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Many assume that an account opens automatically once the company is registered. In practice, the bank decides for itself whether it is willing to work with your business.
Steps to open an account
- Choose a bank suited to your activity and turnover
- Prepare the document package
- Submit the application and pass the initial review
- Meeting or call with a bank representative
- Compliance review
- Account activation and online banking access
Documents usually requested
- Company documents: licence, articles of association, certificate of incorporation
- Passports and proof of address of the beneficial owners
- Business description: what you do, who you work with, where your clients are
- Information on the source of funds
- Expected account turnover
The set may differ depending on the bank and the type of activity.
Why banks decline
- The business model is described vaguely
- The activity falls into a higher-risk category
- There is no evidence of the source of funds
- The ownership structure is too complex or opaque
- Inconsistency between the stated activity and the documents
How to improve your chances
- Prepare a clear description of the business and its clients in advance
- Choose a bank where your industry is not regarded as problematic
- Submit a complete package of documents the first time
- Do not apply to several banks at once without a strategy
The decision is made by the bank. Any promise of "guaranteed opening" is a reason for caution.
If you need help, see the bank account opening service or submit a request.