Bank account opening
At C2Z Advisory, we leverage our extensive network of banks and Payment Service Providers (PSPs) to assist clients in opening both corporate and personal bank accounts in over 50 countries worldwide. Whether or not you're setting up a company, we offer tailored solutions to meet your banking needs.
Corporate Bank Account Opening: Challenges and Timeline
Opening a corporate bank account can be a complex and time-consuming process due to the increasing due diligence procedures implemented by banks’ compliance departments. On average, the process of opening a corporate bank account with a traditional bank takes 6 to 12 weeks, starting from the moment the bank confirms they have all the information and documentation needed.
Fast and Efficient Alternative: PSPs (Payment Service Providers)
For clients seeking quicker, more flexible solutions without the need for travel, Payment Service Providers (PSPs) offer an ideal alternative. PSPs streamline the account opening process, offering faster approval times compared to traditional banks.
Bank Preferences: Economic Substance and Local Connections
Traditional banks typically prefer to onboard companies with economic substance or business connectionsin the country where the bank is located. This includes having local customers, suppliers, physical offices, or employees operating on the ground. We guide and assist our clients meet these requirements to ensure smooth onboarding with local banks.
Steps to open a corporate bank account: A Seamless Process with C2Z Advisory
At C2Z Advisory, we work closely with our clients to identify the optimal location for opening a corporate bank account. Once the location is selected, we help shortlist up to five preferred banks in that jurisdiction, giving you multiple banking options to consider.
Before we communicate with the banks, C2Z Advisory will collect due diligence on the company, its directors, shareholders and intended bank signatories as well as detailed information on the company activities, location of the customers, suppliers, management team, financial projections, etc.
With this comprehensive data, our firm will prepare the required business plan and complete the initial KYC (Know Your Customer) forms as per the bank's specific requirements.
Ensuring we collect this information at this stage will minimize the number of times we revert to our Client requesting information, allowing them to focus on what is really important to them.
Once the necessary documents are prepared, C2Z Advisory reaches out to the bank officers to request an initial review of the submitted materials. Banks typically take approximately two weeks to provide preliminary feedback and confirm their interest in moving forward with your corporate account application.
In most cases, banks’ legal and compliance departments do not assess the initial due diligence. Instead, this task is handled by the front desk officer. As a result, it is common for the bank to request additional documentation at various stages of the account opening process
or banks that express preliminary interest, we create a detailed summary table comparing key factors such as:
- Account opening fees
- Minimum balance requirements
- Transaction fees
This comparison is shared with our client, along with our order of preference. We always recommend that clients shortlist at least two preferred banks to mitigate the risk of rejection, as the ultimate decision rests with the banks.
For the shortlisted banks, C2Z Advisory will prepare the necessary bank account opening forms and maintain regular communication with the banks to ensure that any additional information or documents required are promptly provided.
Before corporate bank account numbers are issued, certain banks may require additional steps, including:
- Document notarization or attestations
- A one-hour in-person meeting with the bank
- The bank signatory securing a local work or residency visa
If these requirements are needed, C2Z Advisory will assist in coordinating these steps to ensure smooth completion.
Once all necessary steps are completed and the bank has confirmed receipt of all required information, the corporate bank account numbers are typically issued within 4 to 6 weeks. Clients are required to fund their accounts within one week of the account number issuance.
After the successful opening of your corporate bank account, internet banking login details are typically provided within two weeks, ensuring you can easily manage your account online.
Documents requirements
- Certified Passport copy
- National ID or residency visa copy
- Proof of address - utility bill
- Source of funds
- Certificate of incorporation
- Memorandum and articles of association
- Business extract
- Proof of address or lease agreement
- Latest signed financial statements
- Latest signed annual tax returns
- Signed organizational chart
Depending on the jurisdiction of service, nature of the business and risk profile enhanced due diligence may be required.
Some banks may also require i) document notarization and / or attestations and / or ii) our Client to visit the bank for a one-hour meeting and / or iii) the bank signatory to secure a local work and residency visa. If required, C2Z Advisory will assist with organizing these.
Why Choose C2Z Advisory for Corporate Bank Account Opening?
Expert Guidance
We assist you in selecting the best location and banks for your corporate account.
Comprehensive Support
From due diligence to account opening, we handle all paperwork and communication.
Efficient Process
We manage the entire bank account opening process, reducing the complexity and time involved.
Tailored Solutions
Our team provides personalized support, ensuring that all your banking needs are met.
Start your corporate bank account application today with C2Z Advisory and experience a hassle-free process.
