In order to relocate or grow a company and enter the global market, many businessmen are forced to open company accounts in foreign banks.
But it is rather difficult to go through all the steps and collect a complete package of documents by filling out each form correctly. In addition, many banks are suspicious of foreign nationals and may refuse service for any reason.
Our specialists are professionals in the field of licensing and establishment of commercial structures. We operate around the world and have clients in hundreds of jurisdictions. We also offer services for opening merchant accounts, connecting cryptocurrency cards, and much more.
This article discusses the foreign bank where one can easily and affordably open a bank account.
How Easy Is It To Open A Foreign Bank Account?
The difficulty and number of steps in the process depend on the country chosen and the bank itself. In order to open an account abroad, you must:
- collect documentation – not only standard papers but also additional confirmations may be required;
- write an application for opening an account in a foreign banking institution;
- come to the bank in person for identification or do it online – it all depends on the country where the institution is located;
- wait for the consideration of the application – the terms vary from a couple of days to several months.
They can refuse for people to get an account in a foreign bank if you provide false information about income, the source of money or simply because of a mistake that you made when filling out the paperwork.
When planning a relocation, business owners carefully choose a foreign bank for opening an account. Banking institutions, at the same time, carefully choose customers, minimizing the risks of working with unreliable companies.
Compliance is a process in which the bank analyzes the compliance of the client with its criteria. It’s necessary to pass to get possibilities to deposit funds. The following steps are envisaged during the evaluation procedure:
- studying the data that the potential client gave, including biographical information about the directors of the company;
- collection of data about the future client from all sources that are available to the banking institution;
- obstruction of the legalization of money that is obtained illegally.
Which Country Is The Best To Open A Bank Account In?
The list of reliable, easy, and profitable jurisdictions for foreign companies includes many countries, but the most popular are the following.
Europe
EU banks are engaged in servicing multi-currency accounts, conduct transactions with all major currencies, and do not impose restrictions.
They give their clients constant access to their own money and the ability to manage finances remotely. European banks cooperate with offshore companies and work with SEPA IBAN systems. Opening bank accounts in some countries in Europe is completely effortless. If you are thinking about the same, get legal assistance for opening a bank account in Lithuania here.
When choosing a country in the EU, businessmen often prefer Cyprus and Malta, which offer the best conditions for foreign companies. And the most difficult thing is to become an account holder in Britain, where in most cases, non-residents are refused.
United Arab Emirates
The financial sector is well-developed in the UAE, and banks create loyal conditions for businessmen who work in the global market.
Also, the advantages of the jurisdiction include strict data confidentiality – all information that is given to the bank will be under 100% protection.
Asia
- In Singapore, there is great loyalty to foreign companies to get accounts. It helps to work with partners in China, Hong Kong, America, and the EU. But to open a bank account, you need a physical presence in the country – the presence of a full-fledged office.
- In Hong Kong, not all banking institutions cooperate with foreigners, but those that do corporate conduct a thorough check of potential customers and require that they comply with a lot of criteria, including an office in Hong Kong.
If the bank approves the opening of an account, it will be necessary to personally come to the institution and be present at the registration.
CIS countries
Due to the current situation in the world, the demand for opening an account in Armenia, Georgia, Kazakhstan, Azerbaijan, and Uzbekistan has increased. The banking institutions of these states are quite loyal to firms registered in other jurisdictions.
How To Open An Account In A Foreign Bank
Before you start collecting papers in a bank, you must carefully study all the criteria the institution puts forward for non-residents. These requirements are different in different banks but keep in mind that any organization may ask for additional information. The standard package of documents includes:
- certificates of the establishment of the enterprise, including an extract from the register;
- information about the type of company and the direction of work;
- list of directors, shareholders, and founders, including confirmation of their identities;
- apostilled copies of the appointment of directors and chief accountant;
- annual reports on the company’s finances;
- the legal address of the company and confirmation of its existence (for example, utility bills);
- data of foreign contractors and documents that confirm the work with them.
All documentation that a banking institution requests must be correctly completed, translated into the language required by the jurisdiction and certified by an authorized notary, and apostilled. All certificates must be issued no later than three months before the application is submitted.
Our specialists are real professionals who are ready to help you in opening an account abroad. We have been present in this niche for many years, which is a guarantee of the quality of our work and true commitment to our customers.
Denys Chernyshov, a lawyer, founder, and CEO of Eternity Law International, as well as the recently launched international medical project entitled Eternity Life Clinics, wrote the article.
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