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2. Cashing out to a company. I have a dormant Seychelles company with a Bank of Cyprus account. Is cashing out into a company entity heard of?
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Most exchanges offer the option to open a company account. However, they have extensive verification requirements in order to
comply with AML regulations. Therefore you have to be prepared to provide a lot of documents until you are allowed to make
any transactions with your company account.
E.g. at Bitstamp you have to provide the following stuff:
(i) Certificate of incorporation and Memorandum & Articles of Association
(ii) Annual return which details who the directors and the beneficial shareholders of your company are as of the last fiscal year
(iii) Resolution of the Board of Directors to open an account with Bitstamp and identification of those who have authority to operate the account
(iv) Authorization for other persons to manage your account (if applicable)
(v) Copy of a company telephone bill or a recent corporate bank account statement
We would then kindly ask you to please provide us with a high resolution image of international passport and one recent utility bill (electrics bill, land phone bill, ..) of at least two members of the board of directors, and any owners with a share of 25% or more. These documents must be provided as high resolution images.
As you see, the requirements are quite the obstacle
Besides, you still may be subject to taxes on any profits, if your company is subject to taxation in the Seychelles.