International bank account
Any international bank strives to learn as much information about its potential client as possible, so providing detailed information about both the physical and legal person is prerequisite. The ideology of Know Your Client, which is used by all modern banks, involves providing the person with information about themselves and their incomes. This process was named Due Diligence and became the main requirement to the account holder.
Details about Due Diligence
Many businessmen and simply persons interested in opening an account abroad are frightened by this procedure. However, it is necessary for the bank to have an idea of its client, the amount of its income, the potential turnover of funds on the account, its possible partners and much more. First of all, the financial structure lets you know which operations are more interesting to you and which of the list of banking products you will choose.
A little earlier, international banks, including those from the European Union, required a minimum set of documents from their potential customers, but the rules change with the years. The vast majority of financial institutions require a much larger list of securities to open an account.
The corresponding foreign financial structures are conventionally divided into three types:
• Baltic institutions (are distinguished by favorable tariffs);
• the structure of Cyprus (similar to those in the European Union, but it is easier to open an account);
• banks of Europe.
The list contains those classes that differ in the number of required documents and the conditions for opening a bank account.
Required documents and details of registration
Opening an account in banks of the Baltic region countries is allowed to engage in consulting companies or private agents, which in many ways simplifies the task. The list of documents is small, compared to other banks of member countries of the European Union, and only three persons are required – the founder, beneficiary and attorney.
The complete list looks like this:
• copies of the passport of the three persons mentioned above;
• copies of all documents related to your company;
• a company registration document or a certificate from the current place of work of both the attorney and the beneficiary.
By European standards, the list of securities is not large and opening an account will not require any significant effort on your part.
The banks of Cyprus are a bit tougher for foreign clients. To the list of the above documents, financial structures usually require:
• originals of your company’s securities;
• taxpayer number;
• recommendation from another structure and credit history.
In addition, some forms must be filled out and signed by the director of the company, and there are cases when the structure requires the client to come to the regional office. But if all forms were correctly filled and the required documents are provided, in most situations the account is registered in the coming days, which in time can compete even with the most successful banks.
If you managed to collect a fairly large capital, then almost everyone wants to leave it in the account of some bank in Europe. However, this is not so simple – the Europeans have a strict approach to this, which leads to a lengthy process of registering the account. Financial institutions want to have as much information about their client as they need:
• a resume in which the source of your money will be indicated, information on the availability of any education, information about your company or place of work and occupation, which collectively is called CV (third parties, including the tax service, information is not provided without a court decision);
• copies of documents of the beneficiary and the attorney, which must also be notarized;
• Original papers relating to your company.
Often an obligatory condition is the meeting of the client with the representative of the bank, which takes place at the main office of the structure. In other cases, when the account is created remotely, the client undertakes to arrive within the next six months to the territory of the respective state.
Additional information that the bank can request is related to the purpose of your account, as well as your company’s target market, because financial structures often refuse to cooperate with firms that are at risk. Important and the amount of turnover of the company, its partners and the availability of a certain minimum amount in a new account.