Today, many countries continue to impose significant restrictions in all areas of human life. People's movements are restricted, restaurants, cafes, beauty salons, shops are closed, and measures are tightened to prevent the spread of COVID-19 virus infection around the world.
What should businesses do in such difficult times? How have the restrictions affected the ability to register companies in some countries of the world? Is it still possible to open a foreign bank account remotely or is it necessary to wait for the end of the quarantine? Who or what should be feared in such a difficult period for us?
Indeed, due to the fact that many countries have introduced quarantine measures and restricted entry/exit to their countries, it is becoming increasingly difficult to choose a country for company registration. We all hope for stabilisation of the situation in the near future, but even now, it is possible to start the process of company registration without waiting for the end of the quarantine, or to open bank accounts abroad, but not everywhere.
Seychelles restricts the work of government agencies, notaries, apostille service from 09.04.2020. Sending documents by courier service is not available.
For example, it is possible to register a company in Poland completely remotely, but a personal visit of the director to Poland is required to open an account in a Polish bank. A company in Lithuania can also be bought remotely and reincorporated, but a personal visit to a bank in Lithuania is required to open an account.
Registering a company in the UAE remotely.
Indeed, there is nothing complicated to register a company in the UAE remotely. It is possible to register a company in the UAE remotely. But, in order for you to open a bank account in the Emirates and work fully with such a company, you need to become a resident of the UAE (get EmiratesId) and visit the Emirates for a personal acquaintance with the bank manager. Today, due to restrictions adopted by the government of Ukraine, it is impossible to visit the UAE. We recommend to postpone company registration in the UAE until the situation in the world stabilises, and if you are offered to register a company in Dubai and remotely open an account with Emirates banks, we recommend you to weigh up the pros and cons and check this information once again.
Registering a company in Cyprus with a Cyprus bank account.
Today, Cyprus has closed its borders and restricted the movement of people around the island. Almost all law and audit companies in Cyprus work remotely, the Cyprus company registry operates with very high restrictions. In order to apply for registration of a Cypriot company, it is necessary to put an affidavit on the registration forms, which is certified in a Cypriot court. The courts in turn only deal with urgent cases, with the applicant having to justify to the judge the urgency of the case. As you realise, an affidavit is not an urgent matter. It is likely that the registry will soon cease to operate altogether and the registration of the company in Cyprus will have to be suspended.
Cypriot banks continue their work and if you need to open an account in a Cypriot bank, now is the time to hold Skype conferences and communicate with bank managers regarding the activities of your company and the possibility of opening an account. A personal visit to open an account with Bank of Cyprus is not required and the account opening procedure can be done remotely.
UK.Companies House and the registration of English companies.
The UK has also declared a quarantine and imposed travel restrictions.
The registration of English companies is done online, so we will continue to be able to take orders and register companies in England without a nominal service remotely.
Accountants work remotely and English company financial statements will be prepared and filed with the tax office in a timely manner.
Unfortunately, the FCO office that deals with legalisation of documents, namely apostilisation of all documents has stopped its work.
Where can I open an account remotely?
Most payment systems open accounts remotely, you just need to hold a video conference. Swiss CIM Bank still opens accounts without a visit to Switzerland. To open an account in this bank, apostille on documents is not required.
With many foreign banks you can negotiate remotely, exchange documents to answer questions from bankers. If you agree with the bank on the possibility of opening an account, then after stabilising the situation, you can fly to the bank and just sign the documents to open an account within 1 day.
We recommend that you observe the quarantine measures and consider your options for registering a company or opening an account. Be careful!
During the quarantine period there are many "tempting" offers for fully remote opening of companies and accounts, check this information in official sources, so that you do not fall for fraudulent schemes.
We work remotely and are always ready to provide free consultation and help with the choice of jurisdiction for company registration and start the process of opening an account in a foreign bank.
