Opening a foreign bank account

An account in an international bank not only gives entrepreneurs the opportunity to work freely in the international market and co-operate with foreign partners, but also guarantees the company's increased competitiveness. 

Today, in order to open a corporate account in a foreign bank, a legal entity in most cases needs to visit the branch of the selected financial institution in person, but sometimes it is possible to apply and submit documents remotely through our representative - by power of attorney.

Who will benefit from the service?

The service of opening a corporate account for business abroad will be of interest to entrepreneurs who:

  • are just registering a non-resident business;
  • are entering new markets;
  • encounter obstacles in account management and transactions at the bank where the corporate account has already been opened;
  • do not receive the necessary options from the bank where they are served.

Registration of an account in a foreign bank can be divided into two stages: preparatory and organisational. At the first stage risks are analysed, strategy is defined and documents are prepared. The second stage is the process of applying for and opening a bank account. 

There is no unambiguous answer to the question of how to open a foreign bank account for a non-resident. The terms of the agreement always depend on the requirements of a particular monetary institution. For example, US banks have strict requirements for transparency of the origin of money.

Advantages of opening an account with a foreign bank

The financial system of traditional banks primarily attracts businesses with its stability, which is often why they are more popular than payment systems. The list of additional advantages of co-operation with foreign banks includes:

  • the possibility of having an IBAN number;
  • reliable protection of finances;
  • the ability to open a deposit;
  • the possibility to come to a physical branch of the bank;
  • issue of plastic cards.  

Opening an account in a foreign bank is a rather complicated procedure associated with a large number of legally significant nuances of the legislation of the chosen state. 

The wrong choice of bank, difficulties with the execution of documents, confirmation of the origin of funds - this is only a small part of the problems faced by foreign entrepreneurs.

Cooperation with subject matter experts helps to minimise the risks associated with rejection. Intelligent Solution Group representatives co-operate with 36 foreign partner banks. We are expanding this list in search of interesting conditions for our clients. Our specialists know their requirements thoroughly, so they can offer the best bank option to meet the needs of a particular business project.

What services Intelligent Solution Group provides?

The company's specialists are ready to provide both consulting support and to handle the process of opening a foreign bank account on a turnkey basis.

Within the framework of co-operation we provide the following list of services:

  • preliminary analysis of the client's situation (case study, geography of activity, determination of risks and strategy of negotiations with bank representatives);
  • preparation of documents confirming the business, origin of income;
  • selecting a bank, submitting an application for opening an account, negotiating with the bank's employees;
  • comprehensive support of the client after account opening (setting up online banking, assistance in transactions);
  • responding to the bank's enquiries during the account operation.

To ensure a hundred per cent guarantee of approval of the application, the company's specialists apply simultaneously to several banks whose terms of cooperation are most suitable for the client. 

It is important to take into account that the company's employees undertake the work only if they are sure that the result will be obtained with a probability of 100%.

What documents are required to open an account?

As a rule, banks ask for a copy of the passport of the founders and statutory documents. However, the contents of the package of documents depend on the requirements of a particular financial institution.

How long does the procedure take?

The exact timeframe depends on the requirements of the particular country. On average, this procedure takes between 2 and 8 weeks.

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