Bank Account Opening FAQ

Can I open the account in the foreign bank on my own?
Yes, you can. But you should bear in mind that it is very difficult to find a proper bank for opening of the account for offshore company. You will also be required to deliver references, to sign the documents in the bank personally and to have a good credit history.

What documents shall I submit to the bank?
As a rule in order to open an account the Customer shall sign the relevant bank forms according to the internal regulations of the bank and submit the following documents:
The requirements of the bank to the submitted documents, their nature and certification methods may vary depending on the bank. For full information please contact the expert of Wenzel Group of Lawyers.

Does the process require my personal presence in the bank?
No

What is the term of account opening?
Term of account opening for the nonresident company is specified by each bank on its own. As a rule such term may vary from one to five weeks and first of all depends on the bank’s requirements for the examination of the documents delivered by the company for the opening of the account.

Recently many Western European and North American banks (banks with prestige and reliability beyond the question are meant) have changed some requirements for the documents submitted for the opening of accounts as they are not willing to be in the focus of interest of the antiterrorist, antimoney laundering organizations, etc.

Nowadays the owners of the companies or their authorized persons may be requested to submit the evidence of legitimate sources of funds entered into the corporate account. As a rule such requirement is applied to the amounts exceeding "the credibility limit" established by the bank. Sometimes such limit means tens of thousands of USD, in other cases hundreds of thousands of USD are meant. We recommend being reasonable and rational in respect of the allocation of the funds and consult the appropriate experts.

What is the purpose of the irreducible deposit?
The so-called irreducible balance is a mandatory requirement of almost all banks for opening and management of the account. That is the amount you should always keep at you account without fail during the whole period of the bank’s servicing, and upon the closing of the account such amount shall be returned less the indebtedness of the holder to the bank if any. Amounts of the irreducible balance are fixed within USD 100 to 200.000 depending on the bank’s requirements.

Who will be granted an access to the funds on the account?
Only you and persons authorized accordingly. We shall not receive your account statements and get the access to your account. As a rule we do not even know the number of your bank account.

How can I get access to the funds on the account?
You can transfer the funds via the Internet, draw cheques using bank cards. You can go to the bank and make cash withdrawal.

Is the bank a member of IBAN and SWIFT?
Yes. And this will allow you to transfer and receive funds throughout Europe using IBAN and you will pay just a couple of cents or euro for one transfer irrespective of the country from which you have transfer the funds. SWIFT is used for international transfers.