How does this solution work?
You fill in the required data
The filled in, data is encrypted and automatically sent to more than 30 banks around the world to analyze possibilities to open bank accounts. Answers are taken into account and suitable banks are selected according to the criteria
Bank managers receive this information and analyze the application
If the bank will have additional questions, you will receive a message
As soon as any of the banks has provided a preliminary acceptance, you will immediately receive a notification with the terms of the bank
You can immediately begin to open bank accounts or wait for offers from other banks as well
The main advantages of this solution:
Save time on filling out dozens of questionnaires, visits and negotiations
Save the time it takes to review the application. Applications sent through this form are considered by banks on a priority basis
Save money – many banks charge a preliminary review fee. Through this form you get a preliminary review absolutely free
You can choose a convenient method for opening an account – remotely or with a visit
The opportunity to open an account in different countries of the world. The list of banks is constantly updated and replenished
Assistance with opening an account even if you were refused. Having received comments related to the reasons for the refusal, the specialists of Private Financial Services negotiate with the bank and assist with account opening!
Open an account
Private Financial Services has been opening bank accounts all over the world since 1998. For more than 20 years, we have accumulated tremendous experience, knowledge, have concluded hundreds of partnership agreements with various banks and institutions. We have opened thousands of bank accounts for individuals and legal entities and helped some banks to obtain licenses.
Private Financial Services are not limited to account opening. During this period, we also helped thousands of companies and entrepreneurs to “unfreeze accounts”, challenge payments, obtain loans, leases, factoring, draw up investment portfolios, and helped someone recover money from collapsed banks.
Our team consists of specialists with colossal international banking experience who previously held various positions in banks, from ordinary managers to heads of departments.
Types of accounts that we help to open
For nonprofit organisations
Investment accounts/Savings accounts
Accounts for letter of credit
Main countries where we help with account opening
Republic of Belarus
History of bank accounts openings
The development of international relationships in the world, globalization in the economy, constant improvement in the tourism field – all this created the prerequisites for the need to build an effective system of cashless payments. That is why there is a need to open bank accounts.
The late 90s and the beginning of the 2000s were marked as the offshore banking era. Immigrants from the former Soviet Union actively conducted their activities through offshore companies. Doing business through companies within the CIS was associated with many external risks. Doing business through companies registered in the CIS countries was often considered bad tone.
Tens of thousands of personal and corporate bank accounts were opened in the island offshore banks. Sometimes an account could be opened with only one call to the bank. Banks did not verify the origin and source of funds and accepted almost any payments and companies.
In the early to mid-2000s, regulators and international groups began an active fight against the uncontrolled movement of funds, the 3 AML directive was announced, several large offshore banks collapsed, and depositors and account holders lost their money. This period was marked as a transition to more accessible, safe and calm harbors such as Cyprus, Malta, Gibraltar, Latvia, Switzerland, Hong Kong, Singapore. Capital from offshore banks poured into the above jurisdictions. The process of opening bank accounts has become more complicated, the requirements have increased, but this has not greatly complicated the life of entrepreneurs. They were willing to sacrifice time and comfort for the safety of funds.
However, this period did not last long. In 2012, the financial crisis struck in Cyprus, and many entrepreneurs lost their funds in banks. At the same time, regulators in many European countries and international groups were engaged in the improvement of legislation related to AML/CFT and the development of 4 AML directives.
From the island states, financial flows poured into the Baltic States and Scandinavia. Private bankers flew all over the world and were ready to open accounts for offshore companies instantly if they had serious investments or recommendations. More documents and papers were now required, but the promised income exceeded the cost of opening, fulfilling requirements and maintaining of the account.
This period ended with international banking scandals, scandals related to money laundering and tightening of requirements and the clearing of banks from non-residents. Many Baltic banks have lost their licenses or reformatted to provide other banking services.
The Czech Republic, Slovakia, Montenegro and other countries became a temporary replacement for the Baltics and Scandinavia, however, having received heavy fines and sanctions, banks from these jurisdictions had to tighten policy, the game was no longer worth it.
In the second half of the 2010s, taking into account all the risks, difficulties and costs, payment institutions and electronic money organizations came to the aid of entrepreneurs. They opened up the same functionality to their clients as banks, with the exception of products related to lending and insurance. Initially, many entrepreneurs, hardened by doing business in the 2000s, took these decisions with caution, but time has shown that these solutions are in no way inferior to banking solutions in terms of functionality and security. Many banks, seeing this opportunity, decided to diversify their risks and also opened their payment institutions.
