Conducting international business inevitably requires a convenient method of payment. If you are the owner of a foreign legal entity , for example, in the USA, UK, Hong Kong or other jurisdictions, the account should also be opened in a bank that supports a large number of currencies and has a large geographical coverage.
Another important nuance may be your location. Let’s say you own aAnother important nuance company in America. How do you open an account in a US bank if you are in Russia, do not have US residency and are not ready to fly to this country to visit the bank? International online banks may be the solution. In this article, we will tell you what services there are for business, what requirements they impose for opening an account, and how to go through the registration process completely online.
How to choose a bank to open an account?
Before opening a corporate account in a foreign bank, it is important to immediately decide which bank you will entrust your finances to. Here are the criteria you can rely on:
- Reputation. Study the bank’s history, ratings, reviews, and under whose regulation it operates.
- Online capabilities and international coverage. Check if you can open an account remotely and what currencies are available for payments.
- Access for Russian citizens. Make sure that the bank will cooperate with your business, regardless of citizenship. Payment services often do not support clients from Russia.
- Rates and fees. Compare service costs, transfers, buy bulk sms service conversion rates and possible hidden fees.
- Convenience of services and support. Check how convenient the online banking and mobile application are, whether there is a fast support service.
- Document requirements: Find out what documents the bank requires to register an account to avoid delays.
- Reviews and recommendations. Talk to entrepreneurs who already use the bank’s services and learn from their experience.
Requirements for opening a foreign account
To successfully open a business account abroad, a bank consumers buy second-hand items more for economy than sustainability or fintech platform will require a certain list of documents and information. As a rule, the basic requirements include:
- Company documents. Provide the Certificate of Incorporation, Articles of Association and Certificate of Appointment of Directors (if required).
- Proof of identity of beneficiaries and directors. Copies of passports or other identification documents will be required, as well as information on place of residence (e.g. utility bill, bank statement).
- Confirmation of the company’s address abroad. Often they ask for an office lease agreement or an extract from the register reflecting the legal address .
- Business plan or description of activities. It is important for the bank to understand the nature of the business, the expected turnover and the intended purpose of the account.
- Compliance with KYC and AML procedures . Prepare information on the origin of funds, ownership structure, related companies and partners. Banks will definitely check you for potential risks.
- Website in English. If you plan to run an online australia cell numbers business, online banks will pay attention, among other things, to the correctness of your website and its compliance with the declared activity. The website should have a user agreement, privacy policy, an “About Us” section, and contact information.
Each financial institution may have its ownAnother important nuance individual requirements for clients, but in general the listed points apply to all financial institutions.