Often we are asked “Can I get a bank account opened for me by the Nominee without my involvement?”.
In short we can’t just deliver a Company + an opened bank account without your involvement.
In terms of what we need from each client getting the Company set up is easy. We just need via email a completed signed order form, confirmation of payment and proof of the client’s ID and residential address per the requirements.
But the bank account is a slightly different story…
When we open a bank account we have to supply to the bank as a minimum:
- Proof, per the bank/s requirements, that the Company is incorporated
- Proof, per the bank/s requirements, of who the Directors of the Company are
- Proof, per the bank/s requirements, of who the shareholders of the Company are
- Proof, per the bank/s requirements, of who the beneficial owners of the Company are ie we have to disclose the name/ID of the person who asked us to set up the Company
- Proof of ID and residential address of the beneficial owners of the Company
- Proof of ID and residential address re the proposed authorized account signatory/s
- A very detailed business plan re the Company
Most banks these days also require a professional reference re the beneficial owners of the Company.
Many banks these days also want to video interview the beneficial owner of the Company.
Where the shareholder of the Company is a Foundation we also have to supply to the bank:
- Proof, per the bank/s requirements, that the Foundation is registered
- Proof, per the bank/s requirements, of who the Councillors of the Company are
- Proof, per the bank/s requirements, of who the Founder of the Foundation is/was
- Proof, per the bank/s requirements, of who the beneficiaries of the Foundation are
- DD/KYC/ re Proof of ID and residential address of the beneficiaries of the Foundation
And invariably the bank will put two, often three, sometimes even 4 rounds of questions to us via email back and forth. To answer those questions most times we need to go back to the client to get instructions/info/docs.
In short the banks are paranoid (a) about the Company being used to launder money and (b) that the client’s business model might create reputational risk to the bank particularly if the business fails or if it falls foul of onshore regulators.
The owners of OCI have been in this line of business for 17 years. When we first got in the business we could get accounts opened in 2 to 3 days. Now, on average, the minimum it takes to get an account opened is 3 weeks post incorporation. Offshore (especially “tax haven”) Companies are considered high risk by the banks; Hence they ask a million questions and want to seemingly conduct a forensic examination of the Company/Enterprise/Owners before even they’ll even consider opening an account for such a Company.
Bank Account Opening Procedure/s
If you engage us to assist you to open an Offshore Account here’s how the system usually works:
(i) When you first contact us we email you a bank account brochure showing details of the 53+ banks that we hold introducer relations with
(ii) Once you’ve confirmed your order for a Company Trust or Foundation (or Bank account) we will email you for completion and return a banking questionnaire (see sample BELOW)
(iii) Once that’s received we send you detailed information as regards banks which we feel are most likely to meet your needs (ie based on the answers given in the questionnaire)
(iv) You tell us which bank you want to open an account with
(v) We send you an order form for that bank
(vi) We use the data in the order form to complete the bank account application forms
(vii) We arrange for the bank account application to be signed by the Company Director and account signatory and then delivered to the bank + we will email you to tell you what you need to do/supply
(viii) You will then furnish us/the bank with a detailed summary of the company’s proposed business activities + proof of your ID/residency as per the bank’s requirements (ie in the event that you are the underlying beneficial owner of a company applying for the account or nominated as account signatory). Certain banks also require a bank reference.
(ix) We follow up with the bank until the account is opened
Would you like to know more? Then please Contact Us:
info@offshorecompaniesinternational.com
