In modern times, it is almost impossible to do without the services of banking institutions. Clients are offered different options, specially created for businesses or individuals’ needs. Most popular service is always the placement of finance in banking accounts and settlement operations. But goals of getting bank accounts in other countries always differ – someone wants to make a deposit, others want to be able to quickly and cheaply conduct transactions, and someone needs to ensure the safety of their own assets.
Our company is specialists in the field of establishment and licensing of companies around the world. We also provide comprehensive professional assistance in opening bank accounts, working with many jurisdictions, including offshore ones. Our experts will become your reliable allies along the way.
What are bank accounts abroad?
Accounts in banking establishments of another country can be useful not only when living abroad. This is a great tool to invest in foreign real estate and other assets. It is also a good way to save money in an unstable economic situation.
Prior to getting accounts with foreign banking establishments, one needs to realize for what purpose this account is needed. It directly depends on which banking institution it will be more profitable to choose. It should be borne in mind that there’re specialized banks aimed at specific services and products, and universal banking institutions offering a wide range of services and focus on an individual interaction with customers.
To get accounts in foreign banks for a company, often a director or an authorized person must first pass identification directly with a personal presence in the bank. But sometimes you can perform this procedure via video or phone. What documents are submitted to the bank?
The company must transfer to the bank the original documents or copies certified by a notary with an apostille. Let’s look at their list:
- confirmation of registration of the company, the contract of incorporation and the charter of the company, the list of directors and shareholders, the document on the appointment of the director;
- decision to open a company account and appointment of administrators;
- completed forms issued by the bank. They must be signed by the director and representative;
- a power of attorney for a representative;
- declaration of trust, if nominee shareholders are used;
- identity cards of each director and shareholders, i.e., their personal information;
- utility bills or recommendations from the banking establishment for each beneficial owner and other representatives. Each document must be translated into English and issued less than 3 months before presentation;
- business plan or copies of contracts.
When choosing a banking institution for getting a company account, it’s also important to bear in mind various rules and norms as for minimum capital, restrictions and maintenance costs. In jurisdictions, these figures vary.
How to open and access foreign banking accounts
It’s allowed to use abroad banking accounts to invest privately, settle operations and save assets. Client has the right to collect all the required papers and contact the bank, but it is better to entrust all the nuances to professionals. With the help of the lawyers of our company, the process of getting accounts in foreign banks will become faster and simpler. You’ll not need to worry about filling out the forms correctly or going to a personal meeting at a bank branch, everything will be solved online.
Additional supporting documents
In addition to the standard package of papers, banking establishments abroad may ask for additional documentation or information that is needed to authorize the opening of accounts or refuse procedure. Often, supplementary confirmation of identity of account holder and the source from where the money comes from may be required. Such data is needed, at least, to work with the SWIFT system.
To minimize the costs associated with conversion, it’s better to open a multi-currency account right away. It is allowed to use monetary means from a foreign account all over the world, because mobile banking-mechanisms are often well developed in such establishments. Also, it’s allowed to manage accounts in different financial companies using checks, facsimile, bank cards and courier mail.
Different currencies give access to various monetary means transfer systems. In particular, euro accounts give access to the SEPA system. Through this transfers may be implemented fast and securely.
Depositing funds to foreign banking accounts
People may deposit funds into accounts abroad both on remote basis and personally at banking institutions. From very beginning, you need to decide what exactly you need to receive from the institution, and only then choose a bank and deposit money there.
The legitimacy of the origin of funds, expenses for opening accounts and maintenance, some restrictions and commissions – all this’s essential to analyze prior to choosing a country and banking establishment for getting an account abroad. Ideal option is to open accounts online, when there is no need to personally fly to country where you’ll apply.
Withdrawals can be made through payment to the needs of the company or, if it is an individual, through the provided card or through transfer to other banking accounts. It is necessary to take a closer look at limits set by banks individually, as well as rules and norms for turnover of funds for a certain period.
Our specialists will help you in opening accounts in foreign banking establishments. Our firm has been present in this area for many years, which is a guarantee of our professionalism and ensures a high level of trust from our customers. We also assist in companies establishing offshore providing perfect cooperation conditions in every case.
This article was prepared by Denys Chernyshov, a lawyer, founder and CEO of the well-known company Eternity Law International, as well as the recently launched international medical project Eternity Life Clinics.
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