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BANK ACCOUNTS FAQs
- If I order my company through you, do I have to have to use your additional service to get my bank account?
- How long does it take you to set-up an offshore bank account?
- What documents are required, and what are the procedures to open my offshore company account?
- When my bank refuses to provide me with a bank reference, what can I do?
- Whom to and when do I make my initial deposit?
- How can I operate my bank account?
- Do I have to visit the bank to open the account?
- In what banks can I open an account, and that you can recommend me to?
- Are there any types of businesses or activities for which the banks you represent WILL NOT open accounts for?
- What minimum opening balance, if any, is required?
- Who controls my bank account?
- Can I get a debit card?
- Do you open personal bank accounts?
- Do you have any restrictions regarding citizenship to open an account?
- Why you do not mention the name of the banks you represent?
- Is my bank account guaranteed when I pay your fee?
- When should I pay my opening (initial) balance and to whom?
- What method of payment do you accept?
- If I order my company through you, do I have to have to use your additional service to get my bank account?
The choice is yours; we offer the bank introduction service to our clients who have incorporated through us. There is no obligation to use us to open a bank account, however many clients request this additional service.
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- How long does it take you to set-up an offshore bank account?
When your company has been formed we immediately forward the company kit to you. If a bank account had been requested, the bank application form will be included in the package, express mailed to you. Once these forms have been completed according to the instructions and received by the bank the account will be activated within two
to ten working days.
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- What documents are required, and what are the procedures to open my offshore company account?
The documents required to open a bank account will include; bank application form, signature cards, certified copy of a picture ID, references on the signatories (bank and employer or professional),
verification of residential address (utility bill, credit card statement). The forms will be included with your company kit which we send to you. Along with these documents and certified copies of your incorporation documents sent to the bank will usually be enough to have the account opened. Minor variations will occur depending on the choice of bank. We will inform you of the exact requirements.
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- When my bank refuses to provide me with a bank reference, what can I do?
When you submit your bank account application documents to the bank we have introduced you to, you must ask that they make a direct request to your bank for your bank reference. In order for them to do this, they will require the relevant contact information for your bank including; Bank name, Branch address and information on the contact person at the bank including name telephone number and email address where possible.
Secondly, you must provide your bank with an authorization letter, granting your permission for them to respond to the bank we have introduced you to, with the relevant bank reference.
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- Whom to and when do I make my initial deposit?
The initial deposit is made directly to your bank account at any time after you have recieved your bank account number. The minimum initial deposit to Cyprus, St.Vincent, Dominica and Antigua is 1,000 USD,
to BVI bank 2,500 USD. The minimum initial deposit for Austria is 100,000 USD. There is no minimum initial deposit for the bank in
Latvia.
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- How can I operate my bank account?
All the banks that we represent provide internet banking, wire transfers and debit cards. The accounts can also be operated via phone or fax.
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- Do I have to visit the bank to open the account?
No you do not have to visit the bank in order to open or operate your account. All the banks we work with offer internet banking and the account may be operated by phone fax or e-mail. Debit cards are also available for use in most countries in the world. If you want to visit the bank we will be glad to arrange it for you.
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- In what banks can I open an account?
We work with and represent offshore banks in the Caribbean (Antigua, BVI, Dominica and St.Vincent) and some large and well established banks in Europe (Cyprus, Latvia and Austria).
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- Are there any types of businesses or activities for which the banks you represent WILL NOT open accounts for?
The Banks we represent or are agents for will not open accounts for the following types of businesses or activities:
- Businesses which should be licensed according to international standards, but are not, such as:
- Broker Dealers
- Mutual and Hedge Funds
- Trusts
- Security Exchanges
- Insurance companies and brokers
- Banks
- Online casinos
- Businesses that offer alternative payment systems, e.g. E-Gold, e-cash etc.
- Businesses which intend to raise funds or capital from the public, sell unregistered securities or MLM Programs.
- Companies whose business is :
- Adult content Websites
- Selling fake diplomas
- Churches and charities.
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- What minimum opening balance, if any, is required?
A minimum opening balance is required by most of the banks we recommend.
Antigua (US$1,000); Dominica (US$1,000); St.Vincent (US$1,000); Latvia (NONE);
BVI (US$2,500); Cyprus (US$1,000) or equivalent in other currencies.
Austria requires a minimum opening balance of US$100,000
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- Who controls my bank account?
You have control of your bank account as the signatory. It is totally and only your decision as to who you wish to assign an authorized signature to, if any.
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- Can I get a debit card?
Yes, you can apply for debit card in any bank we recommend.
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- Do you open personal bank accounts?
We do not open personal bank accounts and we only open company accounts for companies which we have incorporated. In some
exceptions we will consider assisting with a personal bank account for clients who have used our services to open a business bank account.
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- Do you have any restrictions regarding citizenship to open an account?
While some banks impose restrictions, we can find a suitable bank for any nationality.
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- Why you do not mention the name of the banks you represent?
While we are an official agent for the majority of the banks and can offer you the account number from the day of the incorporation, all of these banks impose certain restrictions on our advertising policy because of OECD pressure on the offshore industry.
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- Is my bank account guaranteed when I pay your fee?
No, you do not buy and we do not sell bank accounts neither do the banks sell bank accounts.
We provide an introduction service and because of our knowledge of the bank requirements we guide you through the application process. This means we supply you all necessary information and application forms about the bank.
In case you are rejected with the bank we may offer you introduction with another bank, of course separate fee will apply.
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- When should I pay my opening (initial) balance and to whom?
The opening balance has to be paid directly to your bank account after the account has been opened and fully activated. You will transfer an amount equal to the minimum required balance or any amount in excess of this required minimum balance. Please, don't transfer money before the account has been opened. Please, don't include any checks or add any monetary instrument with the application package.
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- What method of payment do you accept?
We accept payment via Western Union, Wire Transfer, Credit Card by fax, phone or secure online. We do not accept credit card payment from Nigerian nationals or residents.
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