Account with foreign bank or payment system

We work closely with our banking partners to provide customers with the best available corporate accounts and confidential service, as well as the most up-to-date and accurate information available.

We assist in opening corporate accounts both in foreign banks and in foreign payment systems. We will select for you a suitable jurisdiction to open a bank account, based on the type of activity and turnover of your company, taking into account many other factors.

What is the difference between opening a bank account and the payment system?

Payment system («payment»).

The main difference is that payment systems are mainly payment operators. The customer pays the payment system a percentage and a fixed amount of incoming and outgoing payments.

Payment systems can channel the client’s funds through banks that would not open an account directly to the client for any reason. In any case, the client’s counterparties receive payment from the bank.

Most payment systems do not provide cash storage services. However, gradually the situation in the market changes and payment systems expand their licenses, which allows them to store the client’s money.

Unlike payment systems, banks often require a minimum balance or deposit to open an account. The funds so deposited are frozen by the bank and cannot be used.

Opening an account in the payment system can be considered easier than opening a bank account due to the fact that the payment system provides remote verification of the manager and owner of the company.

What is the procedure of opening a bank account or payment system?

To apply for a bank account, you will need to comply with the identification requirements in a particular jurisdiction. Like us, the Bank must ensure compliance with the requirements of the authorities, as this will help to reduce the likelihood of violation of AML legislation (Anti-money laundering).

Despite the differences we mentioned above, the opening procedure looks similar.

1. We send the client a questionnaire for opening an account in which the questions of interest to the bank and payment system are reflected. For example, the activities, the structure of the company, the estimated turnover on the account, the number of transactions, etc. Also, we ask you to send immediately all corporate documents of the company (Certificate of incorporation, articles of association, protocol of appointment of director, registers of directors, shareholders, beneficiaries, certificate of shares).

Also necessary documents for individuals (passport or ID, bill for utilities not older than three months) and legal entities, owners of the company.

When owning a company through a legal entity, it is important to remember that the bank will require disclosure to the ultimate beneficiary of the company.

2. In agreement with the client, we send these questionnaires and documents to the bank or payment system for approval of account opening and pre-payment. This procedure helps to determine whether an account can be opened in the selected payment instrument.
3. The bank or payment system verifies the director of the company. If we are talking about opening an account in the bank, verification can be carried out both remotely and at the personal visit of the director.
4. After the bank or payment system has previously approved the opening of the account, we provide all the requested company documents and wait for the final opening of the account.

The bank or payment system reserves the right to request additional information or documents at any stage of account opening. Additional CV request on the company’s director, bank statements for 3-6 months, samples of invoices and contracts, reference letter from other banks, etc.

Is it possible to buy a company with an open account in the payment system or bank?

We do not recommend buying ready-made companies with an open bank account or payment system. There is a good chance that the expense of changing the account will be higher than opening a new account for the company. In addition, the bank may close the company’s account when changing operations because it considers it high-risk for itself or it will not be satisfied with the new counterparties of the company. Therefore, when buying a company with an open account, it is necessary to weigh all risks.

Can a bank account or payment system be guaranteed?

At present we cannot guarantee the opening of an account in the chosen payment instrument. The bank or payment system reserves the right to refuse to open an account without explanation at any stage.

Thanks to our team you will be able to open a bank account or payment system in the selected jurisdiction. If you are interested in individual information and account opening, feel free to contact us! Order a call today!