Opening of Bank Accounts:

The opening of a bank account follows the incorporation of the company and sometimes the two processes happen at the same time. With the registration of a foreign company you should have a clear view of the specific businesses that the company will engage in to generate profit as well as an understanding of the development routes of the business and growth of the corporate and personal capital. Obviously in this complex adventure you need a reliable ally – THE BANK – which, having an interest in you as a profitable and creditworthy client, will provide professional financial services in the interests of your business and you personally. What remains for you to do is to take care of the interests of the parties, you and the bank. You need to achieve a viable compromise between your objectives and capabilities on the one hand and the requirements of the bank on the other.

To open an account with a foreign bank please contact the Interstatus Group of Companies. Our staff will assist you with the opening of an account with a bank. We will secure confidentiality and sustainability of financial transactions and will offer the most comfortable conditions for your business through the provision of state-of-the-art banking products and technology.

The opening of a bank account requires deep knowledge of various procedures including the collection and proper completion of many documents and interviews and meetings with the bank officers. The most suitable bank is not always the one on the next corner, very often it can only be found in another country or even on another continent. In addition, it should be noted that modern day banking is under the growing scrutiny of the national regulator and international bodies concerned with the prevention of money laundering, the fighting of terrorist activities and slamming doors on tax evasion. Each and every bank values its name and reputation very highly and strives to carry out their operations within the law. They show no interest in doing business with “people in the street”, but give priority to creditworthy recommended clients who carry a set of immaculate documents and significant financial potential.

You should know that international banking “Know Your Client” (KYC) standards and FATF regulations set a number of strict rules. The top one requires that “Financial institutions should verify the identity of the client and the beneficiary before and during the commencement of business relations or executing transactions for random clients”. Special attention is given to the companies with nominee shareholders and bearer shares. The bank may request proof of the legal source of funds. Relevant bank departments will examine and scrutinise comprehensive company information as well as information on the directors and shareholders using an internet search among other methods (including through any social networks available).

We possess the necessary competence to recommend the most suitable bank for your business and professionally undertake the bank account opening process for you. We can suggest the most practical options in accordance with your needs and the specific requirements of your business. Requirements regarding information vary according to the jurisdiction of incorporation and house policies of specific banks.

The staff of the Interstatus Group of Companies has extensive experience, a credible business reputation and the skills to provide the successful opening of overseas bank accounts. Please call us at +357 22766120 to appoint a meeting or consultation via Skype.

Opening of bank accounts for foreign companies: what you need to know:

  • adequate characteristics, the relevance of your business and the main activities of the bank to your expectations for the execution of daily transactions and overall business development strategy;
  • attractive rates and requirements to the potential client (deposits and commissions, amount of the initial deposit and minimum account balance, mandatory visit by the beneficiary, director, shareholder and account signatory for an interview, etc.);
  • a remote bank account opening option;
  • the availability of viable methods, tools and banking technologies for the operation of accounts with high confidentiality standards;
  • easy access to the bank, comfortable communication with staff and the ability to communicate without an interpreter.

A standard set of documents for the opening of a corporate bank account include:

  1. A completed bank questionnaire with comprehensive information on the company such as personal details of the physical individuals related to the company, e.g. directors, shareholders and secretary.
  1. Documentation provided for the company individuals:
  • a scanned copy of their passport;
  • confirmation of a residential address (utility bills issued in the last 3 months or a scanned copy of their passport with a residential address stamp);
  • a bank reference letter with information on an existing account, the period of relationship with the bank and a statement that the client has observed all banking rules;
  1. Corporate documentation:
  • a certificate of incorporation with the verification of company registration and registration details;
  • a Memorandum and Articles of Association of the Company;
  • certificates of directors/shareholders/secretary of the company as stated above (paragraph 1);
  • if the company engages a nominee service the copies of the nominee deeds shall be provided to the bank (the Trust Agreement);
  • if the company was registered over 6 months ago, a Certificate of Good Standing should be provided to the bank to confirm that the company is still on the register.

Documentation requested by the banks may vary according to the jurisdiction of incorporation. In some jurisdictions the banks have their own requirements for the set of documents to be provided as well as certification of copies and their presentation. After your choice of bank and jurisdiction, your personal manager appointed by us will provide you with detailed information. Call us now!