International corporate bank account for Bitcoin business

Bitcoin business
Healy Consultants assists our Clients’ Bitcoin business by opening international corporate bank accounts in reputable jurisdictions around the World.

Our firm specializes in setting up high volume corporate bank accounts tailored to our Clients Bitcoin activities, and for which we have an excellent approval ratio record because of our global banking relationships and determination.

  • Advantages

    Having a corporate bank account for a Bitcoin company offers the following advantages:

    • Your Bitcoin company will be more attractive to Clients if payments are processed by a stable corporate bank account;
    • Your bank accounts will be closer to your Clients, thus enabling your company to process transactions faster;
    • Having multiple corporate bank accounts for Bitcoin business will minimize FX risks for our Clients having expenses and/or revenue sourced from several countries;
    • By establishing a relationship with international banking groups your Bitcoin business can use their facilities in other countries;
    • The bank account facilitates excellent Internet banking in English.
  • Disadvantages

    Opening a corporate bank account for a Bitcoin company imposes the following disadvantages:

    • Bitcoin industry and bank policies regarding Bitcoin are difficult to predict. Because Bitcoin is a recent innovation, most Central Banks around the world are still unsure about how to regulate it;
    • Some banks may request additional due diligence, including: i) more stringent AML/CFT procedures ii) request for ultimate beneficial owner details and iii) request for a personal visit to a branch;
    • Despite Bitcoin’s high market capitalization, reaching 102.8 billion in October 2017, global banks continue to turn down many opportunities in traditional financial hubs, such as i) UK; ii) Germany; iii) Singapore and iv) Dubai;
    • Nowadays, it is impossible to open a UK corporate bank account for a cryptocurrency company. Consequently, many UK companies open their corporate bank accounts in other bitcoin-friendly countries;
    • The European central bank is not expected to issue regulation on cryptocurrencies, as the market “is not mature enough” according to Mario Draghi.
  • 8 Steps to open a corporate bank account for Bitcoin business

    1. Many of our global Bitcoin Clients engage Healy Consultants due to the difficulty of the Bitcoin corporate bank account opening process. Opening an international corporate banking account is a time-consuming task, Healy Consultants will shelter our Client from the administrative challenges and can supply our Clients a corporate bank account number within 6 weeks without travel to meet the bank officers involved;
    2. Healy Consultants requires all Clients to i) settle our fees ii) sign and return our Client engagement letter and iii) provide us all the required due diligence documents;
    3. Prior to submitting the corporate bank account application to our Client’s preferred bank, Healy Consultants requires detailed information on i) company’s activities (including proof of business such as recent contracts and invoices); ii) company’s customers and suppliers iii) details of the management team and iv) the company’s financial projections;
    4. Healy Consultants will assist our Client prepare i) a set of company documents and ii) a detailed business plant; to secure a pre-approval of the preferred global bank, minimizing costs and transparency;
    5. Healy Consultants approaches our multiple partner banks, to obtain preliminary approval for bank account opening for our Client’s company;
    6. Following receipt of the preliminary approval for our Bitcoin Client’s corporate bank account, Healy Consultants will collect a set of notarized/ legalized and translated documents from our Client to complete the bank account opening requirements;
    7. Within two weeks following submission of the account opening application, Healy Consultants will receive the approval from our Client’s preferred bank;

      If required, Healy Consultants will activate internet banking facilities on our Client’s behalf;

    8. Following successful activation, we will dispatch a courier to our Client’s preferred mailing address containing bank documents and internet banking details.
  • Bitcoin friendly banks comparison table

    BankAccepts Bitcoin?TravelLocal entityOnline bankingHealy Consultants fee
    MaltaYesNoNoFair7,950
    BulgariaYesYesNoExcellent7,950
    SwitzerlandYesNoNoExcellent7,950
    LuxembourgYesNoNoFair7,950
    AustriaYesYesNoExcellent7,950
    GibratlarYesYesNoFair7,950
    MozambiqueYesNoNoFair7,950
    BrazilYesYesYesExcellent7,950
    MauritiusYesYesNoFair7,950
    PolandYesNoNoExcellent7,950
    SwedenYesNoNoExcellent7,950
    Cayman IslandsYesNoNoFair7,950
    South KoreaYesNoNoExcellent7,950
    EstoniaYesNoNoExcellent7,950

  • Most popular bitcoin friendly countries

     Accepts Bitcoin?Travel required during engagement?Time to incorporate new company?Minimal capital?Bitcoin friendly banks?Healy Consultants invoice
    MalaysiaYesNo2 weeksUS$2YesRequest a proposal
    BulgariaYesNo2 weeks€1Yesfees to setup Bulgaria LLC with bitcoin account
    IcelandYesYes2 weeks€1YesRequest a proposal
    IrelandYesNo2 weeks€1YesRequest a proposal
    KoreaYesNo2 weeksUS$1Yesfees to setup South Korea LLC with bitcoin account
    SwitzerlandYesNo3 weeksCHF20,000Yesfees to setup Switzerland GmbH with bitcoin account
    JapanYesNo6 weeksUS$,2Yesfees to setup Japan LLC with bitcoin account
    AustraliaYesNo1 weekAUS$1YesRequest a proposal
    LabuanYesNo2 weeksUS$1YesRequest a proposal
    SingaporeYesNo1 weekUS$1YesRequest a proposal
    DubaiYesYes1 weekUS$1Yesfees to setup Dubai DIFC with bitcoin account
    NevadaYesYes1 weekUS$1YesRequest a proposal
    UruguayYesNo9 weeksUS$1YesRequest a proposal
    GibraltarYesNo2 weeks£1Yesfees to setup Gibraltar LLC with bitcoin account

  • Healy Consultants fees

    Healy Consultants will be pleased to help our Clients efficiently open an international corporate bank account for a fee of US$7,950.

  • Our typical Clients

    • Small companies with Bitcoin-related activities wishing to secure a corporate bank account in their region;
    • Medium to Large Bitcoin exchange platforms interested to expand their network of bank accounts;
    • Bitcoin companies who wish to establish a relationship with our global network of Bitcoin-friendly banking institutions.
  • Other corporate banking considerations

    • Japan is one of the few countries that introduced cryptocurrency regulations, following the 2014 MT Gox exchange liquidation. Nowadays, bitcoin has been recognized in Japan as a payment method and adheres to strict AML regulations;
    • In the UK, VAT is not charged on the value of Bitcoin, but rather on the commission during the cryptocurrency trade;
    • Different countries treat Bitcoin differently, including: i) as a specialized commodity, ii) as a financial asset/ actual money or iii) as an unknown value;
    • Cryptocurrencies have become a safe-haven for emerging markets with volatile currencies, such as i) Venezuela; and ii) Zimbabwe.

Frequently asked questions

Contact us

For additional information on our bitcoin business corporate bank account services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal