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Foreign bank account

We help our Clients to open bank accounts for both private individuals and companies. The process of opening a bank account depends not only on a Bank but also to a greater degree on the Client. Correct documents provided in time simplify the whole process for us, Bank and Client him-/herself.

In some banks, for example, in Estonian – bank account can be activated within couple of working days; in Latvian banks, it takes up to two weeks: in Cyprus – up to four weeks. It is worth knowing than in some Banks, such as Estonian, Austrian, Singaporean, Panamanian and Hong Kong.

Opening an account in a foreign Bank is not complicated if to follow all Bank requirements and provide all the requested documents. As a rule, Bank requires standard sets of the documents both for private individuals and for companies. Identification1 is obligatory for every client.

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To open a bank account for a company you should provide the following documents:

1. Power of Attorney with notarization and Apostille, confirming the authority of a person to open an account and manage it on behalf of the company
2. Certificate of Registration (or extract from the Register of Enterprises), notarized and apostilled. Apostille should be of the country in which the company is registered
3. Memorandum and Articles of Association
4. Declaration of Trust
5. Certificate of Shareholders
6. Share Certificate
7. Protocol for the appointment of Director
8. Apostilled Certificate of Good-Standing or any other document confirming the activity of the company (if at the time of opening the account, company is registered for more than one year )
9. A valid passport or identity card of the person managing the account
10. Bank reference letter of a behalf of the person managing bank account

* Depending on the jurisdiction, set of corporate documents may vary.

To open a bank account for a private individual you should provide the following documents:

1. A valid passport (or identity card)
2. Bank reference letter
3. Utility bill or insurance (or any other document, confirming the registered address of the individual)

Do not forget that in order to keep your bank account active you should submit the following documents:
• Power of Attorney with Apostille and notarization.
Should be provided prior to the expiration date of the one in hands or in case of the change of the Trustee, Director or Company Founder.
• Certificate of Good-Standing (or extract from the Register of Enterprises) with notarization and Apostille.
Should be provided to the bank annually within three months.
• Copy of the passport or identity card certified by the bank agent or Notary.
Should be provided after the expiration date of the existing document.

1 Customer identification is a mandatory standard procedure required by the bank for both private customers and companies.
Usually, identification process includes verification of the data of the client that should be submitted to the bank. For private individuals it includes passport data verification; for companies – set of the corporate documents and its activity field.