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Opening a bank account

Opening a bank account for your company

We have developed a banking network and expertise which enables us to assist our clients through the account application for all companies we register. Obviously, the final decision to open an account depends on the bank, but our clients’ account opening success rate is excellent.

Our professional status as “International Corporate Service Provider” and our signing of a good conduct charter makes us a welcomed introducer in the eyes of financial establishments in general.

As a result of this, opening an account and managing the dossier are much simpler, we send the banking file directly to our clients. Bank account opening by correspondence is also possible for many of banks with whom we work.

How do we choose our network of banks?

SERVICE. This is the first thing that matters to us. Even though we are not the bank, nor can we control its service, we want to make sure that our clients are served as good as they are served with SFM. We therefore constantly monitor relationships and ask our clients for feedback. If a client is not satisfied, we offer alternatives. That said, given our size and volumes, banks usually do their best to please SFM’s customers.

With our 15 years of experience in the field, and we are able to select banks that are secure, provide excellent services, as well as numerous banking facilities (e-banking, credit cards, letters of credit, etc.).

In addition, other important characteristics are studied before selecting a bank, such as:

  • Political and economic stability of the country where the bank is located.
  • Bank service conditions (fees, minimum deposit, etc).
  • Excellent reputation of the institution.
  • Wide range of financial products offered.

What banking facilities are available?

As a general rule, the following facilities are available from the financial establishments with whom we work:

  • icon  Multi-currency accounts;
  • icon  E-banking;
  • icon  Trading in currency, shares and other titles;
  • icon  Interest bearing accounts;
  • icon  Credit card and debit card; and
  • icon  Letter of Credit.

We point out that it is difficult for offshore companies to establish credit lines, loans or other cash facilities unless assets are deposited with a bank to serve as collateral.

Which documents are needed to open a bank account?

As a general rule the bank asks for a certified copy of the shareholder’s and director’s passport (beneficial owner), as well as recent proof of residence which, must be less than three months old. However, the full scope of documents depends on the bank, and on the particulars of each case. If the client goes to the bank in person to open the account, a certified copy of the passport is not required. In Mauritius, banks also require a letter of reference from a bank and a CV. In Panama, banks do not open accounts by correspondence.

We will send you the additional documents necessary for opening the account by email, as an attachment, for you to sign and return to us preferably by special courier ( DHL, FedEx or Chronopost), along with the other documents mentioned above.

Disclaimer: each bank account application is subject to the bank’s mandatory due diligence requirements and duties under national and international (FATF) standards, in particular to prevent money laundering, and nothing on this webpage shall be construed as an offer to waive such requirements and duties.

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