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How to open a bank account?

The bank account opening procedure:

From the point of view of the technical procedure for the opening of bank accounts, banks can be divided into 2 clearly defined groups:

  • It is necessary for the signatory(ies) to be present in person at  the time of opening the bank account
     
  • It is not necessary for the signatory(ies) to be present in person at the time of opening the bank account

In the first case, it is a requirement of the banks that all persons who will have signatory right over the account (directors, attorneys etc.) must appear in person in the bank at least once, at the time of opening the account. The requirement to appear in person depends on the policy of the bank and the laws of the country concerned. The purpose is to identify the client(s) and to confirm the authenticity of the documents necessary for client identification and to take copies of them. It is also at this time that the signatories sign the specimen signature cards at the bank.

In the second case mentioned above, the bank does not require the personal presence of the signatories. The client identification procedure still remains, but in this case the bank agrees to allow a third party (bank, notary public, financial services provider, company formation agent etc.) to carry out the process. It is still necessary to present the original documents, but these are certified by the person appointed by the bank (such as a notary public), usually using a text provided by the bank. The signing of the specimen signature cards is also arranged this way.

In our presentation of the banks we cooperate with we describe in detail the conditions imposed on clients by the banks at the time of opening accounts. Please read the descriptions carefully.

At the same time, we would also like to point out that the banks are independent financial institutions, unrelated to LAVECO Ltd., and have the right from time to time to amend their company policies, terms and conditions and charges. Accordingly, the information we provide may be incomplete and may not include the latest changes and notifications from the banks. We suggest, therefore, that you also study the information provided on the websites of the banks we recommend.

 


Read our article: The secrets of offshore banking - part one

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