Bank Account Opening – FAQ

Which banks can you help open accounts for?

We have direct contacts and can introduce clients to ANZ Bank in Singapore (AAA Rated), Bank of Valetta in Malta, Loyal Bank in St. Vincent, Rietumu banka in Latvia, Valartis Bank in Liechtenstein, Barclays Bank. Through our partners and Registered Offices we can also introduce clients to  HSBC, Standard Chartered and Hang Seng in Hong Kong; BMI Offshore Bank, Barclays Bank and MCB in Seychelles; MCB Mauritius Commercial Bank and ABC Bank in Mauritius… to name a few.

How long does it take to open an account?

Most banks will state on their websites that it will only take a maximum of 3 days to successfully open an account if all the forms are completed and that all information and supporting documents are included. This is rarely the case. It can actually take between 2 to 4 weeks for an account to be opened. Usually the banks will ask for more information and supporting documentation and their compliance teams will analyse the information provided for about a week before confirming an opened account.

Does your account opening fee guarantee an account can be opened?

No. Our fee is for providing assistance which includes liaising with the bank during the application process and troubleshooting after you have submitted the application, not for guaranteeing the opening of a bank account. The success of opening a bank account depends on the bank itself. They reserve the right to reject an application without giving us any reasons. They conduct extensive risk management checks and may find that a connected person or the activities of the business itself is high risk.

If our bank account application fails, will you waive or refund your fees?

Unfortunately we do not. This is because we do not charge a fee for guaranteeing account opening as explained above.

Do any of the banks offer online banking?

Yes, almost all of the banks we provide account opening assistance with offer full online banking services so that you can manage and access your account online. You can apply for online banking at any stage either during the application or after the account is opened, as it is usually a separate application form for online banking which is not a mandatory form to open a corporate account. Most of our clients prefer to apply during the application.

Do the Directors, Beneficial Owners or Signatories need to visit the bank to open the account?

The majority of banks which we work with allow accounts to be opened remotely. All banks in Hong Kong require a meeting with the bank manager in Hong Kong with at least one the company Directors. Rietumu Bank in Latvia will require a meeting with one of their representatives however they are happy to travel to meet clients rather than clients flying to Latvia. We will usually advise you if you are required to meet with the bank. For remote accounts, all that is required is for the application forms to be submitted together with the supporting documentation. We request electronic copies at first, with the originals to follow by post or courier, as we will need to forward to the bank.

Can we open a bank account ourselves?

Yes you can. Our bank account assistance is optional and is available to clients who do not want to waste too much time and effort following up with the banks to resolve account opening issues. It means that you can concentrate on more important aspects of what your business is trying to achieve while we handle the correspondence with the bank to open the account.

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