BANK ACCOUNT OPENING

What makes us different from others providing a nominally similar service?

We take care of each aspect of the application to ensure that clients’ applications and supporting documents match the banks expectations.  

We aim to provide an exceptional level of service to ensure a very high success rate. Rather than the standard practice of handing the clients a set of forms to complete and submitting them to the bank without any kind of review, we take a very individual approach and assist clients with all the formalities including the format and presentation of the business plan, checking the clients’ websites and advising on the choice of a suitable bank.

How long does it take to open a bank account?

Opening an offshore bank account and opening a bank account remotely is very different from walking into your local branch to open an account for a local company, particularly where the account is opened without a personal visit to the bank.  This is due to the bank's compliance requirements and risk assessment procedures.

Typically opening an account remotely can take anything from 2 to 6 weeks. However, every bank has slightly different requirements, all require their own forms and mandates to be completed. Many banks have unpublished blacklists of nationalities they do not wish to do business with and all have a list of the types of businesses they do not want to be involved with.

Banks change their criteria frequently and without notice. Clients are therefore requested to send required documents without delay in their own interest.

Please see below a list of the banks we work with:

MAURITIUS - ABC BANK

Click here to visit the bank’s website.

http://abcbanking.mu

• The bank offers accounts in all major currencies namely: USD, EUR, GBP, AUD, CAD, CHF, HKD, SGD, CNY, INR, JPY, ZAR and can be opened remotely.

• No Statement fees, no ledger fees, no maintenance fees, no monthly or yearly fees, and no additional cost for maintaining a foreign currency account.

• There is a minimum account opening deposit of US$5,000 (or equivalent), which must be deposited within one month of account opening.

• There is a minimum balance to be maintained on the account of US$5,000 (or equivalent).

• Assuming all documents are provided and the type of business is acceptable, account opening takes less than 48 hours.

• Debit cards are available (denominated in Mauritius rupees and are subject to a 5% foreign exchange charge when used in other currencies).

Please note that the bank will not accept any business involved in Forex or online trading (direct selling online). The bank also is selective as to the nationalities it will accept e.g. it will not accept citizens of the USA, Russia and some of the Baltic countries. For this reason, please advise us of the nationalities of all proposed parties to the account from the outset. Please also note that transfers to and from banks in the USA are not possible.

CYPRUS - BANK OF CYPRUS

Click here to visit the bank’s website.

http://www.bankofcyprus.com.cy

• The bank offers accounts in most major currencies e.g. USD, EUR, GBP, CHF etc. and can be opened remotely. The primary account is always a Euro account.

• Bank of Cyprus has reasonable operating charges, with an annual maintenance fee of € 200. Please note , that dormant or semi-dormant accounts attract an additional charge of € 25,- per month.

• SEPA (EU) transfers are from € 3,- international transfers in other currencies are from c. US$ 17,-.

• Inward SEPA transfers are not charged for, but inward international transfers attract a modest fee.

• There is a minimum account opening deposit of €1,000, which must be deposited following account opening.

• Internet banking facilities are in English, Russian, and Greek.

• Assuming all documents are provided and the type of business is acceptable, account opening takes around 2 weeks. Bank of Cyprus accept most types of business and most nationalities. However, it will not accept Forex or other similar types of business e.g. crypto-currency.

• Visa Electron cards (connected to the account) are available (denominated in Euros).

MAURITIUS - AFRASIA BANK

Click here to visit the bank’s website.

http://www.afrasiabank.com

• The bank offers accounts in all major currencies namely: USD, EUR, GBP etc. and can be opened remotely.

• No Statement fees, no ledger fees, no maintenance fees, no monthly or yearly fees, and no additional cost for maintaining a foreign currency account.

• There is no minimum account opening deposit although we recommend to transfer around $500 to cover digipass, card, courier fees etc.

• There is no minimum balance to be maintained although we would always recommend to maintain at least $500 on account.

• Assuming all documents are provided and the type of business is acceptable, account opening takes around 2 weeks.

• Debit cards are available in US$ and €uros with no foreign currency conversion charges for transactions in these currencies.

