Bank Account Maintenance

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Bank Account Maintenance

Which banks co-operate with Eltoma Corporate Services in matters regarding account opening?

Company Eltoma Corporate Services offers bank account opening services in Cyprus, the Baltic States, Switzerland, Austria, Czech Republic, Hong Kong & Singapore. A list of banks who we work with are updated and expanded on an ongoing basis. Feel free to contact us for more information.  Opening of a bank account remotely is possible in Singapore, Cyprus * and ** Swiss banks.

Which is best for opening a bank account for an offshore company?

Registration of an offshore company does not always require opening an account in the jurisdiction of incorporation. Choosing a bank largely depends on how the customer plans to use the account. The main uses of a bank account can be divided into the following types:

  • Billing (including commercial) – for the settlement of transactions in goods, works and services.
  • Investment – for the settlement of securities transactions.
  • Savings – for keeping money as a deposit.

There is the possibility of opening several accounts to be used for different purposes. When opening an account, it is important that the person wishing to open a bank account satisfy all the requirements of the bank.

Can a company incorporated in a “tax haven” open accounts in other jurisdictions?

Yes, it is possible using some banks. For example, banks in Cyprus make it possible to open an account for an international company that is not registered in Cyprus. However, some countries only work with local companies, such as Hong Kong and the UK, where it is possible to open an account only for a resident company.

Experts at Eltoma Corporate Services can prepare a set of documents so that you had the opportunity to open an account is not in any one jurisdiction, and in most of them.  In the case of self-opening a bank account, we recommend you discuss in advance with the bank required a list of documents for opening an account because different banks may have different requirements. We, in turn, form the necessary package for you.

Do I have to be present in person when opening an account? What is the procedure?

 In most jurisdictions, yes. But, for example, to open a bank account in Cyprus is enough to visit the office of the bank in another country, or to meet with an official introduction bank to sign all necessary documents. The list of documents required for opening an account, include: scanned copy of the foreign and Russian (with a note of registration to confirm the residential address) passport, a certificate from any bank, which has an open to you by the confirmation that the accounts are used in accordance with the requirements of the bank (Bank reference) and a completed application form (application form provided by us). This set of documents, as well as registration documents for your company, employees of the Cyprus office Eltoma Corporate Services is transmitted to the bank. The bank, in turn, makes the necessary forms, the signing of which takes place in the office of the bank, or in a personal meeting within three working days, in the case if the legal department of the bank did not have additional questions, you will be sent the bank details. Full activation of the account, including the connection of Internet banking services, takes one month.

How is the bank account of an offshore company managed?

Essentially, the service is performed by controlling the system through the Internet bank customer transactions are used to verify the device for generating one-time codes, which are called digit pass or token.

Is it possible to receive the credit (debit) card in order to use a bank account?

Yes. Banks are recommended by our company, such services offer. Typically, these cards can be obtained within a month of opening the account.

What documents are requested by OCBC Bank at the customer’s visit to Singapore to change the signatory on the account?

 The Bank will need the original passport, a letter from the bank where the account is opened at the signer, the decision to change the signer and confirmation of address – usually internal passport with a mark of living or utility bill payments – no older than three months. All documents must be submitted with an official translation into English (if necessary).

Is it possible to open a bank account in Europe to have a registered company in the country classified as “tax haven”?

 The days when European banks to open bank accounts for companies registered in “tax havens”, gradually come to an end. European Union directives oblige banks to disclose customer information for the purpose of the legislation, preventing money laundering and tax evasion, as well as for the purpose of combating terrorism. Since the country classified as “tax havens”, did not disclose any information to third countries, the directives of the European Union found that the banks registered in accordance with European legislation, have to work with these jurisdictions with extreme caution, defining more rigid set of measures in order to inspection companies. In connection with the strengthening of restrictions, many European banks refuse to work with companies from “tax havens”. Therefore, making a choice between one or another jurisdiction during the registration of the company, you must at the same time decide on the bank that best suit the needs of your business

Now the situation with the Bank of  Cyprus  is not entirely clear. How did Cyprus restore bank activity after the banking crisis in Cyprus?

 Of course, the “haircut of deposits” commonly referred to as the “banking crisis”, was short-lived, but a serious negative effect on the reputation of banks in Cyprus. However, the Cypriot banking system quite quickly recovered from the shock, and customers return to the Cypriot banks, which is particularly advantageous in comparison with other banks: expensive services and bank transfers are virtually no requirements for minimum deposits, opening accounts are free banking services in Cyprus including internet banking, are at the highest level, reduced the systematic risk of the banking system, increase the capitalisation of the Cypriot banks, providing support in Russian.

What does “update account” mean?

Banks carry out the procedure on an annual basis to update both the contact and general information on the company. As a rule, the bank also asks for the provision of Certificate of Good standing or Incumbency. Using our services to update the bank account, you get an integrated approach. We have independently contact the bank and provide a full package of documents according to the request. These services are usually included in bank forms, certification of documents, signing forms in nominal director (if you use our nominee service), and a courier service for the delivery of the forms to the bank.

The company needs to open a bank account in Singapore. Is a Director needed as a personal presence at the bank?

 Yes, the personal presence of the Director (signatory) at a meeting with the bank required. The documents are signed in the presence of the bank’s employees.

Do I need to notify the bank authorities in case of change of name of the company?

Any authorities and banks should be notified of the change of name of the company. In addition, the authorities may ask for additional updated charter and other documents.

Can Eltoma Corporate Services ensure the opening of a corporate bank account?

The decision to open or refuse to open a corporate bank account is accepted only by the security of a particular bank. Unfortunately, we cannot guarantee that the bank’s decision is positive, but would like to assure you that Eltoma Corporate Services is familiar with the requirements of the banks, and always responsible to implement procedures to prepare the client to successfully pass the test in the security service of the bank.

When opening a bank account, the bank asks you to confirm the status of the material. What does this mean?

Under such document the bank usually has a mean discharge from your personal accounts from another bank or account statements of operating business, if any. It may also come with a certificate of employment or proof of ownership of the property. Thus, any document confirming your savings or assets to be used for business development and will guarantee the success of business development for the bank.  Please note that the majority of foreign banks accept documents in English only or with a translation of the official interpreter.

What are the Advantages of holding 2 or more Bank Accounts with the same financial institution?

  1.  1.  It saves you money on fees

Having all your accounts in one place can save you money on fees. The monthly or annual fees will be less, will provide  you access to benefits, discounts or waivers on the products that make up that package, keep track of your expenses, and manage cash flow, easily and cost-effectively.

  1. It simplifies your banking and saves you time

Consolidating your business banking in one place makes it simpler to manage, is more efficient therefore saving you time.

  1. It helps you stay in control of your cash flow

Good cash flow management is essential to all businesses.

How do you obtain bank statements (required for accounting records of the company) for a Singapore Bank Account, for periods of time which are no longer available for query in Internet banking?

In such a case, the Director of the company must go to the Bank and order the data extract, or you can send a letter of request signed by the Director of the Bank.