When new companies are established in various international and offshore jurisdictions, this happens regularly. They are told that opening an account will be straightforward, only to find that there are no viable options at all. And they end up stuck in a company that can't open a bank account.
Because opening bank accounts for startups has become so difficult due to new and stricter banking laws, many corporate service providers and law firms have stopped recommending or filing banks altogether. But Foster Swiss can make it possible for you.
Opening a bank account for a new company doesn't have to be difficult, as long as you know where to look, what the sensitivities are for that bank, where the biggest risks and vulnerabilities lie in your customer profile, and how to apply.
In our trajectory we have managed to open many accounts for new companies incorporated in places such as BVI, Estonia, Panama, USA, United Kingdom, Singapore, Belize among other countries.
The old-school approach to account opening no longer works and is adopting new strategies to make it cheaper and faster than ever.
If you want to open a bank account as an offshore company and need help knowing what to do next, you can contact our consultants to have all the necessary information.
Opening a trading account for a company is much more difficult than opening a personal one. For the bank, there is significantly greater risk, especially with start-ups and foreign companies. But with the right information, you can avoid the common pitfalls and mistakes and be on your way to opening an account.
How to use backup information to open a bank account?
A new company can't display a history it doesn't have. Unless your business already has a bank account elsewhere, you won't be able to get a reference letter from another bank answering for you.
The best thing to do in these cases is to prepare for account opening. You have to establish the full profile of the company, where it is vulnerable, and what the bank may consider risky or unusual. When opening the account, the bank's work must be simplified.
Anticipate your banker's needs and resolve their concerns by providing all the documents they may need in advance. And don't give them any reason to reject your request. If something is common in you or your company, go ahead and explain it. Don't risk being denied on a technicality.
Contracts provide third-party validation that the bank can rely on. The more evidence you can get, the better. The same goes for suppliers. Having contracts in place with suppliers and contractors shows evidence that others see your company as a viable business partner, which further supports your application to the bank, making it more likely that you will get a bank account for your new venture.
No matter what stage of development your company is at, you can always find something that can be used as evidence of your business activities or future business activities.
If you want to open an offshore bank account for your new company, Foster Swiss can advise you. We help you in practically everything, we provide personalized advice from the moment of choosing the bank that best benefits you, until the opening.
For more information on this topic or any requirement related to our services, you can contact us directly through info@fosterswiss.com