Needless to say, a business requires a bank account in order to function properly. In certain instances, however, having to open a bank account is more complex that one would anticipate and, as such, requires reaching out to professionals who can assist in simplifying the detailed procedure.
Whilst conducting business remotely has become a regular occurrence for most of us, mostly triggered via the current pandemic, bank-imposed conditions and procedures hinder the operational running of companies wishing to conduct their banking in an easy and simplified manner.
The growing transparency of international businesses, the upcoming automatic exchange of financial account information (CRS) between jurisdictions and the global anti-offshorization tendencies have all significantly affected the banking sector, resulting in stricter rules for both new and existing clients. In certain cases, banks are refusing to open bank accounts unless presented with proof of substance, offices, employees etc. For all the above reasons, an adequate presentation of your application is vital.
Eurofast has been present in the Balkan region since 2005, with extensive experience and an active presence. We are able to assist you in facilitating banking operations and recommend correct path for you, in a number of countries.
In particular, our offices in Bulgaria, Romania, Montenegro and Serbia, with each one combining the local legislation with international or EU rules (where applicable), have certain requirements for opening a bank account remotely for your company. Our experts can initiate discussions with the respective banks and prepare the required due diligence file (necessary for opening an account), so that the acceptance by the compliance department becomes almost a formality.
Even within the same country, the banking procedures vary depending on the bank. Our company can provide virtual meetings with you for guidance.
All of the above countries allow for the opening of Euro denominated accounts, even though two of them - Bulgaria and Romania - are members of the European Union already without having adopted the common currency as yet. Accounts in local currencies can be opened as well. This is important for clients with a multinational presence of their business, such as online sales involving the above countries. Additionally, almost all countries noted above offer the possibility to open accounts for a newly established company without any business history, potentially without a face-to-face interview with the bank.
It should be noted that at most banks recommended by Eurofast, there is no requirement for a minimum deposit, particularly for business accounts.
Other than the usual account requests being direct remote internet access, a card attached to the account and - of course - logical bank charges more distinct solutions can be offered. For example, e-merchant accounts, may require increased attention in choosing a bank, which is where our team of experts is able to assist you.
Eurofast's experts will provide professional assistance and tailor-made banking recommendations to help maintain and grow your business.
Eurofast operates from fully fledged offices in Athens, Thessaloniki, Nicosia, Sofia, Bucharest, Belgrade, Podgorica, Tirana, Skopje, Zagreb, Pristina, Banja Luka, Sarajevo, Cairo, Alexandria, Tbilisi, Beirut, Erbil, Moscow, Kiev and Tehran. In addition to banking, we can also assist in many other related activities, ranging from forming a company in the regional markets, accounting and payroll services, Transfer Pricing files, PEO services, advisory in investment and M&A, citizenship and immigration services, to name a few. Due to our extensive expertise, we refer to ourselves as a "One Stop Shop" for your business and your company in this part of the world. We welcome your inquiries and look forward to assisting you in the Balkans.
How can we help you? We can assist with:
- Choosing the jurisdiction and banking institution for account opening for individuals and legal entities
- Determining the type of account to be opened
- Completing pre-check procedures with the bank
- Collecting and preparing documents and information required by the bank in regards to the applicant itself and its ultimate beneficiary, assisting with completing various bank`s forms, questionnaires and other necessary documents
- Arranging for notarized translation of foreign documents to be submitted to the bank
- Representing the client directly with the bank during all stages of account opening and maintenance, as well as provision of all necessary clarifications and explanations required by the bank on the client`s behalf
- Arranging distance-banking and issuance of payment card(s) in the name of the client
- Providing account management and bank signatory services
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.