A typical and obvious question when opening an account in a foreign bank is “What documents will the bank require?”. Obviously, if an account is opened for a company, then statutory documents will be needed. If an account is opened for an individual, then a passport is required.
However, foreign banks are not limited to such documents. Additionally, it is necessary to provide documents confirming the experience of the beneficiary in the declared area, as well as the source of origin of the capital. By such documents, banks mean the following:
As confirmation of experience and competence in the stated area:
- Resume (as when applying for a job - indicating education and work experience in chronological order);
- Copy of education diploma;
- Certificate from the place of work (on company letterhead, stamped and signed by an authorized person, indicating the position, the date of taking office and the amount of your salary);
- Extract from the workbook (copy), employment contract;
- Agency agreements, contracts for the provision of services;
- Participation in professional conferences, seminars, exhibitions (certificates, lists of participants on the website of the event);
- Public information.
As confirmation of the source of origin of capital:
- Certificate of employment (on the company letterhead, stamped and signed by an authorized person, indicating the position, the date of taking office and the amount of salary);
- Account statements in other banks (placement of deposits);
- Documents confirming ownership of shares or management in other companies;
- Documents confirming the beneficiary's ownership of shares in public companies, including statements from accounts or those confirming the beneficiary's income from the sale of shares through brokers;
- Certificates / declarations from the tax service;
- Real Estate Ownership Documents;
- Documents confirming the sale of movable or immovable property;
- Documents confirming the payment of dividends for significant amounts;
- Documents confirming the receipt of borrowed funds, in case they will be the initial source of funds for the development of the business;
- Copies of contracts with contractors, or drafts (samples) of contracts;
- Account statements of another company owned by the beneficiary.
Other documents:
- Bank reference - a letter from the bank confirming the existence of an account with this bank and the absence of claims against the client;
- Recommendations from partners and counterparties (most effective if they also have accounts with that bank).
Did you think that’s it? The list of documents that a foreign bank can request is much longer!
The amount of information requested depends on:
1) company turnover;
2) the type of activity;
3) other cumulative factors.
In each specific case, the bank conducts an individual assessment of the client and may request additional documentation and information that will allow it to make sure that the client's activities are transparent and meet the bank's requirements.
