By Caitlyn Buchanan, 20.11.17 (Updated on 19.02.2019)
One of the biggest challenges companies face today is opening corporate bank accounts, this is difficult in any jurisdiction and even off-shore companies have issues.
A corporate bank account is a universal need across all businesses. The specific needs of businesses vary but in general bank accounts are required to track cash balances, payroll (money paid to employees), money owed to the business and money owed to creditors. For international businesses, this service is essential for making payments abroad or receiving foreign income. This is equally important for transferring funds between a parent company and its subsidiaries. However, setting up a bank account in a foreign country isn’t an easy task. In some jurisdictions, it is especially difficult to get approved which is odd considering how essential banking services are to the operation of a business.
Euro Company Formations have many years of experience assisting international companies to attain required banking services using our simple, streamlined process. Through our excellent working relationship with key contacts in some of the world’s largest financial institutions, we can ensure that your bank account is opened in the quickest possible time frame.
We go the extra mile for our clients
Our clients are more likely to get approved because we follow a unique process. First, we assess a business’s needs and check with the major banks in their country of choice to determine which financial institution is the best fit. We advise the client of the best options, so they can choose their preferred bank(s), then we will apply for a corporate bank account on their behalf. If for any reason the application is denied, we will seek additional banking institutions to approach. This process has given us 100% success rate in finding banking solutions for our clients.
We can assist with bank account opening for any jurisdiction including off-shore. Our international account introduction service provides solutions for all business needs:
Physical Bank Account Opening When a physical visit is possible, we set up meetings with the main banks (can be done in 1 day). When you visit the country, our Correspondent Banking Specialists will collect you at the airport and bring you to each of the meetings and back to the airport afterwards. You will be advised if one or more banks would like to take you on as a customer. Please be aware that some banks may charge an additional account opening fee.
Remote Bank Account Opening We understand that it can often be difficult or inconvenient to travel to set up an international bank account. Our excellent relationship with the major banks means that in most jurisdictions you do not have to set foot in that country to open a Bank Account. Of all the major banks we work with a large portion also provide remote opening services.
A merchant account is essential, allowing a business to accept payments in multiple ways, including debit/ credit cards and online payments. A merchant account is established between the business and a merchant acquiring bank for the settlement of payment card transactions. We can find a merchant account solution for clients in all jurisdictions, even those which are considered high-risk.
With our service, you get expert advice from our experienced and knowledgeable Banking Specialists team. You will be asked to complete a preliminary corporate bank account application form which we will review in full. If for any reason we flag the company as unlikely to get approval, you will receive a full explanation as to why we will not take you on as a client. We will never charge you when no action is taken, and we will never take actions that will cost you money without getting results.
If you would like more information on how to get an International Bank Account account for your company please contact us today on +353 (0) 16461627 or send us a message
It is important to note that it is not always necessary to have a Corporate Bank account in the jurisdiction that your company is registered. In many cases an EU bank account is sufficient and the banks in certain locations allow this service more readily. For example, Poland is one of the best locations to attain a corporate account regardless of business activity or residency of the company director. There are 17 major banks in Poland and more than 40% of them allow remote opening. As part of our comprehensive service, we will put through an application on your behalf to all institutions that are likely to approve an account. For details on our special offer, click here.