Opening Account at a Foreign bank
Business life in modern conditions requires flexibility and speed in decision-making. If a few years ago the main question was in which jurisdiction to register a company, now the number one issue is opening an account in a foreign bank. So, already at the stage of company registration, you need to understand in which financial institution an account will be opened, and this is exactly what we help with.
The number of banks in the global financial system that are open to foreign companies or resident companies with a non-resident beneficiary has decreased in recent years, but this has allowed only stable classic banks to remain in the market, which have fixed their development focus on international clients in their strategy.
Although, unlike payment systems, opening bank accounts usually takes more time and involves stricter requirements for the package of documents, it is the account of a foreign company in a foreign bank that is the key to stable and secure operation of the company’s finances. Modern banks do not want to slow down the pace of attracting new clients, but they also set quite high requirements (as an option, a minimum deposit on the account, requirements for the company’s economic presence in the country of registration, etc.) In order to continue to grow their customer base, traditional banks are also taking steps to meet their customers’ needs. For example, there are now options for opening accounts with classic banks with remote identification or identification, for example, in Kyiv, meaning that there is no need to travel to the country of the bank.
Having a bank account allows you to:
- Enter international markets in your business activities and be able to work with international corporations
- Increase the prestige of the company and have a competitive advantage
- Have certain security guarantees and state-guaranteed compensation
- Minimize economic risks associated with the country of residence of the company’s beneficiary
- To be able to implement the company’s investment projects
- Have an account for the company with direct details (IBAN) and make payments through international transfer systems (SWIFT, SEPA, Target2, etc.)
- Use services such as PayPal and accept payments on the company’s website
- Be able to work with a wide range of foreign currencies