Ireland corporate bank accounts in 2021
Since 2003, Healy Consultants Group PLC helps multi-national Clients open multi-currency corporate bank accounts in Ireland for both local and overseas companies.
Without bank signatory travel, our team will project manage the multi-currency corporate bank account opening process, including preparing a quality business plan for our Client’s business.
We recommend our multi-national Clients read this web page to avoid bank surprises later.
Ireland banking problems and solutions
No Potential Ireland banking problems Healy Consultants Group PLC solutions 1.
Some banks insist the bank signatory travel to Ireland for a one-hour bank interview at their branch, before releasing corporate bank account numbers.
Healy Consultants Group PLC’s Client travel policy will apply (click link). Our staff will organise the bank meeting in our Ireland office and assist our Client during the bank interview(s).
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 Ireland bank account approval to take up to six weeks. Furthermore, banks now require evidence of proof of business in the country where the company bank account will be, including sales contracts or lease agreements.
If our Client requires a bank account at short notice, we recommend an immediate Ireland solution;
The majority of Irish bank only provide telephone support during Irish business hours. This is inconvenient for multi-national Clients in Asia.
Healy Consultants Group PLC Staff assists our multi-national Clients with bank communication, regardless of time zones.
If Irish banks perceive any unusual bank account activity, they will close the corporate bank account with one month’s notice to the beneficial owners. No questions asked, no chance to defend yourself.
We recommend our multi-national Clients open multiple bank-up multi-currency corporate bank accounts with different banks.
Irish banks consider tax haven entities to be high risk customers and do not welcome corporate bank account applications from these potential Clients.
Our summary view of the Ireland banking sector
- Ireland is a reputable, stable jurisdiction with a strong, secure and regulated banking system. Both the EU and Irish central banks have a reputation for intervening to support the system when necessary, and there is low risk of a repeat of the country’s 2008 banking crisis.
- Ireland’s sovereign credit rating in February 2021 is i) A+ (Fitch) ii) A2 (Moody’s) iii) AA- (Standard and Poor’s). As a result, investors view Ireland as a stable global location in which to invest and hold funds.
- Irish savings, current and deposit bank accounts are insured by the government up to €100,000. This offers another layer of comfort to depositors.
- Ireland imposes no exchange controls on inbound or outbound funds transfers. There is no withholding tax on the repatriation of capital or profits.
- Bank customer service is excellent. Irish bank officers are respectful, friendly and caring.
- Because of the above, Healy Consultants Group PLC considers Ireland an excellent long-term banking solution for our multinational Clients.
Important information on the Irish banking sector
- Ireland’s banks offer corporate banking facilities such as i) multiple currency accounts ii) multi- channel banking iii) quality online banking iv) safe savings and checking accounts v) Visa/MasterCard cards support vi) tailored asset management services and vii) crypto friendly banking options.
- The Central Bank of Ireland (CBI) and European Central Bank (ECB) both regulate the Irish banking financial system. There are 64 licensed financial institutions in the country.
- Ireland’s largest commercial banks include i) Permanent TSB ii) Bank of Ireland and iii) AIB. These banks are ideal for Clients targeting Clients and suppliers in Ireland and Europe.
- For Clients targeting international markets and invoicing foreign customers, we recommend a corporate bank account with a global bank with a presence in Ireland. HSBC Ireland, for example, has branches across Asia, Africa and North America. Other options include Barclays Bank Ireland, Standard Chartered, Citibank, and JPMorgan Chase Dublin.
- Ireland residents and non-residents can open bank accounts in foreign currencies, including €, US$ and £. There are no limits on the amount of foreign currency residents can hold in an Irish bank account.
- Most banks in Ireland require the following information for account opening: i) certified proof of address of bank signatory ii) certified business profile from Companies Registry iii) certified/apostilled passport copy iv) notarised board resolution with names of signatories authorised to open and operate the corporate bank account(s) v) where applicable an apostilled Power of Attorney from board of directors and vi) proof of stock exchange listing, if applicable.
