Where to open a corporate account in 2020

The popular question is where to open a corporate account in 2020. If you need to choose a foreign bank or payment system, please contact our specialists at IT-OFFSHORE. Our experts will answer all your questions.

The nuances of opening a corporate account abroad

Due to the strengthening of instruments used in the fight against money laundering, opening a corporate account with a bank has become more difficult as a result of de-offshorization. For an account application to be approved, a large amount of data will be required.

These include statutory documents, lists of shareholders, information on the scope of the company, beneficiaries, and partnership agreements. Not all companies have the opportunity to submit documents to the bank and prove the legality of the business.

Available ways to open a business

Nowadays, opening a corporate account in payment systems is popular. EMI and PSP offer a wide range of services for legal entities and apply the latest technologies in performing any actions.

Such systems allow you to easily solve all problems associated with the use of finances. The difference between EMI and PSP is that the first system provides classic bank services, while the second system does not give a possibility to store assets.

With the help of EMI, it is possible to quickly open an account for a company and perform international transactions. This system offers a small cost of service, and there is an opportunity to access funds from different devices. It is possible to create a multi-currency account for international transactions.

The disadvantage of using the system is the risk of having the account blocked if there is a suspicion of money laundering or receipt by illegal means. The account can be blocked when transactions of large amounts are performed.

The advantages of foreign banks

It can be difficult to open an account for a company in a foreign bank. Most financial institutions develop various tools to get detailed information about the user of the service and to identify any suspicious transactions.

To create an account, you need to go through a control procedure. This procedure may increase the time required to create an account. However, bank accounts have some advantages, such as the ability to apply for a loan, create a deposit, or a storage account.

What to consider when opening an account

You must take into account the amount of commission for transactions. It is recommended to determine in advance how many payments will be made, to what countries, and in what currency.

If you need credit, you may need to open a bank account. It is necessary to determine the amount of account balance in advance to meet the minimum balance requirements of banks. When choosing a financial institution, you should pay attention to the mobile application and the available currencies.

What documents will be required

To open an account, you will need to provide a number of documents about the company. Each bank or payment system may have a different list of securities. The registration certificate and the charter, as well as the confirmation of the appointment of the director, are mandatory.

It will be necessary to prove a positive reputation, in case the company has been operating for over a year, and provide a license if necessary. Shareholders, directors, beneficiaries will need to collect and verify such documents as copies of passport, power of attorney, and bank statements. A resume should be provided as well.