DWe have offshore account opening services in Egypt and anonymous bank accounts with numbered debit cards in Asia, America and Europe. These are aimed at companies, individuals and major corporations.
Everything you need to know to set up an operating company with a bank account.
• Banks are partially subject to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).
• Banks are largely required to maintain sufficient records of their customer and transaction data for law enforcement (old FATF recommendation 10 / new FATF recommendation 11).
• Banks and / or other covered entities are NOT required to report large transactions in currency or other monetary instruments to designated authorities.
We must emphasize that it is perfectly legal to open a offshore bank account in Egyptas well as any offshore jurisdiction or low tax. Illegality arises when the beneficiary of these offshore accounts
You have not informed the administrative and tax authorities of your country of origin of the opening of said bank account.
• Payment of dividends: Unilateral double tax relief through a tax credit system for all three payment scenarios (beneficiaries always receive a unilateral tax credit, regardless of whether it is an independent or related legal person, or a natural person).
• Interest payments: Unilateral relief for double taxation through a tax credit system for both payment scenarios (recipients always receive a unilateral tax credit, regardless of whether it is a legal person or a natural person).
• The jurisdiction does not issue or accept the circulation of large bills/ cash notes of your own currency (value over 200 EUR / GBP / USD).
Bearer shares are always immobilized / registered by a public authority.
Series LLC / Shielded Cell Companies are not available.
Trusts with escape clauses are not prohibited.
Egypt is not on the FATF List of countries that have been identified with strategic AML deficiencies.
The last Mutual Evaluation Report related to the implementation of the rules against money laundering and terrorist financing in Egypt was carried out by the Financial Action Task Force (FATF) in 2009. According to that Evaluation, Egypt was considered to be in compliance with 5 and largely complied with 20 of the 40 + 9 FATF Recommendations. Partially or non-compliant with 3 of the 6 main recommendations.
Overall Non-Compliance Score of FATF Standards in Percentage: 46,5%.
(100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as completed or highly effective).
The automatic exchange of information is extremely secret in Egypt.
Egypt is not a signatory to the Multilateral Competent Authority Agreement (MCAA), which provides the multilateral legal framework to engage in Automatic Exchange of Information (AEOI) in accordance with the OECD Common Information Standard (CRS).
The international and digital banks They're available.
Real bank operations: 90%.
Visa type: EGP, US $, €
Joint accounts: SI.
Remote management account: To consult.
Asset management Depending on the rating of the company.
Rates: It depends on the type of account.
Credit / debit cards in local currency
Crypto-friendly banks: Depends on the correspondent bank.
Portfolio availability: It does not depend on the correspondent bank.
Ability to issue letters of credit: SI
Foster Swiss is an international company registered in Switzerland aimed at providing financial and compliance advice on a variety of topics related to company formation
and commercial banking internationally. We are specialized in the implementation of businesses in different jurisdictions, which means that we offer value-added services helping our clients in their expansion abroad.
Some of these services include:
Advice and consultancy,
visas, offices, nominated director / shareholder / secretary,
accommodation if necessary… to name a few.
Check with your assigned consultant for more information.