After submitting a bank application in 2023
Within 4 weeks after Healy Consultants submits a quality corporate bank account opening application, our Clients should expect to receive corporate bank account numbers. Within 2 weeks thereafter, our Client should expect to receive e-banking login details. Refer to link below to better understand the corporate bank account opening process:
Collecting information from our Client
- To prepare a quality complete corporate bank account opening application, Healy Consultants staff liaises with our Client to timely obtain the required information to satisfy the bank’s detailed due diligence requirements;
- Healy Consultants prepares a business plan for our Client signature, optimizing the probability of corporate bank account approval. This document includes detailed information re the i) corporate structure and organization of the company ii) specific planned activities iii) global partners, suppliers and clients and iv) expected monthly and annual transactions;
- For current and past businesses, it is important our Client supplies us sales invoices and expense invoices;
- Unfortunately, some banks request documents to be translated, notarized and attested. As always, Healy Consultants will skillfully negotiate with the bank to secure an exemption. Sometimes we are successful.
Front officer review
- With the information above, Healy Consultants submits a draft corporate bank account opening application to our dedicated bank front office relationship manager (RM). This individual will ensure i) the application forms are accurately populated and signed and ii) the supporting due diligence documents satisfy the bank’s minimize due diligence requirements;
- To assist the RM understand our Client business, Healy Consultants submits the detailed business plan;
- During his review of the corporate bank account opening application, the RM will revert to Healy Consultants to seek additional information.
Senior manager review
- Next, the draft application is forwarded to a senior RM. This bank officer reviews the information provided in the bank account opening application form and verifies the same with the supporting documents and business plan;
- Usually, the senior RM reverts to Healy Consultants and our Client with additional questions/clarifications before approving the application and forwarding it to the bank’s Legal and Compliance Department for final review;
- After his satisfactory review, the Senior RM emails Healy Consultants and invites a formal corporate bank account opening application from our Client.
Internal Legal and Compliance Department review
- Following completion of the above, Healy Consultants compiles a quality complete corporate bank account opening application, including original signed and attested documents;
- At this stage, the bank’s in-house Legal and Compliance Department conducts a thorough background check on the company’s stakeholders, directors, suppliers and Clients. If the business is flagged as high risk, the Compliance Department may revert requesting additional documentation including i) evidence of business (contracts, invoices, agreements) ii) professional reference letters iii) audited financial statements and tax returns and iv) certified personal bank statements. Healy Consultants reverts to our Client to timely secure this additional information;
- As global banks continue to tighten corporate bank account opening procedures, these applications are not always successful. While the official reasons for application rejections are not disclosed, some factors influencing this decision include i) the nationality of the directors, shareholders and ultimate beneficial owners ii) nature of the Client’s business activity iii) inconsistency within the documents provided by the company and iv) discovery of negative information on the Client;
- In the unfortunate event the preferred bank rejects our Clients application, or requests unreasonable documents, Healy Consultants will approach another bank in our global network. We never give up until we have secured a corporate bank account that meets our Client’s needs and specifications.
Corporate bank account application approval
- After a satisfied Legal and Compliance Department review and approval, the RM emails our Client the corporate bank account numbers;
- Within 2 weeks, the bank will courier e-banking login details;
- Refer to this simple timeline summary of the corporate bank account opening process (click link).