Opening a business bank account abroad: what banks look for
Updated: 2 days ago
Opening a business bank account is usually the hardest part of setting up an international company. Banks are legally required to know who owns a company, where its money comes from and what it will be used for. Understanding that makes the process far less frustrating.
What banks ask for
Who you are. Certified identity documents and proof of address for every director, shareholder and beneficial owner.
The company’s documents. Certificate of incorporation, constitutional documents, registers of directors and shareholders, and a certificate of good standing where available.
What the business does. A clear description of the business, its customers, suppliers and the countries involved, usually with a website, contracts or invoices as evidence.
Where the money comes from. Source of funds for the company, and source of wealth for the owners.
Expected activity. The size, number and countries of expected payments in and out.
Your tax details. Tax residence and tax identification numbers, which banks report under international standards.
Requirements differ by bank. Ask what each one needs before you apply.
Why applications are slow or declined
A vague or incomplete business description
A company with no visible activity, website or customers
Source of funds that can’t be shown with documents
Owners or counterparties in countries the bank treats as higher risk
Business types the bank doesn’t take, which vary by bank
Inconsistencies between documents, such as different names or addresses
Applying to many banks at once, which can look like a pattern to them
A decline usually says little about the person. It says the bank couldn’t get comfortable with the file or doesn’t take that business.
How to prepare a stronger application
Decide what the account is for, and be able to explain it in two sentences.
Prepare the document pack before approaching the bank, with certified copies.
Choose banks that suit your business and nationality, rather than applying everywhere.
Be accurate about expected activity. Overstating or understating both cause problems later.
Answer follow-up questions quickly and fully.
Keep your own records, because the bank will ask again at review time.
Time, cost and what to expect
Timelines vary widely, from a few weeks to several months, depending on the bank, the structure and how quickly questions are answered. Banks may charge account opening and monthly fees, and may ask for a minimum balance. Some require a meeting or video call with the owners.
How we help
We introduce you to banks that suit your profile, help you prepare a complete application and stay in touch while it’s with the bank. We can’t guarantee an account, and we can’t influence a bank’s decision. What we can do is make the file clear and complete before it goes in. Our banking page explains the service and fees.
This article is general information, not legal, tax or financial advice. Bank requirements change, so confirm current requirements with the bank.
