.00 
      SGBCY Only for Cyprus
    residents    		 USD 299.00 
      Astro Bank Only for Cyprus
    residents    		 USD 299.00 
      Citi Bank Only for UAE
    residents    		 USD 299.00 
      RAK Bank Only for UAE
    residents    		 USD 299.00 
      Emirates N.B.D. Only for UAE
    residents    		 USD 299.00 
      Mashreq Bank Only for UAE
    residents    		 USD 299.00 

    Legal Conditions and Conditions of Use

    Legal Notices

    Privacy Management GroupFZ-LLC regularly checks and updates the information on its websites. Despite all due diligence, it is possible that some facts have changed in the meantime. It is therefore not possible to assume liability or provide any guarantee as to the relevance, completeness or correctness of the information provided. The same applies for all other websites that are accessed through the hyperlinks provided. Privacy Management GroupFZ-LLC is not responsible for the content of websites that are accessed through these links. Furthermore, Privacy Management GroupFZ-LLC reserves the right to make changes or additions to the content provided. In addition to the content and structural copyright protection rights of Privacy Management GroupFZ-LLC websites, the reproduction of information or files, in particular the use of texts, extracts or images, is prohibited without the prior written consent of Privacy Management GroupFZ-LLC.

    None of the content on any of the Privacy Management GroupFZ-LLC web pages represents an individual recommendation nor is it to be understood as an invitation to trade, default or purchase. Privacy Management GroupFZ-LLC also explicitly points out that you should seek advice from experienced tax consultants and/or lawyers, in particular for any cross-border activities. In principle, any income generated domestically or internationally is subject to taxation. It is solely your responsibility to fulfil your domestic and/or international tax obligations appropriately. Privacy Management GroupFZ-LLC does not accept liability under any circumstance. Additionally, our General Terms & Conditions as well as our Data Protection Provisions and Legal Details apply.

    Asset Protection

    CFC-Management-Services

    The taxation of companies on an international level generally follows the principle of decision-making power. A company is thus taxable in the country where ‘Management & Control’ is exercised. In general, international authorities assume that ‘Management & Control’ of a company is exercised in the same country where the general manager/director resides.

    Therefore, if you live outside of Panama, it makes sense to have at least local managing directors/directors in Panama. The level of authority of these Nominee-Directors can be determined individually according to personal needs and legal requirements.

    In addition, in most cases at least one foreign business address or even a foreign business premise is required. For this, we offer appropriate packages, with which this can be verified.

    Note: It is of course also possible to hire local managing directors instead of using nominee directors, should you prefer to do so. We are happy to advise you on the one-off and running costs upon request!

    Annual fees are only due after the first 12 months

    The annual fees are not due for payment until 12 months after the formation of your company in Panama. In the following years the settlement of the annual fees follows a 12-month cycle.

    For example: You establish a company in Panama on 14.07.2019. The start-up fees already include all the costs for the first year, with the exception of costs for optional services. After 12 months, at the latest on 14.07.2020, the annual fees for your company in Panama are due for payment (plus any optional services). Subsequently, the payment date recurs every year on 14th July at the latest.

    Renewal of the management fee annually USD 740.00
    Registered agent annually USD 245.00
    Registered office annually USD 245.00
    Corporate franchise fees annually USD 300.00
    Total annual fees annually USD 1,530.00

    Annual fees are only due after the first 12 months

    The annual fees are not due for payment until 12 months after the formation of your company in the Seychelles. In the following years the settlement of the annual fees follows a 12-month cycle.

    For example: You establish a company in the Seychelles on 14.07.2019. The start-up fees already include all the costs for the first year, with the exception of costs for optional services. After 12 months, at the latest on 14.07.2020, the annual fees for your company in the Seychelles are due for payment (plus any optional services). Subsequently, the payment date recurs every year on 14th July at the latest.

    Renewal of the management fee annually USD 190.00
    Registered agent annually USD 210.00
    Registered office annually USD 210.00
    Corporate franchise fees annually USD 190.00
    Total annual fees annually USD 800.00

    CFC-Management-Services

    The taxation of companies on an international level generally follows the principle of decision-making power. A company is thus taxable in the country where ‘Management & Control’ is exercised. In general, international authorities assume that ‘Management & Control’ of a company is exercised in the same country where the general manager/director resides.

    Therefore, if you live outside of the Seychelles, it makes sense to have at least local managing directors/directors in the Seychelles. The level of authority of these Nominee-Directors can be determined individually according to personal needs and legal requirements.

    In addition, in most cases at least one foreign business address or even a foreign business premise is required. For this, we offer appropriate packages, with which this can be verified.

    Note: It is of course also possible to hire local managing directors instead of using nominee directors, should you prefer to do so. We are happy to advise you on the one-off and running costs upon request!

    CFC-Management-Services

    The taxation of companies on an international level generally follows the principle of ‘location of decision-making power’. A company is thus taxable in the country where ‘Management & Control’ is exercised. In general, international authorities assume that ‘Management & Control’ of a company is exercised in the same country where the general manager/director resides. .

    Should you intend not to take on the position of local manager/director, despite having an investor visa, we can provide you with the appropriate trustee-service that will manage this position for you – a nominee is a natural person residing in the UAE. Similarly, should you not wish to officially appear as a shareholder of your Freezone-company in RAK, even in this case we can satisfy your requirements through the use of an appropriate Nominee-company. Let’s talk about it, we are at your disposal!

    CFC-Management Packages

    The international CFC-Rules are of particular importance when a Panama company wants to, for example, send invoices to companies based abroad.

    Each country implements CFC-Rules on a national and individual basis and thus makes different demands on the substance and structure of a foreign company. For the benefit of your customers, business partners and contractors and with the aim of not losing them, for example through ‘denied business expenses’ in your country of residence, you should adapt your company to international standards. In regards to this we can support you with one of our management packages.

    Management Package
    Management & Control
    Director-Nominee-Service
         Management & Control
    (Director-Nominee-Service)

    More information
    Management Package
    Incl. Office-Service &
    Director-Nominee-Service     Management & Control incl.
    Office-Service &
    Director-Nominee-Service
    More information
    Management Package
    Incl. Individual Office &
    Director-Nominee-Service     Management & Control incl.
    Individual Office &
    Director-Nominee-Service
    More information

    CFC Management Packages

    The international CFC-Rules are of particular importance when a Seychelles company wants to, for example, send invoices to companies based abroad.

    Each country has implemented the CFC-Rules on a national and individual basis and thus makes different demands on the substance and structure of a foreign company. For the benefit of your customers, business partners and contractors and with the aim of not losing them, for example through "denied business expenses" in your country of residence, you should adapt your company to international standards. In regards to this we can support you with one of our management packages.

    Management Package
    Management & Control
    Director-Nominee-Service
          Management & Control
    (Director-Nominee-Service)
    More information
    Special
    Management Package
    Management & Control
    incl. Virtual-Office-Service &
    Director-Nominee-Service     Management & Control
    incl. Virtual-Office-Service &
    (Director-Nominee-Service)
    More information
    Management Package
    Management & Control
    incl. Office-Service &
    Nominee-Service     Management & Control incl.
    Office-Service &
    Director-Nominee-Service
    More information
    Management Package
    Management & Control
    with local Managing
    Director & private office     Management & Control incl.
    Managing Director &
    private office
    More information