The multi-currency corporate bank account opening process in 2024
Healy Consultants Group assists our Clients secure an international multicurrency corporate bank account anywhere in the world, without travel. We have a guaranteed corporate bank account opening policy.
For unregulated companies with low to average risk profile, our fees range from US$6,950 to US$9,950, payable by instalments. The multi-currency corporate bank account opening process is:
|Corporate bank account opening process in 2024
|Our Client i) signs an engagement letter ii) provides us the required due diligence documents and iii) settles an initial instalment of 50% of the engagement invoice. Our Client is also aware of our corporate bank account policy. Our firms agree a simple corporate structure and bank strategy.
|Healy Consultants Group emails our Client a banking questionnaire, for completion and email return to us. The questionnaire contains information on i) currencies required ii) corporate visa /ATM debit card needs iii) expected monthly incoming / outgoing transactions iv) countries where the funds will be received from/sent to etc.
To optimise the probability of corporate bank account approval, our Firm prepares a detailed business plan for our Client’s review and approval, including i) detailed business activity description ii) professional and personal background of the directors, shareholders, bank signatories and beneficial owners iii) description of the activities undertaken by our Client’s existing firm iv) reasons for registering a new company and v) estimated financial figures and bank account volume expectations.
The more we include in the business plan over the coming weeks, the more likely our expectations will be met and the more likely our firms complete a successful engagement. The less likely we will have disappointments and misunderstandings.
|Healy Consultants Group shares with our Client a list of banks we plan to approach. The goal is to secure an email from multiple international banks stating i) the bank is interested in our Client business activities and ii) that the bank invites our Client to submit a formal multi-currency corporate bank account opening application.
|Simultaneously with the above, Healy Consultants Group communicates with each bank to i) secure a travel exemption for the bank signatory ii) obtain multi-currency corporate bank account opening application forms iii) minimize Know Your Customer (KYC) documents requested by the bank and iv) determine notarisation, translation and attestation needs (if any).
|Week 2 & 3
|Healy Consultants Group supplies a report to our Client, showing the full list of banks contacted and those that welcome a formal application from our Client.
|Our Client chooses his two preferred banking options and settles the second instalment. Over the following weeks, Healy Consultants Group will simultaneously aggressively advance the multi-currency corporate bank account opening application process with our Client’s preferred banks.
|For the two selected banks, Healy Consultants Group completes the corporate bank account opening forms, for our Client’s review and signature.
|Our Client notarizes and attests 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 Group will guide our Client through this administrative process. All third parties fee will be borne by our Client. On average, this administrative process takes two weeks to complete.
|Week 4 to 5
|Healy Consultants Group emails the front desk bank officer scans of all documents prepared, for review and confirmation by the bank that they are acceptable for submission. Following the bank’s review and approval, our Client dispatches an accurate and complete courier either directly to the banks or to Healy Consultants Group’s office, including i) signed multi-currency corporate bank account opening forms and ii) Know Your Customer documents iii) original signed business plan and iv) original notarised and certified and translated documents.
|Upon receipt of the above, the bank front desk officer reviews the corporate bank account opening application for completeness and, all going well, supplies it to its in-house Compliance Department.
|The bank’s internal Legal and Compliance Department reviews the banking package application. On average, there is a 50% probability the application will be rejected for one reason or another, although banks will seldom communicate on the reason(s) for a decline. Possible reasons can include i) nationality of shareholders and directors and bank signatory or ii) lack of local business presence or economic substance in the country where the company is registered or the bank account is applied for or iii) the business activity is considered too risky or iv) the corporate structure is too complex and v) so on.
|Week 6 to 11
|Usually, the Legal and Compliance Department reverts multiple times to Healy Consultants Group to ask for additional documents and information. Immediately, our Staff communicates with our Client to timely supply the same. There is a 50% probability the bank demands the bank signatory to travel for a face-to-face interview with the bank. In such an event, we will aggressively negotiate for the interview to take place via a video call. However, the bank enjoys ultimate power for approving this waiver. In the unfortunate scenario of a decline, and assuming our Client is able to travel, we will apply this travel policy.
|All going well, the bank Legal and Compliance Department approves the multi-currency corporate bank account application. The Client Relationship Bank Officer directly emails our Client with the corporate bank account opening numbers. Our Client can now deposit funds into the bank account.
|Our Client settles a final instalment of US$950 with Healy Consultants Group.
|The bank couriers the internet banking passwords, tokens and corporate ATM or Visa cards to our Client’s preferred address. Our Client immediately proceeds with e-banking activation.
|Following successful completion of the above, Healy Consultants Group couriers to our Client a complete package including i) original company documents (assuming we have registered our Client’s company) ii) original bank documents and iii) customer satisfaction survey.
|Following receipt of the same, and to optimise security, our Client resets all username and passwords and PINs. Our Client can action outgoing funds transfers.
|Our Client places a testimonial on our business website.
|Healy Consultants Group successfully completes the engagement.