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Account Opening - FAQs

1. Do I need to come to the bank in person to open an account?

To open bank accounts in Hong Kong and Singapore, personal visit is a must

However, for other jurisdictions, such as Switzerland, Mauritius, St Vincent etc, you can leave most of the work to our expert team and enjoy the benefit of remote application. The whole procedure can be completed online and via courier (apart from a few exceptions).

Better yet, a customised personal meeting with our partnered Bank Account Manager can be arranged if you wish.

Read more:

2. Must I wait for the whole completion of setting up my offshore company before opening a bank account for my company?

This is a must. Most banks require the company KYC documents to have a certain degree of legal notary as eligibility.

3. Does setting up an offshore company mean that a bank account will automatically be opened for the company?

No. If you tick the bank account opening option, we shall-in close collaboration with yourself-choose the bank which most suits your needs from among our network of prime banks.

The bank will then decide if the account can be opened, depending on how comfortable they are with the nature of your business and the personal information provided by you.

Also read:

4. How long does the bank complete the process of bank account opening for a company?

After submitting all required documents to the bank, the bank will conduct a compliance check.

Generally, the bank account can be approved and activated in 7 working days, depending on your bank of choice.

Also read: 

5. In which countries can you open a bank account for my company?

We can support you to open bank accounts in Hong Kong, Singapore, Switzerland, Mauritius, St. Vincent and the Grenadines and Latvia.

6. Can I get a credit card and a ATM (debit) card with my corporate bank account?

Depending. This is subjected to bank service.

7. Which banks do you work with?

We only work with first class banks, which are able to offer you all the services you may require (internet banking, anonymous credit and debit cards) like:

  • Hong Kong (HSBC, Hang Seng, DBS bank)
  • Singapore (DBS bank, OCBC)
  • Mauritius (ABC bank, Afrasia Bank)
  • Switzerland (CIM bank)
  • Latvia (Rietumu bank)
  • St. Vincent and the Grenadines (Euro Pacific bank)

Read more:

8. Why open an offshore bank account for company?

An offshore bank account gives a higher level of freedom, security, and profitability that why open an offshore bank account for the company to grow your business.

Many offshore countries guarantee bank secrecy. In some, bank secrecy laws are so strict that it is a crime for a bank employee to disclose any information about a bank account or its owner. Currency control in offshore countries is considerably less rigid than in high-tax countries. (Also readBank account with multiple currencies

Moreover, offshore bank accounts are able to avoid the high service costs that have become a part of domestic banking. Offshore banks normally offer very attractive interest rates. Offshore credit and debit cards afford a certain level of privacy since all purchases are debited to the offshore bank account.

At the same time, some offshore banks are financially stronger and better managed than even major domestic banks. This is the case because an offshore bank must maintain a higher ratio of liquid assets to accumulated debts.

For the above mentioned reasons it could indeed make sense to operate a bank account in an offshore jurisdiction where it is safe from domestic fiscal authorities, creditors, competitors, ex- spouses and other who might wish to appropriate your wealth.

Read more:

9. What fees apply for maintaining the bank account?

The banking fees depend on the establishment holding your account.

On average the fees for maintaining the account come to around Euro 200 per year. As for us, we do not charge any further fees once the account has been opened.

Also read: Requirements for opening a bank account

10. Which documents required for opening bank account for company?

Bank documents normally require you to provide them with

  • Certified copies of a company’s certificate of incorporation
  • Bylaws or Memorandum and Articles of Association
  • The resolution of the directors to open a bank account.

All banks also require evidence of beneficial ownership in the form of certified copies of passports and the relevant resolutions by the Board.

Banks have to know their customers’ business and therefore we will require clients to provide us with detailed plans for the new company’s operations.

As a condition for opening a new account, most banks require that an initial deposit be placed, and some banks may insist that significant minimum balances be maintained.

Also read:

11. Can I have a bank account with multiple currencies?

Once the bank account has been opened, you can choose a multi-currency account. This will allow you to keep several currencies in the same account.

When a new currency is used, the bank will automatically open a "sub-account" so that you do not have to pay any exchange fees.

Also read: 

12. How can I use the funds from my offshore account?

As with any other bank account, the funds of your offshore company bank account will be accessible through credit/debit cards, cheques, Internet banking or withdrawal at the bank.

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