Copyright © 2014 - 2016. International-Formations.com is a trading name of TMS FZE. Licensed Corporate Service Provider.
Registered in RAK (Ras Al-Khaimah) UAE. Licence No. L1 04 15 427.
All rights reserved.
Please note that TMS FZE provides an execution only service in respect of the formation of companies, opening bank accounts and related services. Therefore comments or suggestions made by us should not be considered as formal advice. Should you require formal structuring advice, please contact us.
Once you’ve decided which bank will suits you (and it is happy with your business proposal), there will be a fair amount of paperwork to complete. In very general terms banks require:
Completed and signed bank application forms, mandates etc.
A set of corporate documents Some (but not all) banks require company documents to be notarised and apostilled, which can be expensive and time consuming. Sometimes, as authorised agents, we can certify some documents.
CERTIFICATE OF GOOD STANDING (COGS).
If the company is more than 1 year old, a Certificate of Good Standing (CoGS) will almost always be requested.
Most banks request a business plan and, in some cases, even a CV on the directors.
Full documentation for all those connected to opening a bank account including passport copy (in some cases ID card), proof of residential address e.g. utility bill, bank statement, bank reference. Increasingly banks request a personal bank reference, where this is difficult to obtain they will accept 3 months of banks statements. Some banks are now requesting a professional reference letter from a layer or accountant.
Opening an offshore bank account and opening a bank account remotely is very different from walking into your local branch to open an account for a local company. This is particularly the case if the account is opened remotely i.e. without a personal visit. This is due to the bank's compliance requirements and risk assessment procedures.
Typically opening an account remotely can take anything from 2 to 6 weeks and you can expect to be asked detailed questions about your business plan and potential customers and suppliers.
This service covers all aspects of opening an account at a non-local bank starting with advice as to the most suitable bank, pitfalls (some banks do not want certain kind of business or indeed certain nationalities).
We prepare the application form based on the information you give us and will further advise on the tactics of the application (what to emphasise and what not to). We will maintain the momentum by ensuring that correspondence is attended to.
To conclude we have a very high success rate where clients follow our advice.
This service better suits agents and those familiar with offshore bank account applications. With this service the client or agent is responsible for proving a suitable business plan. Once the draft application form has been received, we will review it for suitability regarding the client and his business. The client / agent then completes the application forms and submits them to us for forwarding to the bank.
We can also arrange the necessary certifications of company and other documents. Documents such a ceritifcate of good tanding are always at additional cost.
Generally, our banking introduction services are intended for companies that are formed from us and / or existing clients. However, we are prepared to accept stand alone applications on the following basis:
1. A non refundable deposit of $250. Within this we will carry out a review to determine the most suitable bank.
The actual application fee is $1,250 within which we:
• Obtain bank pre-approval based on the company’s declared proposed activities.
• Provide advice as to the emphasis that the selected bank places on various aspects of the application.
• Give guidance as to what should (and should not) be submitted to the bank.
• Carry out a detailed review of both the draft application and necessary documents to be submitted together with the company's business plan.
• Collate and submit the documents and forms required by the bank.
• Follow up with the bank on a regular basis and advising where corrections are needed.
Please be aware that the cost of obtaining documents that the bank may request is the responsibility of the client. Typical documents might include Certificate of Good Standing, Certificate of Incumbency, translation of documents (into English), likewise the cost of notarising, legalising and apostilling where required.
TIMELY SUBMISSION OF DOCUMENTS.
It is very important to note that many of the documents required by banks are time limited: specifically Certificates of Good Standing and Incumbency as well as proofs of address. Failure to supply documents in a timely manner will sometimes result in documents having to be re-applied for and at worst case (when documents are pending for over a month) may result in the bank closing the application.
Our fees are in respect of two elements - a) our advice and b) assistance in being compliant with the bank's requirements. We cannot guarantee that your chosen bank will approve your application and indeed there may be factors of which we are not aware causing an application to be declined even if it otherwise appears to be compliant. For example one of the parties to the account may be blacklisted on the bank's database. This is becoming more common with the increased use of compliance software such as World Check.
To summarise, whilst we use our best efforts to assist clients, we cannot guarantee success.
We can assist clients to open offshore bank accounts (corporate as wells as personal bank accounts) worldwide; In some cases a personal visit is required by the owner / signatory to the bank in question.
A summary of the banks’ main features, maintenance costs and the costs of basic services we offer can be found by clicking on the relevant bank below.
Important. Banks change their criteria frequently and without notice. Clients are therefore requested to send required documents without delay in their own interest.
Last update 25 January 2016
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