How do you open a corporate bank account for your business?
Your company will probably need one or more bank accounts. In a world dominated by compliance rules and low-interest rates, it is not always easy to open one. It helps if you know whom to turn to.
We can help! Our process consists of a few simple steps:
- Doing Business International will analyze the needs and activities of your company and match it with the most fitting bank. We will give you the name, location, contact details, and everything you need in order to approach your company’s best banking match;
- We can also arrange the bank account opening procedure on your company’s behalf. Furthermore, we have experience with these banking solutions, and thus we will be able to go through the opening procedure quickly.
- We assist with filling in the necessary paperwork. If required, we can assist with the needed ancillary documentation required by certain banks (business plans, financial forecast, organigram, etc) to present to the bank.
We have a network of banks and banking professionals in the EU, Asia, Africa, the USA, the Middle East, and more. For a complete overview of our banking solutions, please click here. We provide tailor-made advice and solutions for all clients.
Financial District, Amsterdam
What do you need to open a bank account?
Banks need to feel comfortable with your company as their client. This means they need to see a clear business plan and, if available, results from the past. Also, they will want to know where your suppliers and clients are.
The requirements for opening an account typically vary from one bank to another, but some documents are common for all. The common requirements for corporate accounts typically include the following:
1. Original or certified copies of the corporate documents issued by the appropriate regulatory authority;
2. Certificate of Good Standing (needed if the corporation is older than one year);
3. Copy of passport (sometimes with apostille) for each authorized signatory, beneficial owner, and director of the company;
4. Proof of Address (this is a utility bill, credit card statement, mortgage statement, local authority tax bill from within the last 60 days) of all involved parties;
5. Business plan – most banks require an overview of the business.
Which is the best bank for my business?
This depends on several different factors relating to your business. Companies in Crypto will have different options than an import/export company, for example. We aim to provide complete and value-adding banking advice. Please contact one of our advisors today and figure out how we go about finding the best bank for your business. In short, It depends on the business.
Which bank is most suitable and most likely to accept your company as a client? Our specialists can guide you in this decision. Apart from traditional banks, we also work with smaller banks, online banks, and banks that focus on specific industries. There are also private banks, and other payment services providers, which can serve as a bank to your company. We are confident in being able to find the perfect match for your company!
Do these banks also provide business loans?
Yes, they do. As banks make more money on providing loans than on payment services – even with today’s interest rates – they would be happy to consider your request. Of course, a solid business plan and budget are required. Also, note that your best option for payment solutions is not always your best option for business loans. Our banking specialists can guide you.
Can you open a bank account online?
Most banks need to identify your company’s director(s). In many instances, this can be done by certified documentation. Face-to-face meetings are not required often. If you cannot travel, then our banking specialists will include this in our analysis when determining the best bank for your business.
But what if I can’t travel? Feel free to get in touch for a tailor-made solution.
Do you need to be a domestic company for a corporate bank account?
No, it is not a strict legal requirement for a company to be a Domestic company to get a bank account in that country. However, being a domestic company could make it easier in that country. This is one of the ‘substance’ indications used by the banking & tax authorities to determine tax residency, which plays a big role in a client acceptance procedure. Some banks require domestic employees or managers. We can assist with this as well.
It is perfectly legal for any company to maintain bank accounts in whichever country in the world. If you are thinking about a foreign bank account for your business, it is important to target banks that will open accounts for foreign companies and/or foreign shareholders. Let our experts guide you today.
Why choose us?
Through years of experience, we know which bank is most likely to accept an application from which type of company. We also have a good grasp of what type of preparatory work is needed before approaching any bank. Usually, banks will give a client 1 client acceptance procedure. If this fails, there will be no opportunities to try again. We are fully aware of this and thus provide the necessary preparatory work.
We also know how to deal with more complicated requests or specific requirements. Contact one of our advisors today.
Other banking services
The banks we work with can also provide loans and financing for your company. We can analyze which bank to approach and help you get the most beneficial deal.
Contact us through the form below and inquire about your banking possibilities today!