- Within 2 months Healy Consultants Group PLC can open an Irish or international bank account once the company is registered. Depending on our Client’s business and nationality, the bank’s compliance department may, however, require them to travel to Ireland to open the account. Healy Consultants Group PLC will skilfully negotiate with the bank for an exemption. Read detailed information regarding steps following corporate bank account application. View also the typical corporate bank account opening process.
- Most local banks require a minimum initial deposit of €10,000. This must be transferred into the new corporate bank account within one week of the IBAN being issued. International banks and private banks normally require a higher initial deposit and a minimum monthly balance of €50,000. It is advisable to maintain this minimum balance to avoid monthly service charges of at least €15.
- Following corporate bank account approval, the Irish bank will prepare and courier a banking kit which typically includes: i) IBAN and BIC corporate bank account details ii) internet banking password and token and iii) template forms for various services offered.
- Banks in Ireland focus on cross-sales. In practical terms, this means a new corporate banking Client can benefit from better terms and conditions on i) overdraft facilities and ii) extended credit lines.
- Banks in Ireland are also happy to offer trade finance facilities to resident and EU companies, if certain compliance targets are met. These include receipt of i) a realistic business plan ii) verified background of the business owners iii) expected cash flow charts iv) P&L documentation and v) reference letters for Clients and suppliers.
- Healy Consultants Group PLC can assist our Clients secure a specific instrument or facility from our partner Ireland banks, including preferential terms on i) corporate credit lines and loans and ii) letters of credit and bank guarantees.
- Because banks everywhere are looking to cut costs, we expect the number of bank branches to fall and the range of online services to expand.
- Ireland is a signatory to the Common Reporting Standard (CRS), a global initiative to clamp down on tax evasion. As a result, banks operating in Ireland share information on accounts and account holders with tax authorities where the company/individual is tax-resident.
- Similarly, under the Foreign Account Tax Compliance Act (FATCA), since 2014 Irish banks report information on US account holders to the US Inland Revenue Service (IRS).
Healy Consultants Group PLC fees to help open a corporate bank account in Ireland
Ireland banking task Our Client travels EUR€ Ireland bank account for an overseas company No 4,950 Ireland bank account for an Irish LLC No 4,950 Ireland bank account for an entity not setup by Healy Consultants No 5,950 Ireland personal bank account Yes 4,950 Ireland trade finance assistance No 7,950 Ireland corporate finance assistance No 7,950 Ireland private equity assistance No 8,950 Ireland investment banking assistance No 5,950 Ireland private banking assistance No 7,950
Our multi-currency corporate bank account opening fees include:
- Creating a quality business plan for the banks, explaining the purpose of the business and future banking transactions.
- Securing welcome emails from multiple Ireland banks, inviting our Client to submit a multi-currency corporate bank account application.
- Healy Consultants Group PLC’s Banking Team completing, on our Client’s behalf, the multi-currency corporate bank account application forms and collating Know Your Customer (KYC) due diligence documents.
- Over the following weeks, the bank officer reverting to Healy Consultants Group PLC multiple times to prepare an accurate, complete multi-currency corporate bank account opening file. When the Ireland bank officer is ready, our Client convenes a video call with the bank.
- Following successful completion of the above, the bank officer submitting a complete potential customer file to the bank Legal and Compliance Department.
- After six weeks, our team e-mailing multi-currency corporate bank account numbers to our Client.
- Two weeks later, arranging our Client to receive e-banking log in details, including corporate Visa/Master debit cards and cheque books.
11 steps to opening an Ireland corporate bank account
- Prior to submitting the account application, Healy Consultants Group PLC requires from our Client detailed information on i) company activities (including proof of business-like contracts and invoices etc) ii) the company’s customers and suppliers iii) management team and iv) financial projections. This information increases the application’s chances of approval.
- Upon receipt of the above, our experts prepare a detailed business plan highlighting the company’s activities, financial projections, and reasons for opening an Ireland bank account. We send the business plan to our Client for review and approval before sharing with banks.
