Bank Accounts

The opening of a bank account, whether it is in your country of residence or overseas, serves as a convenient and secure tool for storing and managing your finances. However, with the constant regulatory reforms and amendments associated with the banking industry it is important to be aware of legislative changes and comply with the relevant laws. This means that acquiring a bank account has become increasingly complex and time consuming. 

Opening a bank account in a jurisdiction which is not your domicile country can be challenging, but at the same time may prove very beneficial as many international locations adopt a more bespoke system for finance and asset management. 

 

What you Should Know About International Bank Accounts?

  • Having overseas (international, offshore) bank account is 100% legal.
  • Follow the rule “never keep all your eggs in one basket”.
  • It is recommended to have at least 2 bank accounts for your business.
  • Choose your bank carefully!

What to Consider When Choosing a Bank for your Business?

There is no universal option of bank account for every business. Nowadays requirements for opening accounts may vary widely from bank to bank and from country to country. When choosing the bank you should consider your business goals, banking requirements and procedures, commissions and charges, any restrictions regarding your citizenship or jurisdiction of your company, taxation and information exchange, and many more.

Bank Account Opening Process

  1. Chose the bank.
  2. Collect required documents and information.
  3. Fill in the bank forms and contact the bank for pre-approval.
  4. Visit the bank personally or proceed with remote account opening.
  5. Get the bank account details and transfer to your bank account an initial deposit.
  6. Receive online banking access.

Some banks require individuals to physically be present in the bank for account opening. We can organize your meeting with bankers and, if needed, accompany you to the bank.

What Banks Will Ask you Before Account Opening?

All banks are subject to many local and international laws, including regulations for preventing and detecting money laundering and terrorism financing. 

Therefore banks have obligations to identify and know their personal or corporate customers. Be prepared to provide the bank with your identification documents such as your passport or national ID (must be current and valid) and one/two copy of your most recent utility bill to prove your current residency. Bankers will also ask your contact details: telephone number, email and mailing address.

In addition to the personal details, the bank will require the information on your business, owner’s financial position, country of taxation and origin of funds. For example, the bank may ask about the origin of funds paid to your account, confirmed by the documentary proof – invoices, contracts,  agreements and other documents. 

The bank must also check if you, your family member or close business partner are politically exposed person (PEP). 

By virtue of FATCA (Foreign Account Tax Compliance Act valid in the U.S.), financial institutions must identify US Reportable Persons, companies and corporations among their customers. Under FATCA rules banks are under an obligation to subsequently report information to the local tax authorities about financial accounts and assets held by U.S. Reportable customers, directly or indirectly, on an annual basis. 

How we Can Help?

Our professional consultants are highly experienced in the opening of bank accounts worldwide. We have a wealth of knowledge regarding relevant banking legislation and can advise you on how to remain compliant with the necessary laws.

Our global reach provides you a wide range of possibilities in where you can open a bank account, ensuring you are exposed to all opportunities and options available to you.

Please contact us if you need more information or require a banking solution. 

Contact our department