How to choose a foreign bank account for a startup
A startup needs to take enough time to open a bank account. A correctly chosen account will allow you to quickly control costs and revenues. When choosing a bank to register an account, you need to consider the purpose of opening an account, the intended turnover, and the country where the financial institution is located, etc. To choose the appropriate option, contact our specialists at IT-OFFSHORE.
How to choose a bank
Before opening a foreign bank account for a startup in 2021, you need to determine how it will be used. Depending on the purpose of registration, you can choose an investment account, a deposit account, and a checking account.
It is necessary to calculate the size of the business - some banks require a minimum balance on the account, but in some cases you will need to keep a large amount on deposit. It is recommended to clarify in advance the specialization of the financial institution - some work only with start-ups and small businesses, while others work with large corporations.
It is necessary to clarify whether the account can be serviced on special, preferential terms. For nonprofits, you can access a special account with minimal fees. Some institutions offer loyalty programs for customers who have already worked with them.
What points to consider when choosing a financial institution:
- The number of fees and the ability to waive subscription costs;
- Charges per balance;
- The number of services provided;
- Providing access to funds, the quality of customer service.
The foreign deposit allows you to conduct financial transactions abroad, invest finances in assets or accumulate them, and receive payments from clients from different countries.
Advantages of foreign service
The main advantage of services in a foreign financial institution is that it ensures the safety of financial assets, and the money is managed conveniently. In addition, there is an opportunity to separate personal and business funds. The probability of being blocked by the tax authorities is reduced.
A startup looks more prestigious and promising, competitive with a deposit in another country. This will help increase trust from partners and the loyalty of service users.
There is a wide choice of institutions, you can choose the one with the most favorable conditions for creating an account, minimal commissions and fees, and there are loans on favorable terms. Many financial institutions in other countries offer multilingual support, which makes working with them easier.
Which bank to choose - top 5 structures
Nowadays, it is possible to open a corporate account, a deposit for a startup abroad in various reputable banks. It is important to consider the purpose of creating a deposit, the number of commissions of the institution.
IB Investicijubanka
Latvian banks are popular among foreign entrepreneurs, as they are easy and convenient to work with. The institution offers a wide range of products for private clients and companies. There are no restrictions on the minimum turnover and number of transfers per month, you can create an account remotely. Remote access tools are provided, which are safe to use.
It is possible to create a deposit promptly, in about a week if all documents are available. Constituent documentation, description of the startup, sources of funds, and proof of financial condition will be required.
HSBC
Switzerland is a reputable jurisdiction for opening an account. HSBC bank is considered reliable, applies advanced technology for remote access to funds, all data and transactions are protected. The institution offers a large number of services - including loans, insurance, investments, etc.
The bank requires a description of activities, identification data, founding documents, and an application.
PPF Banka
This Czech bank works with corporate clients and individuals. To open an account, it is required to prove the positive reputation of the applicant, as well as provide data on credit history and financial stability.
This institution offers a wide range of services - arranging loans, deposits, securities operations, insurance, investments, etc. Transactions can be made in any currency the bank works with.
SEB
This Swedish bank is large and reliable. It specializes in investment and corporate activities. It offers a wide range of services - online services are available 24 hours a day, you can take out a loan or a term deposit, a corporate deposit.
Servicing is offered in Russian. To start working with the bank you will need to provide founding documents, for all participants of the startup - data from passports, certified bank forms, certificates of trustworthiness, and recommendations from the bank. It will take about a month to open an account.
Swedbank
Swedbank is one of the largest financial institutions in Estonia. It works with both private and corporate clients. It offers convenient instruments for remote finance management and fast transfers. You will need to provide founding documents, bank forms, business development plan and startup description, and identification documents.
