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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.
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.
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