Foreign companies and accounts

Opening accounts in banks and payment systems

Opening an account in a foreign bank is now one of the most pressing issues. Foreign banks offer a wide range of services and privileges.

Opening an account in a foreign bank requires knowledge of all the features of passing KYC and compliance in the bank. Each bank, depending on country specifics, has its own requirements, which we work with every day. To open an account in a foreign bank without problems and in the shortest possible time, contact the professionals of Antwort Law.

Antwort company works with the most respectable banks around the world: Cimbank, OCBC, Mirabaud, ENBD, UOB, Citibank and others. In modern realities, most virtual IT business companies work through payment systems. It is fast, inexpensive and effective, especially when you have not yet reached large turnovers.

Antwort guarantees you the opening of an account and accompanies you at all stages, starting with choosing a bank and ending with obtaining tokens and access to the account.

Order a service and we will help!

Feel free to call, ask a question or leave a comment, because the introductory consultation is free!

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Publications

06.10.2023, 10:53

2 universal tips for opening a foreign bank account for a company

When a company considers opening an overseas account, it faces several complex questions. What security policy features should be known in advance? How can one strengthen their application for a positive decision? What factors influence the overall process?

16.10.2023, 16:42

How to confirm the source of funds for a bank?

We will talk about a very important requirement that everyone who will open or use accounts abroad will probably encounter, namely confirmation of funds’ source you will deposit into the account.

28.05.2020, 11:03

Account in the payment system - differences from the classic bank account and advantages

The work of any business, including international, is closely connected with bank transfers and accounts. For foreign companies, opening a corporate account allows you to accept payments from customers, send payments to contractors, pay taxes and carry out any operations. With rare exceptions, everyone needs a bank account. But opening a bank account in a foreign bank today is accompanied by an extremely complicated and protracted bureaucratic […]

31.10.2023, 08:13

Top 3 strangest questions from the bank that we encountered

Over 8 years of working with accounts abroad, Antwort Law is accustomed to the most non-standard questions from banks. It's hard to surprise us, but the next three requests did it.

03.11.2023, 14:25

Is Singapore the best alternative to the UAE for setting up a company?

Singapore, though distant, holds its allure – is it worth registering a company in this country today?

16.11.2023, 08:00

Top 4 reasons for closing a corporate bank account immediately after opening

Imagine this: you have done a lot of work and successfully opened a corporate account in a foreign bank. And then your brand new account in a foreign bank is blocked and closed! Is this possible, or is such a scenario just a horror story for a business that dares to start working abroad?

23.11.2023, 15:33

Banks now monitor you on the internet

Banks now monitor you on the internet. But how and why? How to successful passage through the adverse media screening.

27.11.2023, 15:56

What is the difference between passive and active companies?

Suppose you have opened a foreign account for a company or are in the process of opening one. In that case, you have probably encountered questions in the questionnaire about its international classification: financial/non-financial, passive/active. It is no coincidence that these criteria are included in the questionnaire, as they significantly affect your tax bill.

04.12.2023, 14:38

For whom is it easier to open a bank account abroad: a startup or an existing business?

Which companies are easier to open an account - startups with zero business history or existing businesses? And what steps need to be taken to ensure that the bank has a positive perception of your company's profile, regardless of previous history? Let's explore these questions with Antwort Law.

05.12.2023, 16:53

Foreign bank accounts: a complete list of documents for successful opening

To operate effectively globally, every company needs a reliable tool for financial transactions - a bank account abroad. When opening it for your business, be prepared to provide much information. In this article, we will look at what documents you need to start and complete this process.

14.12.2023, 13:48

Corporate account in Kazakhstan: requirements in 2024

Antwort Law specialists work closely with banks in this region, which allows us to carefully and promptly respond to any changes and trends in opening accounts. With the advent of the new year, 2024, diverse opportunities have opened up, and the need to strategically adapt to advanced trends in banking services has arisen. Let's take a closer look at what innovations can already be noted when opening a corporate account in Kazakhstan.

22.01.2024, 10:58

Loans in the UAE: Legal Aspects and Regulation

When it comes to financial operations in such a dynamically developing economic center as the United Arab Emirates, understanding and complying with local lending legislation becomes critically important. The complexity and variety of financial products available in the UAE require careful consideration and the right approach for both individual borrowers and corporate entities. In this article, we will examine the main aspects of lending in the UAE, covering rules and regulations that companies aiming for successful business operations in the region must consider.

21.02.2024, 08:27

Bank account for a crypto company abroad

Opening a bank account for crypto companies poses a significant challenge due to the unique risks inherent in the industry. Despite the rapid development of blockchain technology and the popularity of cryptocurrencies, many traditional banks are still waiting to cooperate with such companies due to the complexity of regulation and ensuring the security of transactions. It leads to the fact that opening an account becomes difficult and requires additional effort. In addition, Russian entrepreneurs have to face new sanctions that aggravate the situation.

06.03.2024, 13:25

How to open a local bank account for a UK company

A bank account in the UK is the second step to start doing business after registering a company. This process may seem complicated, but with the right approach and following all the necessary steps, it can be completed relatively easily and efficiently with the help of the lawyers at Antwort Law.

07.03.2024, 09:57

How do you register a company in the UAE?

