Corporate bank account opening process

Corporate bank account opening process

Refer to table below to gain an understanding of how Healy Consultants assists our Clients’ open global corporate bank accounts:

No.StepDuration
1.Our Client signs our engagement letter;Week 1
2.Our Client provides us the required due diligence documents;Week 1
3.Healy Consultants approached our preferred banks to secure a preliminary approval of our Client’s business activity and nationality;Week 1
4.Healy Consultants negotiates with the bank for a travel exemption for the company shareholders and directors and bank signatory;Week 1
5.Healy Consultants completes the corporate bank account opening forms and agrees with our Client the i) currencies required ii) internet banking access iii) corporate visa debit cards iv) corporate ATM cards and v) corporate brokerage services;Week 2
6.To optimise the probability of corporate bank account approval, Healy Consultants completes a detailed business plan for the bank, approved and signed by our Client;Week 2
7.Our Client notarises and attest the specific company and personal documents required by the bank. Some documents may need to be translated into the local language of the bank. Healy Consultants will guide our Client through this administrative process. All third parties fee should be borne by our Client;

Some banks do accept bank account opening documents to be witnessed by local branch officer in our client’s country of origin;

Week 2
8.Our Client couriers to our Singapore office a complete package of corporate bank account opening forms and detailed due diligence information;Week 3
9.Healy Consultants submits a detailed, quality corporate bank account opening package to the bank for the Client Relationship Bank Officer review and approval;Week 3
10.The Client Relationship Bank Officer reviews the banking package to confirm if it is complete or if more supporting information is required;Week 3
11.The corporate bank account opening package is then passed to the bank’s internal Legal and Compliance Department. The latter does a detailed review and approval;Week 4
12.Usually the Legal and Compliance Department reverts to Healy Consultants to ask for additional documents;Week 5
13.Healy Consultants supplies the bank the outstanding documents and we await corporate bank account approval;Week 5
14.The Client Relationship Bank Officer approves the corporate bank account application and emails our Client directly the corporate bank account opening numbers. Our Client can now deposit funds into the bank account. Some Clients' ask Healy Consultants to fund the corporate bank account on their behalf;Week 6
15.The bank couriers the internet banking passwords and tokens to our Clients' preferred address for immediate e-banking activation. Many of our Clients ask Healy Consultants to activate the internet banking on their behalf. This mitigates the risk the passwords expire before reaching our Client;Week 8
16.The bank couriers to our Clients' preferred address the corporate ATM cards and visa debit cards;Week 9
17.To optimise security, our Client resets all username and passwords and pins;Week 10
18.Healy Consultants couriers to our Client a complete package including i) original company documents ii) any original banking information. The engagement is complete.Week 11

Contact us

For additional information on our corporate banking services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon