Accounts in Foreign Banks and Payment Systems

A reliable bank = security for your business.

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Analysis and selection of the jurisdiction

We make a comparative analysis of the conditions for opening an account in various banks (including tariffs, efficiency, reputation, level of confidentiality, etc.).

 

Opening a bank account

We handle the preparation of document packages and provide legal and general support during all stages of opening an account.

 

Opening an account in the payment system

We select the payment system, handle the preparation of document packages, and provide legal and general support during all stages of opening an account.

We will choose a reliable bank or payment system for your business.

Bank accounts abroad will help to protect your assets from unforeseen changes in your country, potential lawsuits, and any attacks by ill-wishers. Bank accounts abroad are convenient to use and are more profitable when making settlements with foreign partners.

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FAQ

Can I open foreign bank account remotely?

Yes, but not all banks have this option. If this is the case, the account must be opened in person by a director of the company or a company beneficiary.

What are the guarantees for opening an account?

Opening an account is a rather complicated and lengthy process; it includes the preparation of documents, forms, and questionnaires, and communication with the bank. However, it is important to note that the bank makes the final decision as to whether or not the account can be opened.

The bank must consider the business’ transparency and possible risks as well as the personal data of the management and business owners.

The bank checks not only the company but also the company’s main partners. After processing all the information about the company and its associates, the bank then decides whether or not to open the account. Banks do not have to disclose their reasons for refusing to open an account.

Unfortunately, we cannot guarantee that the bank will open an account for you. However, we conduct a thorough analysis of the business to determine in advance any difficulties that you may encounter when opening a bank account so that you can be as prepared as possible.

What documents are needed to open an account?

At minimum you will need:

  • Document confirmation for the identity of the beneficiary of the company and the person managing the account, if they are different people;
  • Corporate documents for the company;
  • Document confirmation for the address of the beneficiary and the account manager;
  • A description of your business, including information about products, partners, countries of incoming and outgoing payments, expected turnover, etc.

Different banks have different lists of required documents, so the list of documents and requirements for a client will differ depending on the bank and the jurisdiction of your company.

How long does it take to open an account with a foreign bank?

Each bank is a separate institution with its own rules, requirements, and procedures. The timing of opening an account is also different from bank to bank.

For example, subject to the availability of all necessary documents, opening an account with Bank of America can take 30-40 minutes, but for Bank Of Cyprus it can take up to 7 months.