Registering a company in the UAE is an opportunity to enter the global market with minimal tax obligations. This country provides zero or very low-income tax, fast registration, 100% company control, modern infrastructure, and the possibility of obtaining a resident visa. Antwort Law specializes in providing clients with everything they need to launch a successful international business in the UAE. Let's look at the basic stages of registering a company in this country.

20.03.2024, 10:52

International trust in the UAE has increased: the country's removal from the FATF gray list

The UAE has taken a significant step in strengthening its status in the global economy: the country was removed from the Financial Action Task Force (FATF) gray list, an international organization that develops and promotes measures to combat money laundering and terrorist financing. The decision was taken at the last FATF meeting held in Paris on February 23, 2024. Thus, the international regulator recognized the efforts of the UAE in the field of ensuring financial stability and security.

21.03.2024, 11:03

Choosing a place to register a business: Europe, Asia, USA or UAE?

Opening a business in another country is becoming increasingly accessible and attractive to entrepreneurs. The choice of location for a business is determined by many factors. In this article, the Antwort Law team will look at the importance of choosing the right location to open a business in Europe, Asia, the United States of America and the United Arab Emirates.

25.03.2024, 12:13

The process of obtaining an Emirates ID in the UAE: a detailed guide

The UAE has a booming economy and a high standard of living. Obtaining resident status and opening bank accounts here will be an important step for those planning to invest or develop a business in the region. Antwort Law is happy to assist you at every stage of legal adaptation in the country of your business, and this article provides recommendations to facilitate the process of obtaining an identification document (ID) in the UAE and opening local bank accounts. This short guide will detail every step of this important process, providing you with all the necessary information and guidance.

27.03.2024, 07:52

Closing bank accounts of Russian citizens in the UAE in 2024

In 2024, UAE banks began closing accounts of Russian citizens. This news is causing serious concern among Russians building international businesses, raising many questions and causing uncertainty. Antwort Law seems necessary to understand this issue in such a difficult situation. Let's look at the possible reasons for the Russian citizens' accounts being closed in UAE banks.

15.04.2024, 09:50

How to buy a shelf company in the UK

The UK is one of the most popular jurisdictions, and its business reputation, climate, entrepreneurial culture, and government preferences enable entrepreneurs to develop their businesses immediately at the international level. However, starting a company here may take more time and effort than it might seem at first glance, but rather a rather long process that will distract you from starting a business. If time is valuable to you, Antwort Law is ready to offer the best solution - purchasing a company already registered and prepared to work in the UK.

24.04.2024, 09:20

Offshores: is it worth registering in 2024?

In 2024, the topic of offshore companies continues to be the focus of attention of entrepreneurs and investors worldwide due to the optimisation of taxes, confidentiality and simplified corporate reporting of such structures. However, global changes in international tax regulation and transparency policies are forcing us to rethink strategies for doing business through offshore companies. Antwort Law has extensive experience working with offshore jurisdictions. We will happily tell you what factors should be considered in 2024 before registering such a company.

Read more other news here

FAQ

How long does it take to open a corporate account abroad?

Opening a foreign corporate account takes from 2 weeks to 3 months. This is due to the requirements of financial regulators for banks and payment systems to conduct thorough and multi-stage checks of their clients. The final account opening time depends on various factors, such as the country, the type of business, the choice of the bank, the nationality of the founder and director, public information about them and the company, the availability of a complete set of documents, and other factors.

Why does the bank refuse to open an account?

The reasons can be diverse, but the four most common ones are: 1. Errors in document preparation. 2. Incomplete data, brief and unconvincing answers, lack of logic and structure in responses, and the absence of a well-thought-out company history. 3. The nationality of the founders and/or directors. 4. The company's activities or insufficient turnover. For example, it can be challenging for cryptocurrency companies to open an account due to the nature of their business, and many banks evaluate the potential turnover of the company during the selection process.

What to do if the bank requests a source of funds?

Provide documents that confirm the source of funds with which you will be depositing money into your account and conducting business. The most reliable sources are those that are officially documented and have had taxes paid on them. If you received funds from the sale of cryptocurrencies, which are not regulated at the legislative level in many countries, provide a statement from the exchange. In some cases, you may also need a lawyer's opinion or a certificate from government organizations.

Can a loan agreement be used as proof of the source of funds?

We do not recommend using loan agreements as proof of the source of funds. The common practice is that most banks do not accept such documents as adequate justification for the source of funds or they may ask numerous additional questions that would require gathering even more information. For example, documents about the lender, confirmation of their source of funds, as well as how and when you intend to repay this loan.

In what cases do banks request proof of the source of funds?

The source of funds is one of the most common requests from a bank, and the response to this request influences the decision to open an account and its subsequent operation. Typically, banks make this request in two scenarios. Firstly, when opening an account: the bank wants to know the sources from which you intend to make your initial deposit. Secondly, in the case of significant transfers between personal and corporate accounts: even if it's your company, you will need to specify the source of funds in your personal account.

Is it normal for a bank to send questions about your payments?

Yes, don't worry, this is a common practice for banks. They have the right to request any information regarding your payments. We recommend responding to all questions as accurately and promptly as possible.

How detailed should the responses to bank inquiries be?

It's best to respond directly to the specific question asked, without delving into unrelated areas. This way, you won't provide unnecessary information or arouse additional interest, while still addressing the banker's inquiry.