Bank Accounts

Opening a corporate bank account for companies that have complex legal structures, are involved in high-risk activities, or those lacking economic substance might be more complicated than one could initially anticipate. In certain cases, even though your business does not tick the boxes of complicated structuring or distinctive high-risk activities, you might find yourself in a situation of being rejected for opening an account at a bank or other type of payment institution.
The truth is, being rejected simply due to a lack of in-depth understanding of particular requirements applied by banks is not an uncommon occurrence.

Payment institutions, especially those who are not instantly rejecting businesses which are a bit more complex than local grocery stores and are willing to take the risk of working with, for example, crypto businesses or offshore companies, are subject not only to a substantial set of strict requirements from supervisors in their jurisdictions, but also international regulations. If they do not adhere, they are risking their licenses, reputation and much more, therefore, they do everything to mitigate risks of compromising their good standing. For this reason, in many cases, if the business model is not presented correctly, they might not want to take the chance of being fined because of one customer.

In fact, your business model can be completely in order, but the bank, solely for its own safety, will ask questions which might seem extensive and reject your application afterwards. A properly prepared business description, along with supporting material and a scrupulous communication usually leads to a successful opening of a bank account. Unfortunately, achieving this is not always possible without prior experience in dealing with banking regulations.

The team of Nomad Law not only specializes in preparing everything and handling the communication during the account opening. We will perform an in-depth review your business case – the same way the bank would – and, if there are any possible weak spots in your policies or other aspects of the company which might need improvements, provide you with a full legal assistance to correct the deficiencies and maintain your company fully compliant as well as supply you with the main points for understanding the requirements of banks and the reasoning behind their questions.

Contact us for a free consultation or continue reading to find out more about the possibilities of opening multi-currency bank accounts in countries of Nomad Law’s local expertise.