Confidentiality is the key word and absolute advantage when we speak about foreign Banks.
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.
Opening procedure takes 2 to 4 weeks, depending on the bank. To open an account in the Baltics countries can be even faster.
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 person managing the account
10. Bank reference letter of a behalf of a person managing bank account
* Depending on the jurisdiction, set of corporate documents may vary.
To open a bank account for a private individualyou 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)
Documents required in orderto keep an account in active status:
• 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.
The identification process of the Client
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 which should be submitted to the bank. For private individuals it includes passport data verification; for companies – set of the corporate documents and field of its activity.