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The natural functioning of the business is possible only if you have an open bank account, or better - in several, mainly if the company is conducted in several jurisdictions. A bank account is not only a necessity for doing business, but also one of the factors confirming legitimacy and reliability. Opening a bank account in a foreign bank is one of the main services provided by "Smart Startup UK" lawyers worldwide.


Smart Startup UK lawyers are ready to advise in full detail on the specifics of opening an account in your case and accompany the procedure for opening such an account from the opening decision to the final transaction on the statement. In addition, lawyers are ready to advise on all the nuances of opening an account in a foreign bank and why you should do it within your business case.


Advantages of opening an account in a foreign bank


Opening a foreign account seems to be a useful option in many cases of foreign business, taking into account the following nuances:

  • the need to ensure the confidentiality of the business as well as the data of the beneficiaries;
  • doing business with the participation of enterprises and banking institutions in low-tax jurisdictions (local banking institutions provide favorable financing conditions, relatively low and sometimes even low service tariffs, have flexible exchange control rules, as well as simplified requirements for accounting);
  • opening payment accounts with business partners from certain regions, such as Europe;
  • business protection, as well as reduction of related financial and economic risks (fluctuations in exchange rates, inflation and other factors);
  • ease of filling out documents and maintaining records.

  • The benefits of opening foreign bank accounts for non-residents are not limited to those listed above. Smart Startup UK's lawyers can help identify options for opening foreign accounts that will help maximize the benefits of doing business and holding money overseas. Provide information to solicitors for individual advice on the matter.


    Aspects to consider when opening a foreign bank account


    If you plan to open an account in a foreign bank for individuals or legal entities, you should pay attention to many nuances:

  • clearly defining financial and business priorities and choosing a specific jurisdiction and bank for them (Cyprus, Switzerland, Great Britain, Serbia, etc. are among the popular ones);
  • determines the type of account that will be used: operating (used to make payments, including commercial transactions with counterparties), investment or savings account (opened to accumulate and increase the number of funds);
  • to study the requirements of the selected bank, as well as to form a package of documents for consideration;
  • pay attention to the nuances of confirming the legality of the origin of funds, as well as compliance with the requirements for financial monitoring before and after opening a new bank account and in the process of carrying out operations on it;
  • receiving documents confirming the opening of a bank account and bank card.


    • The specific procedure for opening a foreign bank account for an individual or company varies depending on the background of the case. The lawyers of "Smart Startup UK" are ready to provide legal support for the process of discovery and further support of activities using a foreign account.


    Nuances of opening foreign accounts


    Opening accounts in foreign banks for individuals and legal entities is possible through an agent or remotely. The first option is the most common. The second option is viable. It is possible to open foreign bank accounts remotely by submitting documents for review by mail. This is followed by a video conference where employees are asked to answer the questions they are interested in and show the original identity document.


    In any case, in order to open a bank account, it is necessary to provide information about an individual - passport and other identification data, information about the profession, data that confirm the legality of the origin of the funds, as well as additional necessary information . It should be noted that there are nuances when opening a bank account for individuals - individuals confirm their current place of residence with utility bill receipts.


    Legal entities provide data on the current registration status, copies of the founding documents, information about the beneficiaries and managers of the company, as well as other data that the bank may require according to local legislation and internal policies. Registration forms accepted by the particular bank must be completed and submitted in all cases.


    In addition to the official documents, information on the planned transactions to be carried out through the account (expected annual turnover) must also be provided. Account openers must provide up-to-date contact information and information on sources of income. The reason for opening the account must also be indicated.


    When considering and opening a foreign bank account, you should not limit yourself to one option - it is better to choose and submit documents to at least 2-3 banks. Standard terms for opening a bank account abroad are from 2 weeks to 2 months.

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