Top 5 recommendations for remote account opening in a foreign bank

The global banking system has changed a lot recently. Banks, when opening an account for foreign companies, carry out a capacious and complex compliance procedure, as well as introduce new requirements that a foreign company wishing to open an account must meet. Often companies need to confirm substance (real economic presence) to rent an office, hire a qualified employee, compliance officer) in the country of business registration, or invest huge amounts of money in banking instruments (for example, to put a large deposit to open an account).

The constant complication of work with banks leads to the fact that international business is going through hard times — banks completely close accounts without explanation. And here it is necessary to have a backup option to avoid stopping all business processes.

In times of crisis and pandemic, a huge plus is the ability to open both a primary and an additional account for the company remotely and in a short time.

Today we will try to give basic recommendations for remotely opening a foreign company account in a bank under quarantine.

Choose a foreign bank with high-quality service

The first recommendation will be immersion in the work and conditions of each potential bank for opening an account. At the first stage, you will immediately cut off those banks that have not responded to customer requests for months or offer bonded conditions for opening and servicing an account.

An important point will be the choice of the country, because not all banks are ready to consider a company with an appropriate place of business registration. Please note that not all countries and banks support the remote account opening function. Check and clarify information with professionals and do not risk the future of your business. No bank account- no business.Antwort Law specialists will select a premium segment bank for you and open an account remotely without any problems.

Evaluate and work out the procedure for opening an account

The procedures for opening an account remotely may vary from bank to bank. Verification documents may be requested in one, Skype verification will be carried out in the other, and somewhere electronic verification will be carried out online. This recommendation should not be treated with disdain. It is important to understand when to submit documents, decide in which language the online interview will take place, how and where to sign bank forms, how to certify them and how to respond correctly to requests from the bank manager.

If one of the stages fails, there is a great risk that you will be left without a bill. Do not risk your funds, sort out the entire procedure for opening an account from A to Z. The Antwort team is in touch with its customers 24/7. We are always there to help with the answer to any question.

Prepare the necessary set of documents for compliance

And what do you ask is difficult here? Take and collect all the documents according to the bank's list. It would seem easier than simple ...
However, not everything is so simple. Initially, the bank always gives only the main list of documents, but at each subsequent step it can supplement and expand it. Not knowing this and not having prepared in advance for additional questions, you risk spending a lot of time preparing documents for each subsequent request.

Bankers often do not specify the details: the form of certification of the document, the completeness and requirements for registration. For example, a letter confirming the integrity of a company can have a huge number of formats and interpretations. It is important to be on the same wavelength with bankers in order to provide documents clearly and quickly. And here you can not do without a professional. After all, even with a simple bank statement, questions may arise: what amount should this statement reflect, what transactions and with which companies it is better not to show to the bank… And this is just a small list of questions. Don't waste your time – entrust account opening to Antwort professionals.

Prepare for online verification at the bank

The key to successful completion of an online interview at the bank is scrupulous preparation for it. Forewarned means armed. If you have little experience working with banks, it will be difficult for you to understand what to prepare for. Every detail is important. The Bank does not accept discrepancies in information in questionnaires and interviews, as well as avoiding answering manager's questions. For successful verification, your answers must be honed. And only professionals who have been working in this field for a long time can know the questions and reaction of the bank. Understanding the main questions of the bank and knowing the correct answers to them, you will easily pass the interview.

Correctly conduct trial and first transactions with the bank

No one usually pays attention to this advice. But its value becomes noticeable when, after the first and second operations, you are blocked by an account to which you have made a decent amount of money for a subsequent transaction.
It is important to choose the right supporting document for the transaction, draw up a legally competent contract, correctly formulate the purpose of the payment. Your first transactions characterize you as a customer. A mistake is unforgivable and could cost you your entire business.

Antwort lawyers have experience working with more than 180 banks around the world. We have more than 2,000 open accounts under our belt. We not only know the system of work of premium banks, but also have partnerships with most of them. Entrust the future of your business to professionals!


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