The situation with bank accounts opening at the end of 2020
For this moment, the European Union countries, under pressure from international fiscal and financial organizations, are introducing more and more measures that alienate banks from non-resident business. Many of them have already started implementing the 5 AML directive. The introduced changes are squeezing international business and it is safe to say that entrepreneurs should rethink their business and financial models. Banking secrecy is losing its relevance.
Nowadays, to open an account in a European bank for a resident company, with directors and shareholders from abroad, as a rule, you will have to fulfill a number of costly requirements. Open an office, hire employees, register for tax, keep accounting. Counterparties should also be clear and transparent. The business model must be as transparent as possible. But even after fulfilling all the requirements and opening an account, you will still face in-depth checks of payments and documents.
Taking the information above into account, we recommend that small and medium-sized businesses with no experience in international business consider opening accounts with payment institutions. It will save your nerves, money and time.
In case if your company has a transparent business with high turnovers, you know and have come across AML and Compliance, and the word substance does not scare you, then you can safely open an account in a traditional bank, and we will be happy to help you meet all the requirements!
An alternative to European banks are still banks not from the European Union, but from the CIS, Georgia, offshore banks, banks in South and North America, Africa, Oceania, Middle Eastern and Asian banks, and we will be happy to help you open an account there as well!
Benefits of opening bank accounts abroad
To this day, there are many advantages to opening bank accounts in foreign banks. These include:
Diversification of funds
Possibility to enter international markets
Possibility of simplified work with foreign partner
Lack of currency control
Access to profitable financing
New banking products and solutions
There are still jurisdictions that have not joined the CRS
Required documents and deadlines
As of the end of 2020, almost any foreign bank will require the following documents to open bank accounts in addition to questionnaires:
For participants and individuals
A certified copy of the passport
A certified document confirming the place of residence
Statement/letter of recommendation
from the bank
Data on the source of funds
For participants and legal entities
A certified set of corporate statutory documents
A certified extract from the business register
A diagram of the organizational structure
Good Standing and/or Incumbency Certificate
Extracts from previous current accounts (if any)
Certificate of shares
Brief business plan
Contracts with contractors, examples of invoices
Please note that this is an average list that can be expanded depending on the bank.
We also draw your attention to the fact that all documents, as a rule, should not be older than three months. If the language of the documents is different from English, then, as a rule, a notarized translation into English, or the language of the country where bank accounts are being opened is required.
The minimum opening period is usually 2 weeks, but accelerated options are also possible. The average opening time is about three to four weeks.
Account opening procedure
At the initial stage, you should understand what goals you are pursuing by opening bank accounts a foreign bank. It can be a settlement (operational) account, or it can be an investment one. After that, it is necessary to analyze possible banks and compare their conditions and commissions for bank accounts maintenance. Having an understanding of which banks are suitable for you, we advise you to contact one of the bank’s employees to clarify the opening procedure. Typically, this procedure looks like this:
1. Filling out bank questionnaires
2. Provision of primary documentation;
3. Initial assessment of the case by the bank, in particular, verification of beneficiaries, directors, companies, counterparties. Many banks charge fees already at this stage;
4. If after the initial check no questions arise, then a more in-depth study (due diligence) is carried out; at this stage, you will be asked for additional information, documents, narratives, purpose for bank accounts opening;
5. If you have passed the check and the bank has no questions to you and your company, then further, you will usually need to sign various contracts and agreements;
6. After that, you are given access to your account.
If you have successfully opened an account or multiple bank accounts, this does not mean that you have completely passed the verification. Most jurisdictions monitor your behavior closely enough in the first months of operation to verify the information and data you have provided.
GET A PERSONAL OFFER!
How Private Financial Services can help you?
We will really dive into your case, analyze and advise options and solutions according to your criteria to find suitable bank accounts
We will make our own Due Diligence of your case “through the eyes of the bank”, we will draw your attention to the aspects that need to be worked out
We will receive a preliminary confirmation from the bank about opening an account
We will help you to collect and correctly draw up all the necessary documents
We will provide all the necessary information and documents in the required form to the bank
We will carry out all the necessary procedures and negotiations with the bank before successfully opening an account
We will provide comprehensive assistance in the process of work, if necessary
We will resolve any other issues related to the banking sector and finance