Slovakia corporate bank accounts
Healy Consultants will be pleased to aid our Clients open a corporate bank account in Slovakia and obtain additional corporate facilities hassle-free. All due diligence requirements from the bank will be efficiently organized and submitted on our Client’s behalf to the preferred bank. As part of our service, we will also be happy to attend bank interviews and complete the bank application forms on our Client’s behalf. Kindly refer to the information below for an overview of our services.
Slovakia corporate banking options
- Slovakia’s banking sector is safe: the country’s banks are ranked fourth most stable in the Eurozone and fifth in the whole European Union, according to analysts from the World Economic Forum (WEF). The reason for the stability is because local banks have not distributed more than half of their profits in the past 4 years, boosting their capital cushion;
- 90% of the Slovakian banking sector is foreign owned, and dominated by Austrian and Italian banking groups including i) Erste bank; ii) Raiffeisen bank and iii) Unicredit Group. Erste bank further controls the largest bank in neighboring Czech Republic;
- For most European countries boasting large banking groups, Healy Consultants recommends our non-EU Clients to open their Slovakian corporate bank account with a bank with which they already have an account in their home country, for example Citi bank Slovakia. As a result, this strategy will reduce i) the total engagement timelines and ii) the bank’ requirements for our Client’s security check;
- Local Slovakian banks including i) Poštová banka (Post bank) and ii) Prvá stavebná sporiteľňa prove as a suitable alternatives for our Clients as they provide wide range of financial services and support online banking in English. Furthermore, most locals banks are less stringent in the due diligence policies, optimizing engagement timelines.
Healy Consultants Slovakia corporate banking services
- Healy Consultants optimizes our Clients’ engagement by securing a corporate bank account in Slovakia. Please read below for further information:
- Healy Consultants will be pleased to open a Slovakia corporate bank account without travel. It is a time consuming task, Healy Consultants will shelter our Client from the administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a newly formed company, when shareholders and directors and bank signatories reside overseas. Healy Consultants will prepare a business plan for the bank to optimize the probability of corporate bank account approval. Depending on our Client’s business and nationality, there is a 10% probability the banks will request a bank signatory to travel for a one hour bank interview. Healy Consultants will try its best to negotiate with the bank for a travel exemption. If our Client must travel to Slovakia for corporate bank account opening, Healy Consultants will refund our Client €1,050;
- If our Client is not comfortable with a Slovakia corporate bank account, Healy Consultants can open an international corporate bank account outside of Slovakia. Examples include New York, Germany, Bulgaria, South Africa, Australia, London, Singapore, South America or Dubai. Our fee for this service is €3,950 without travel or €2,550 with travel. All banks will be top tier banks in these countries with excellent internet banking services,
- The banks enjoy ultimate power of approval of corporate bank account applications. Consequently, guaranteed success is outside of Healy Consultants’ control. What is inside our control is the preparation and submission of a high quality bank application that maximizes the likelihood of approval. To date, we enjoy a 100% approval record because of our global banking relationships and determination.
- Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect the bank account approval period to take up to 4 weeks. Furthermore, global banks now require evidence of proof of business in the country where the corporate bank account will be, including sales contracts or lease agreement.
- If requested, Healy Consultants will provide guidance and further assistance to our Clients interested to secure additional financial support for their projects in Slovakia. Please read below for further information:
- Slovakia banks look to increase their coverage of global markets and provide credit options to foreign entrepreneurs looking to expand in Europe. Healy Consultants will be happy to assist our Clients with obtaining corporate finance in the form of i) a corporate credit loan; ii) extended credit lines; iii) overdraft coverage or iv) preferential credit terms. Please contact our Slovakia relationship office for inquiries regarding these services and related fees;
- In order to secure the instruments described above, most major Slovakian banks will require clear corporate due diligence, including: i) quality business plan with SWOT analysis; ii) sufficient collateral; iii) qualification and education of the management and iv) audited financial statements of up to 3 years;
- Many of our Clients ask our corporate banking team to help them obtain EU trade finance facilities including i) extended bank guarantees; ii) Letter of credit; iii) finance against trust receipt (for imported goods) and iv) document against payment and against acceptance.
Opening a corporate bank account in Slovakia
- In order to open a corporate bank account on our Client’s behalf, Healy Consultants will proceed as below:
- Prior to starting the incorporation process, Healy Consultants will assist our Client choose the best possible account amongst the different banking options available;
- After completing the company incorporation, Healy Consultants submits a complete corporate bank account opening application to the preferred bank including i) all bank questionnaire forms and ii) all due diligence documents;
- Once the corporate bank account is approved, Healy Consultants emails our Client the bank account details required for the share capital transfer;
- Our Client then proceeds to transfer the share capital onto the bank account. The bank issues a certificate of deposit.
Exchange controls and other regulation
- Slovakia does not generally impose foreign exchange controls or restrictions on payments to foreign individuals and companies;
- However, individuals must complete a declaration of the source of funds at the customs, when carrying more than €10,000 in cash;
- Both residents and non-residents in Slovakia are allowed to open bank accounts in foreign currencies, including €, US$ and any other currency available;
- The Slovakian National Bank does not restrict the amounts of foreign currency that residents may hold in their bank accounts.