Opening a bank account in Europe

Bank account opening services in Europe

Laduchi Consult provides services for opening bank accounts in Spain and the rest of Europe so that you can take your business internationally. This applies to people going through registration abroad or intending to grow. Opening a foreign account in one of the European banks is a direct way to get new business opportunities.

Features of opening bank accounts in Europe

Business needs foreign accounts for mutual settlements with partners, saving money, mandatory payments, salary projects, implementation of corporate cards and other purposes. Laduchi Consult employees help with account opening in banks of the country of registration and other countries.

One of the advantages of foreign bank account opening is that there are no currency restrictions prescribed by Russian Laws and norms of other CIS countries for the residents. There is no requirement for foreign enterprises to notify the Russian tax authorities about opening a special account in a foreign bank. The enterprise is not obliged to submit reports on how and where the cash assets in the accounts are moving. There are no restrictions on the crediting of accounts.

For individuals, foreign accounts are needed for obtaining residence permits in Europe, accepting employment, purchasing real estate property, etc. The purpose of opening an account is sometimes to preserve or increase capital.

Types

A bank account in Europe can be a savings account or a current account:

- A savings account is used to invest or save money. It cannot be used for current payments or transactions.

- A checking account is needed for regular transactions that involve frequent debits and credits. This is necessary in the case of normal operating activities of companies. Some accounts may be used as current accounts, but it is essential to maintain a specific minimum balance or place an investment portfolio.

Recommendations on how to open an account in a European bank

If you need to open bank accounts in Europe, then there is a problem with choosing a bank for a foreign company. Before choosing a bank, answers will be required from the client:

- Whether the bank's rules allow for cooperation with individuals and companies that are not residents of the country;

- Does the institution have a current account;

- Whether the bank is willing to accept this client for service, taking into account all its characteristics;

- The currencies available for payments in the financial institution's list: Are there any in the list that is suitable for the client;

- What rates are used by the institution for services;

- Rating, reputation, performance, prospects of the chosen institution.

These are just some of the questions that need to be answered. To open an account, an objective assessment of the chances for a particular client must be made.

How to open an account

First you choose a financial institution. If there is no need to visit the office in person in the future, you can stop at organizations where remote account opening is available. Together with the client, our employee will fill out the bank forms and collect the necessary documentation. It is difficult to do this on your own, as any bank has its requirements for the content and form of client documents. However, there is a generalized scheme involving the submission of such papers:

- Corporate documentation in the original or certified copies according to all the rules of the financial institution.

- Data on the operation of the client's company, namely, a description of the business, information on counterparties on payments, and parameters of account usage.

- The customer should use the account only with transparent intentions so that the bank employees understand everything. It is recommended to open a separate account for each type of activity of the organization or enterprise.

- The client must necessarily provide information about the actual owners of the business. The list includes personal documents, the actual address of residence, data on income and its sources, certificates, and extracts from the financial institution. Letters of recommendation from business partners can be attached. Obligatorily need the name of the organization and its activities, and information about the education and career of the applicant.

From the side of European banks increased interest and attention to the information not only about the applicant and the beneficiary but also on what partners he works with. The data should be clear and transparent for the representative of the financial institution.

The presence of a counterparty on one of the sanctions lists is grounds for refusal on the part of the institution.

The employees of Laduchi Consult do everything necessary to collect and prepare the documentation. Account opening is an opportunity for you to expand your business, get a loan at a low-interest rate, transfer funds from abroad, and overcome inflation. If you need our services or expert advice, call us and we'll tell you all about it.