Are you looking for a reliable jurisdiction and a reputed bank to open a personal or a corporate bank account? If you have explored the situation a little bit, you probably know that the situation “banks are glad to open an account for anyone who needs it” is as far from reality as possible. If we look at how things stand, banks apply a lot of checks to non-residents and often turn them down, and the trend sees no signs of improvement in the foreseeable future.
Are there any ways to avoid the rejection? Yes, there are, and we are going to discuss one of them. We would like to invite you to our portal where you can read the full text of the article to find out why you can be denied banking services and discover other important nuances related to international banking and business. Our specialists open accounts for individuals and legal entities on a daily basis, so we have something to share with you.
You can also get in touch with our expert for a free initial consultation and discuss all the issues related to international banking, your needs, preferences, and doubts. We will find a suitable jurisdiction and a reliable bank to match your situation at no fee – or make a few suggestions you can choose from. However, if you don’t want to bother with international regulations and decide to entrust opening an account to us, we will complete all formalities for you at a reasonable fee.
Current Situation: Overview
Banks have become more picky when it comes to non-resident customers under the pressure of international regulators. They simply need to be in compliance with applicable laws, so they are unlikely to adopt more relaxed due diligence procedures in the near future.
Why can your company be turned down by the bank? Well, there are many reasons for that, which may include the unsuitable kind of business activities that the company carries out, the citizenship of its beneficial owners, the country where the company’s partners are based, and other considerations that have to be kept in mind before you apply.
There are two ways to avoid denial of services:
- Request our assistance. Our experts will recommend a bank (or several banks) that is highly likely to onboard you. We cooperate with multiple banks and payment systems and we are well-aware of the requirements you will have to meet. However, this option is still not 100% safe, though the risks are much lower, of course.
- Would you like to get more guarantees? Take advantage of our preapproval service. You fill in a form, and we request the bank to assess your company profile, including the business model, to decide if they can provide non-resident banking services to you.
Preapproval Service: Benefits
Most entrepreneurs are busy people, and preapproval service gives you a chance to save time and money as you make minimum steps until you are sure that they will bring results.
It doesn’t really matter whether the bank approves your application or not as you will not lose much.
If you get the approval, you will start collecting a package of documents for further submission. Preapproval does not give a 100% guarantee that you will get your account as your documents will still be considered in more detail for compliance. And still, the guarantee is much higher!
If you don’t get approved, you can simply choose another bank without wasting too much effort on the previous one (translation, legalization, express delivery, and so on).
You contact us to book a session, and we choose the most suitable banks for your needs. You fill out the forms to submit to them and send them to our expert for a thorough check. If the form is filled out correctly, you will be invoiced for the preapproval service.
As soon as we get your payment, we will send your form to the relevant bank and wait for two days (sometimes more) during which it will be processed.
Preapproval: Who Should Use It
If your business belongs to the high-risk category, it will be really hard for you to find a reputable bank with a sufficient range of high-quality services that will agree to provide services to you. Here is a list of businesses that usually encounter the most problems:
- Any business based on innovative technologies (as its structure is often unclear to the bank)
- Legal entities that issue bearer shares
- All kinds of gambling undertakings (betting, online casinos, etc.)
- Businesses that provide adult services
- Companies that deal with pharmaceutical products
- Companies that trade in currencies, shares, bonds, etc.
- Entities that trade in jewelry, precious stones and metals
- Companies that extract natural resources
- Undertakings related to construction and development projects
- Retail companies that use payment systems
- Individuals and legal entities that need to withdraw a lot of cash
- Charity organizations
- Electronic money operators
- Individuals and beneficiaries of companies that come from the USA, the CIS, Japan, China, and countries that are under the sanctions of OFAC/FATF
And while the preapproval service is mandatory in the above cases, it can be recommendable if you have a low-risk transparent business and don’t want to waste time and effort on collecting documents if you are not sure that you will be approved.
If we see that your business will be approved and there are no reasons why the service can be denied, we will not recommend preapproval service to you!
We don’t deal with preapproval or account opening if individuals or legal entities are engaged in the following activities:
- Child adoption
- Live animals
- Child pornography
- Parts, liquids, or remains of the body
- Materials that infringe on intellectual property rights
- Charitable organization that is in fact a pyramid or an MLM structure
- Self-manufactured weapons
- Products/services originating from countries under sanctions
- Activities that should be licensed but are carried out without a license
If you are a person who enjoys a smooth experience and likes to be on the safe side, preapproval service is exactly what you need. Follow the above link to read more details or get in touch with an expert using a live chat. We are online!