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.
Establishing a company is generally a fairly straightforward and can be completed in a matter of days (once the required information has been provided). By contrast, opening a business bank account can be a frustrating experience.
Every bank has slightly different requirements, all require their own forms and mandates to be completed and, depending on the bank, seemingly irrelevant questions may be asked. To make the matters even more complicated many banks have unpublished blacklists of nationalities they do not wish to do business with. They all have another list of the types of businesses they do not want to be involved with.
We (The TMS Group) act as agents for a number of banks and for others we have close working relationships with appointed agents. In most cases we can open bank accounts remotely, meaning that clients do not need to travel to the bank. There are some exceptions to this, notably in the Middle East where it is an absolute requirement for one or more shareholder(s) to visit the bank. We also help our clients to complete the bank forms as well as other necessary paperwork.
Different banks are looking for different types of business, and price their 'product' accordingly. It should be understood that “offshore banks” (those in typical tax havens) are frequently not retail banks. In other words, they don’t lend money and must make their profit from bank charges.