India Corporate Bank Account |
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Opening an India corporate bank account with an internationally-recognised bank such as HSBC, Standard Chartered and Citibank is an ideal way to support business activities in India. However, the India corporate banking sector does not have the excellent image of jurisdictions such as Singapore and Hong Kong, and as such we do not normally recommend an India corporate bank account as part of a global corporate structure. The following is an overview of Healy Consultants' India corporate banking services: |
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| 1. | It is challenging to open an India corporate bank account, especially for non-resident individuals and companies. On average, it takes approximately three months to obtain India corporate bank account approval, account numbers and internet banking access. One of the reasons for these delays is the increased due diligence requirements of the India corporate banking sector, as well as Indian bank bureaucracy. |
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| 2. | The Indian government requests local banks to implement strict 'know your client' procedures as part of their India corporate banking policy. A comprehensive India corporate bank account application is supported by detailed information on the company's activities (including proof of business such as brochures, website, examples of contracts and invoices), information on the company's customers and suppliers, and information about its shareholders and directors. Our India corporate banking experts will prepare the necessary package of information to satisfy bank requirements. |
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| 3. | India exchanges information on investors with member states of the Organisation for Economic Cooperation and Development, causing the India corporate banking sector to be less secure for foreign business people as compared to jurisdictions such as Singapore and Hong Kong. |
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| 4. | Healy Consultants organises India corporate bank account application forms on our clients' behalf. Our clients are not required to visit India to open a India corporate bank account - our India corporate banking staff will, instead, attend a bank interview on your behalf, explaining why the company requires an India corporate bank account. |
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| Healy Consultants Fees to help open a India Corporate Bank Account | |||||||||||||||||
Healy Consultants' fee to help clients open an India corporate bank account amounts to US$2,950. This fee includes the following: |
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| 1. | Healy Consultants India corporate banking team completing the India corporate bank account application form on behalf of our client, and obtaining our client’s signature;
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| 2. | Healy Consultants' India corporate banking team preparing a detailed Business Plan relating to our client's company to support the India corporate bank account application;
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| 3. | Healy Consultants India corporate banking team submitting the India corporate bank account application form and Business Plan to the bank, together with the corporate and personal due diligence information outlined above;
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| 4. | Our India corporate banking staff applying for corporate Internet banking facilities on our clients' behalf;
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| 5. | Our India corporate banking team applying for a corporate credit card, corporate ATM card and corporate cheque book for our client's company;
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| 6. | Healy Consultants India corporate banking team receiving approval from India for the opening of the India corporate bank account, and advising our client of the bank account number;
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| 7. | Healy Consultants India corporate banking team receiving the India corporate bank account Internet login and password information in a sealed letter that is passed directly to our client;
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| 8. | Healy Consultants receiving credit and ATM cards, and corporate cheque books in a sealed letter that is passed directly to our client.
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| Please note that the fee does not include the initial deposit required by the bank. | |||||||||||||||||
| Contact Us | |||||||||||||||||
For more information on any of our India corporate bank account services, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120. |
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| Go to International Corporate Bank Accounts page. | |||||||||||||||||
Buy Healy Consultants' Asia Business Set Up book, to order call +65 6735 0120 or e-mail email@healyconsultants.com