Please note that the bank will not accept any business involved in Forex or online trading (direct selling online). The bank also is selective as to the nationalities it will accept e.g. it will not accept citizens of the USA, Russia and some of the Baltic countries. For this reason, please advise us of the nationalities of all proposed parties to the account from the outset. Please also note that transfers to and from banks in the USA are not possible.

SINGAPORE - OCBC BANK

Click here to visit the bank’s website.

http://www.ocbc.com

• The bank offers accounts in all major currencies e.g. SGD, USD, EUR, GBP etc. A personal visit by the beneficial owner is required to any OCBC branches, including any overseas branches e.g. London, Sydney, New York, Hong Kong etc.

• A personal relationship manager will be assigned (giving direct contact with a named person).

• Internet banking facilities are in English with efficient Internet banking and fast transfers.

• Debit cards are available and are denominated in SG$.

Deposit and balance requirements for Singapore companies.

• Internet  Minimum account opening deposit of 500 (in each currency).

• No monthly fees provided the accounts maintain the minimum balance.  

• Account opening set up fee c. S$ 500 (charged by OCBC).

Deposit and balance requirements for non-Singapore companies.

• Deposit and balance requirements for non-Singapore companies

• Minimum account opening deposit 30k (in each currency). Please note that €uro accounts do not require this balance.

• No monthly fees provided the accounts maintain the minimum balance.  

• Account opening set up fee c. S$ 500 (charged by OCBC).

SINGAPORE - MAYBANK

Click here to visit the bank’s website.

http://www.maybank.com/

• Maybank offers accounts to Singapore registered companies only.

• The bank offers accounts in the following currencies USD, EUR, GBP, AUD, NZD, CAD, HKD, JPY. A personal visit to Maybank, Singapore is required by the director/s, and shareholder/s and signatories..

• Internet banking facilities are in English with efficient Internet banking and fast transfers.

• Debit cards are available and are denominated in SG$.

• Internet  minimum account opening deposit of S$1,000 (in each currency).

• No monthly fees provided each account maintain the minimum balance of US$1,000 or equivalent.

CYPRUS - ASTRO BANK

Click here to visit the bank’s website.

• The bank offers accounts in most major currencies e.g. USD, EUR, GBP, CHF etc. and can be opened remotely. The primary account is always a Euro account.

• Astro Bank has reasonable operating charges, with low annual maintenance fee.

• SEPA (EU) transfers

• Inward SEPA transfers are not charged for, but inward international transfers attract a minimal fee.

• There is a minimum account opening deposit of €1,000, which must be deposited following account opening.

• Internet banking facilities are in English, Russian, and Greek.

• Assuming all documents are provided and the type of business is acceptable, account opening takes around 2 weeks. Astro Bank accept most types of business and most nationalities. However, it will not accept Forex or other similar types of business e.g. crypto-currency.

• Visa Electron cards (connected to the account) are available (denominated in Euros).

PORTUGAL - MILLENNIUM BANK

Click here to visit the bank’s website.

• The bank offers accounts in most major currencies e.g. USD, EUR, GBP etc. and can be opened remotely. The primary account is always a Euro account.

• Millennium has reasonable operating charges.

• SEPA (EU) transfers.

• • Assuming all documents are provided and the type of business is acceptable, account opening takes around 2 weeks. The bank accept most types of business and most nationalities. However, it will not accept Forex or other similar types of business e.g. crypto-currency.

• Bank cards (connected to the account) are available (denominated in Euros).

SWITZERLAND - CIM BANQUE

Click here to visit the bank’s website.

• CIM Banque offers multi-currency accounts and transfers can be made in most major currencies e.g. US dollars, Euros, Swiss francs, etc. as well as Hong Kong dollars, Canadian dollars, Australian dollars, Japanese Yen.

• Bank account can be opened remotely.

• CIM Banque is a member of SWIFT and transfers start from are from € 3.50

• E-banking facilities are in English, but you can also make transfers via email or calling directly your Relationship Manager.

• Assuming all documents are provided and the type of business is acceptable, account opening takes around 2 weeks. CIM Banque accept most types of business and most nationalities.

• Bank cards (connected to the account) are also available.