Charles our principal has over 30 years of experience acting as a licensed banking introducer to many international banks. Charles has a hard-won reputation within the banking community, which has placed him in a unique position to offer bank accounts that other company formation specialists cannot arrange.
Bank account application process: During an initial conversation with you as a new client, we will ask some questions; your answers will enable us to recommend the right Bank for your requirements. At this time, we will also discuss the best type of Company jurisdiction that will suit the needs of your business. Once this process is completed, we will send you our bank account application forms to complete and return to us with a copy of your passport. If there will be additional beneficial owners of the proposed Company and Bank account, each person will be required to complete our Bank Account application forms and send us a copy of their passport.
Once we have received the completed forms, we will send the forms to a suitable bank to process the application.
As each Bank may have different identification requirements, our administration team will advise you of what documents the Bank will require, usually a copy of your passport and a home utility bill. If you do not have a utility bill, other identification may suffice.
We can offer several options for clients who wish to open Corporate or Private Bank accounts. Below you will find several comments and tips to help you understand what Banks will require when opening a Bank Account.
Let’s start with mainstream traditional international banks. When you deal with our Company, the first thing we require of you is to complete our in-house Confidential Application Form. We ask you to view this form as a document of discussion between you and us. The questions that we ask are the same questions the majority of banks will require answers. Let’s take a look at some of the questions and our notes as to why the questions are asked,
- Personal details of the proposed account holder, including contact details and home address etc. If you are applying for a business account, you are known as the Beneficial Owner or BO. Using the information provided, the Bank will do its due diligence to ensure you are an acceptable candidate for an account. This work is completed to ensure both you and the Bank comply with International Anti Money Laundering Laws.
- If others such as Directors and or shareholders are part of the Company Bank Account application, each person must complete the same forms.
- Identification requirements required by all directors and shareholders:
- Passport Copy, in date, Two pages. Scanned Copies only. Mobile phone photos are not acceptableSigned GDPR form as required by EU Law,Utility Bill, 3-month current. If you cannot provide a Utility Bill, most banks will accept two bank or credit card statements. One current month and one six months old,Driving licence, front and back in colour and scanned onto a clear white background. If you have a National I.D Card, this is usually accepted instead of a driving licence.
- Some Banks will require the identification documents to be certified by a Lawyer or Accountant, but not all.
- Company and Business Activities. This is one of the most essential questions that Banks will require detailed answers to. No matter how often we stress the importance of answering this question with a few paragraphs providing details, Eight out of ten applicants will write down ‘Business Consultant or Property Developer. In today’s climate of detailed compliance, this will not be accepted. The best that will happen is we will receive a raft of questions from the Bank asking for more detailed answers, so please, more information is better than less.
- Website. It is easier for the Bank to decide if they want to open an account for you if you have a website. This will enable the Bank to check they are dealing with a proper application. In some cases, such as a Start-Up Company, some Banks will accept the application if we tell them that this is a new business, but this is fast becoming unacceptable.
- Proposed Turnover of the business for year one. This is the question that sets everyone’s alarm bells going. Every day we receive completed application forms from clients who write on the application form, year one turnover, 10 million, 20 million, and one lady client last week, 50 million in year one. In most cases, these people do not have a business plan, and they don’t have a website. We guarantee that no Bank will accept such an application. Please be honest and realistic about the turnover of the Company, and such substantial turnover claims do not impress banks, in fact, quite the opposite, this will result in an email reply to our office with a firm ‘No Thank you.
- Why do you require an Offshore Company and Bank account? Banks recently introduced this question. The reason being is to ensure you are a genuine client who wishes to trade internationally. You will be required to supply the names and details of at least one of your suppliers or clients to evidence you genuinely will be trading internationally.
- Geographical Location of the people you will be dealing with. Clearly, the Bank wants to be assured that you are not dealing with clients and suppliers in Backlisted Countries.
- Your requirements and services from the Bank. You will need to inform the Bank what currencies and accounts you will require for your new account.
- Business Plan and CV. Banks are increasingly asking for a Business Plan and CV, but not all.
All this may seem very arduous and complicated, but in reality, it isn’t. We live in a time of increasing compliance; we are here to assist you and to ensure the details you provide will ensure a successful Bank Account application.
I’m are more than happy to answer any questions that you may have. Therefore, please feel free to contact me with absolute confidence:
By email to: charles@charlesfarran.com
Telephone: + 44 (0)771 9755664
Charles Farran: Cell: 44 (0)771 975 5664 manned seven days per week between 9 AM and -10 PM UK time. WhatsApp/txt + 44 (0) 771 975 5664
Telegram: Charles Farran. + 44 (0)7719755664
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