It helps to a large extent, to have an introduction or pre-existing relationship using the bank where you stand seeking to procure an account. Bankers are by nature very risk averse and do not desire to lose their fat salary by signing up a client that is high-risk later turns into a nightmare.
Pass KYC
But, if you have an introduction and can tick all of the appropriate boxes, there shouldn’t be considered a problem to start the offshore banking license account. You have bypassed their controls that are internal and the burden of proof has been met. This burden of proof always included (at the absolute minimum) AML: KYC requirements. [Anti-money laundering work, and know your client requirements] Basically you need to fulfill 3 tests to pass KYC.
- Proof of identity (effortless when meeting up in person, otherwise is just a passport that is certified
- Proof of residency (this is utility bill and need your name and address)
- Proof of wealth (page from accountant or bank is most useful who are able to verify your earnings).
These KYC standards are what banks do in order to satisfy their regulatory compliance. You’ll need to meet at the least these criteria to open an account at most banks.
First Deposit
After fulfilling the KYC demands, you’ll be needed to make a First deposit at the bank. This might often be immediately withdrawn, other times it will have to remain into the account as an account minimum that is ongoing.
Corporate Accounts
For a corporate account you’ll need certainly to provide the following in addition to your evidence of identification, residency and wealth:
- M&AA (your incorporation documents, memorandum, and articles of relationship)
- Certificate of incumbency apostil led (who will be the shareholders, certified copy)
- Certificate of good standing – apostil led (are the government fees paid, certified content)
Beneficial Owners
Be careful as many providers try to slip this in for an additional cost. You will be unable to open a bank-account without these papers, which show the real beneficial owners for the business. There will always have to be some record of that is the owner’s rightful of banking account.
Directors Resolution
You’ll also require a director’s quality to open up a banking account, or power of attorney for whoever is indeed opening the account.
Banking Signatories
A while is dedicated to considering who will be described as a signatory regarding the account, and for which amounts they will find a way to maneuver money in and away from the accounts. In the event that account is to be a joint signature account different banks have different technical abilities. Some, for instance, are far better at allowing for complicated signature requirements.
Banks in Hong Kong and Singapore (that are ideal for corporate banking) are usually better in this regard. Offshore banks that are more for personal individuals routinely have fewer options with regards to get a grip on associated with the company via signature and less robust online banking.