The Swiss CIM Banque introduces new rules: whose accounts are going to be closed by the end of 2020?

Latest news from CIM Banque in Switzerland: what companies are going to lose their accounts, how to open an account by making use of online verification, and when you can start trading in securities even late at night.

CIM Banque - News

CIM Banque is closing the accounts of companies that do not have economic substance

We have been cooperating with the bank for years and it has always been a reliable partner. Now we see that CIM Banque is changing the rules and toughening the requirements to its clients.

Before the end of 2020, the bank administration intends to close all active accounts of business companies that do not have economic substance in the countries of their domiciliation. You have to realize that there is very little time remaining to solve this problem.

British companies have already had to face it. Companies from other countries are going to face it very soon. What can be done about it? You have two options:

  • Change nothing and acquire no substance. In this case, you will have to withdraw all the money from CIM Banque. This is what some of our clients have done: they have used our assistance in finding a new bank account in Europe and transferred their money there from the Banque.
  • Acquire economic substance in the country of company registration and supply documented proof of it to CIM Banque. Those who applied for our services earlier, are now completing the procedure of substance acquisition thus keeping their accounts with the Banque.

Less than two months remain before these opportunities will be gone! You have to act fast if this problem concerns you. Do you need a solution? Contact us without hesitation!

Risk diversification

Our readers know that we always urge entrepreneurs to open second and third accounts just in case. The current situation with CIM Banque is only one example of an emergency that may happen in the banking world. One to two months is required to set up a new bank account and there is no guarantee that you will be able to do it in time and save your money.

When you have a ‘spare’ account with another bank, you can react to such situations immediately. You can transfer money there regardless of whether you do not want to acquire substance or you have no time to do so.

Let us remind you once again: it takes time to open a bank account and the possibility of losing an existing account is always present and this does not depend on the location of your business, its type, nor the status of its beneficiaries.

Please apply for a free consultation on choosing a bank account right now!

Good news: the Swiss CIM Banque opens accounts remotely using online verification opportunities

Every cloud has a silver lining though: the Swiss CIM Banque continues to open new personal and corporate accounts remotely. Thus, you can establish an account with this bank without having to go to Switzerland.  

European residents can make use of the online verification opportunity. Client verification is performed with the help of special software and you do not have to supply paper copies of your passport nor proofs of address.

Opening a personal account requires depositing 5,000 euros, dollars, Swiss francs, or the equivalent in another currency.

Corporate accounts can also be opened remotely but the requirements are tougher. You have to supply the following:

  • Corporate document package;
  • Company beneficiaries’ personal documents such as passport copies and proofs of residential addresses;
  • Proof of legality of origins of capital;
  • Documents certifying the existence of economic substance in the country of company domiciliation.

The following accounts can be opened in CIM Banque:

  • Current account;
  • Merchant account (you can use CIM Banque trading platform of other platforms);
  • Savings account;
  • Fiduciary account.

The Banque performs transactions in various currencies: Swiss francs, euros, US dollars, Canadian dollars, NZ dollars, British pounds, Norwegian crowns, Japanese yens, Russian rubles, and so on.

Advanced access to the stock exchange for CIM Banque clients

And more good news: in 2021, the Swiss bank intends to provide direct access to the stock exchange for its clients. In other words, the clients will be able to trade without anyone’s assistance even during the nighttime.  

Thus you can acquire additional opportunities for making profits, diversifying risks, and controlling your assets at any time of the day (and night).

Please remember that you can use all the bank’s services via an online application. 

Last but not least, the bank provides client support in twelve national languages, which is very convenient, of course.

Please apply for our free consultation! Learn more about opening an account with the Swiss CIM Banque! Our corporate email address is info@offshore-pro.info and you are also welcome to use the messenger dialing +372 5 489 53 37 or +372 5 481 04 02. We will be pleased to help you!

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