One of the essentials with every new company formation is a bank account. Sometimes this brings headaches for businessmen because it is not always clear which option is the best one. Choices are many, but which bank, and in which location, is the most suitable for your new setup?
The first choice would be to bank with a first-rate international bank located in the country of incorporation. However not all banks are suitable to all clients and businesses. For instance, some offshore banks require large minimum account balances to be kept all year round, and having a substantial amount locked in your company account is a good move.
Some banks are more suitable for actively trading customers, while other banks cater to the specific needs of high-net-worth clienteles. Therefore upon getting to know the client, bank introductions in Malta or offshore are made depending on the business activity and profile, financial investments and personal background of the ultimate beneficial owners.
Fairwinds Management has established client-introducer relationships with a number of reputable banks in Malta and other banks across the world. Some banks require a personal meeting with the directors and/or shareholders prior to the opening of the account. Generally, the bank first requires a company profile for a pre-approval. Once the bank gives the go ahead, we are able to submit the documents required. Together with the bank forms which are handled directly by our corporate services team, the client is also requested to provide the following to the bank:
- Passports/ID Cards of all directors and shareholders
- Bank reference of all directors and shareholders
- Proof of address of all directors and shareholders not older than 3 months
- Curriculum Vitae of main shareholders and directors
- Business plan
Occasionally some banks request more information such as a source of funds declarations, competence and experience in the business, accounts of foreign company businesses and so on. It is important to note that bank account openings is not automatic or guaranteed as banks have different client-acceptance policies.