Account registration in foreign banks

Account registration in foreign banks
The growth of an enterprise and an increase in profits depend not only on the correctness of its business, but also on the choice of a financial institution to store money and make payment transactions.
Recommendations for choosing the type of account
Before registering an account with a foreign financial institution, the client must select its purpose. Today there are two types:
• Accounts intended for carrying out transactions related to the trade sector (receiving and sending payments).
• Accumulation accounts (deposits).
The choice of one of two types of accounts plays a key role in its registration. This is due to the fact that not every banking institution provides services for opening accounts for trading operations (as in this case, the cash flow “passes” through the bank, not settling in the accounts, which is unprofitable for financial institutions).
The main requirement of banks, the priority of which is to register savings accounts (investment and savings), is to have a “non-burning” residual amount in the account, the average value of which is 100 thousand euros or more (this figure differs depending on the financial institution chosen).
Factors affecting the choice of a foreign bank
• Current legislation of the country of registration. A number of states have developed laws that are effective for doing business, storing money in bank accounts and conducting financial transactions.
• Prestige institutions.
• Cost of billing. Banks charge customers for the maintenance of its deposits and accounts either a fixed amount or a percentage of the payment.
• Availability of personnel fluent in Russian. The absence of a language barrier has a positive effect on communication and eliminates misunderstanding of aspects of the bank’s work.
• Special account options. Online trading requires a merchant account that allows you to accept payments sent from a credit card on the company’s website. Not all financial institutions offer the option of registering a merchant account.
Account management
• By fax. The client sends to the bank an order for the execution of a financial operation, and the staff performs it.
• Through a personal visit to the department.
• Remotely (via the Internet, code or digital signature of the account holder is required).
Account registration mechanism
Individuals provide:
• Passport information.
• Recommendations from business partners.
• Address of permanent residence, telephone.
• Information about the origin of income.
Legal entities:
• Registration certificate.
• Articles of Association.
• Agreement of the institution.
• Passport details of the person who will manage the account.
• Certificate of legal capacity of the company (if the company exists for more than six months).
• Information about the founders of the company, business partners, the number of employees (this also includes the average number of financial transactions on the accounts in 30 days and the planned turnover of money).
• Letters of recommendation from business partners.
The lawyers of our company will prepare the required papers and select the bank that is most optimal for running your business.