Developing A Bank Account Abroad

Many countries require business entities to obtain a local or regional bank account in order to operate compliantly per government regulations. However, this is not always as simple as walking into a branch and requesting an account for your business (new or existing). This is where we can help support you with bank account introduction services. These services do not guarantee your organization an account, but can guide you in selecting a bank and helping to facilitate the process by clearing any language barriers, providing step-by-step instructions on required documentation, and helping to ensure a successful journey through the international banking landscape.

Does a company representative need to be physically present to open our company’s bank account?

Depending on the jurisdiction, over the years, the need to be physically present to open a bank account has diminished. With the addition of online banking, appearing in person is often not even part of the process. However, there are still plenty of localities that require an in person presence in order to formalize the opening of a business account.

Depending on your desired location, we will provide you with guidance on whether or not you will need to travel to the country where you want to open your business’ bank account.

What options do I have for a bank account? Physical branches? Online banking?

In many countries, a physical bank branch is often the only option where one can open an account. Other countries may simply provide the option for an online account. Each country has their own banking restrictions and requirements and we will help ensure you are provided with the information needed to choose between a traditional bank or an online bank, where services are available.

What are the challenges of opening a bank account in another country?

Navigating Anti-Money Laundering (AML) laws, regulations, and procedures, for example, can be tricky. They are intended to prevent criminals from disguising illegally obtained funds as legitimate income. They cover a limited range of transactions and criminal behavior, but their implications are far-reaching. As it relates to banks and setting up new accounts, the burden of proof that your company is a legitimate business is on you! We can help you navigate these regulations, as well as the local jurisdiction’s rules for banking.

Click here for more information on global expansion and retraction.

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