What are the parameters in choosing a corporate or personal account?
There are many parameters to take into consideration, including:
- We will ensure the bank agrees to your business activity, mainly the source of where the money will be coming in from.
- We will check the commissions for incoming/outgoing transfers and managing the account.
- We will make sure the bank has a good online system to manage the account.
- We will make sure the bank offers a debit card.
How long does it take to open a bank account for a company?
The time it takes for the bank to open the account starts once the bank receives all the required documentation. If it is a personal bank account, usually the main required document is a valid passport. If it is an offshore company bank account, then it is the company incorporation documents, the information regarding the account holders and a basic business plan. It usually takes some time for the client to prepare the required documentation. A bank account may take up to two days in some banks and others (like those in Switzerland) up to a month.
Should I open a bank account together with incorporating my company?
In most cases, the answer is yes. Every business needs a bank account so if you do not do it together with the incorporation process, you will need to do it at a later stage. When we incorporate your company, we will provide you with the required documentation for opening a bank account in accordance to the requirements of the bank thus avoiding a delay in acquiring the documents.Can you open a bank account for my existing company, meaning a company that you did not incorporate?In most cases, yes, except for certain banks. There are banks that require a set of documents presented in such a specific way that it is simpler to incorporate a new company and then prepare the documents for the bank during the same process instead of trying to fix or attain certain documents of an existing company.
Generally it takes longer to open a bank account for an existing company as there is more work involved.