International Banking Advice
How to open a corporate bank account
Opening a corporate bank account can be a daunting task, with ever-changing compliance rules and low-interest rates. To support your business, you may need one or more accounts depending on the type of activity you undertake. It is important to research who is the best provider for your needs in order to gain maximum benefits from your account.
How FirmEU can assist
FirmEU can help you set up a corporate bank account in the most suitable location for your company. We can provide the name, contact information and any other necessary details to get your account up and running. Plus, we’ll be able to handle all the paperwork needed and provide any additional documents that some banks might require (business plans, financial forecasts, etc.). With an extensive network of banking professionals around the world, including in Europe, Asia, Africa, the Middle East and beyond, we’ve got you covered for whatever type of advice or solutions you may need.
If you’re looking to open a corporate bank account, most banks will require documents or similar types of evidence in order to identify the director(s) of the business. Face-to-face meetings may not be necessary and if traveling is not possible for any reason, our banking specialists can independently assess the situation to provide the best solution for your business needs.
What do you need to open a bank account?
Setting up a corporate bank account involves demonstrating to the financial institution that your company is well-structured and established. Thus, banks typically require you to provide evidence of a clear business plan, as well as past results and financial records. Additionally, they will likely ask for information about where your suppliers and customers are located.
Opening a corporate bank account requires some key documents to be submitted to the financial institution. These include proof of identity, proof of address, business registration certificate, company memorandum/articles of association, and evidence of authorized signatories. The requirements may vary from one bank to another; however, these are the most common ones for a corporate account.
- Submitting original or certified copies of the company’s documents such as business licenses, articles of incorporation, and board resolutions that have been approved by the regulatory authority;
- Passport copy (sometimes legalized) for every shareholder & director of the company;
- Proof of living address (i.e. utility bill or bank statement not older than 3 months);
- Detailed business description, and in some cases a business plan (depending on the specific bank);
- Certificate of good standing.
If you’re looking for specific international banking advice, reach out to one of our advisors today! Our team can help answer all of your questions, and provide options that best fit your needs. To get a direct response to inquiries, fill out the contact form below.