- Healy Consultants Group PLC approaches multiple local banks in Ireland to obtain preliminary approval for bank account opening for our Client’s company. We receive multiple welcome emails from banks and share the same with our multi-national Clients.
- After we agree the target banks with our Client, Healy Consultants Group PLC prepares bank account opening forms for our Client’s signature in front of the notary public or local bank branch officer. Once the Client has signed the documents, they courier the originals to Healy Consultants’ Ireland affiliated office.
- On receipt of the signed bank forms, the bank’s in-house Legal and Compliance Department will complete their Know Your Client (KYC) procedures to confirm the potential customer is a bona fide businessman.
- Depending on our Client’s business and nationality, there is a 50% probability the banks will request a signatory to travel for a one-hour bank interview. Healy Consultants Group PLC will try its best to negotiate with the bank for a travel exemption. If our Client must travel for the corporate bank account opening, Healy Consultants Group PLC will refund our Client US$950.
- Within three weeks of submitting the account opening application, Healy Consultants Group PLC will receive multi-currency corporate bank account approval notification from the bank officer.
- Our Client will be required to fund the bank account within one week. The minimum initial deposit for a business bank account in Ireland can range from US$1,000 to US$10,000, depending on the bank.
- Within two weeks, Healy Consultants Group PLC’s office receives Internet banking activation documents. With our multi-national Clients’ written permission, our CFO activates online banking on our Client’s behalf.
- Following successful e-banking activation, we dispatch a secure courier to our Client’s preferred mailing address containing i) original company documents ii) e-banking information and iii) other engagement information.
- Following receipt of the courier, our Client changes e-banking access passwords to their preferred ones; enjoying sole access to the corporate bank account. From this point onwards, the banking relationship exists between the bank signatory and the bank. Healy Consultants Group PLC is not a party to the banking relationship.
Documents required for Ireland corporate bank account opening
- Completed corporate bank account opening forms.
- Company certificate of incorporation and recent certificate of incumbency (or country equivalent).
- Certified true copy of company’s profile from the Companies Registration Office or country equivalent.
- Certified true copies of passports of the UBO, shareholders, directors and bank signatories.
- Certified true copies of proof of address of the UBO, shareholders, directors and bank signatories.
- Certified true copy of the company’s M&AA.
- Board of Directors’ approval for the account opening and appointed bank signatories.
- Ireland banks may also require i) legalised copies of the above documents and/or ii) additional due diligence documents on a case-by-case basis.
- A quality business plan prepared by Healy Consultants Group PLC.
Ireland multi-currency corporate bank account opening is easy if you know how. Contact Healy Consultants Group PLC if your Firm needs assistance navigating through the different banking solutions.
Frequently asked questions
Which banks should I consider for Ireland company formation?Although several Irish corporate banking options will be available for our Clients, Healy Consultants recommends internationally renowned banks such as HSBC and Standard Chartered.
Can I access internet banking with my Ireland corporate bank account?Yes. Corporate banking in Ireland provides our Clients several services including – i) internet banking and telephone banking ii) checking accounts iii) savings accounts iv) debit and credit cards v) fixed term deposits and vi) wealth management.
I am thinking about forming a new business in Ireland. Is Ireland online corporate banking safe for cross border transactions?Yes. Healy Consultants works with highly reputable banks in order to ensure safe corporate banking for our Clients in Ireland.
How to open a bank account during formation of an Irish company?For opening a corporate bank account in Ireland, our Clients will have to submit some due diligence documents to Healy Consultants. Most banks in Ireland ask for the following documents i) company M&AA ii) copies of ID of company owners and officers iii) a bank mandate form and iv) certificate of incorporation.
Healy Consultants will try its best to prevent our Client from having to travel for corporate bank account opening in Ireland.
I wish to form a company in Ireland and get a loan from a local bank. Can Healy Consultants help me?Yes. Healy Consultants will assist our Clients in this regard. Irish banks are willing to provide finance to an Irish resident company if the following conditions are met i) good business-plan ii) availability of collateral assets iii) experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study and vi) project strength and weaknesses analysis (SWOT).