Opening accounts in foreign banks

Bank accounts abroad

During the period of active implementation of BEPS, MLI and Compliance plans, i.e. international rules for identifying and combating “erosion of the tax base and requirements for linking the location of financial instruments to the local business environment, the days of“ export intermediaries ”from Hong Kong with a Riga bank account and deliveries from Odessa to Egypt have passed. Foreign banks do not even consider such stories.

K.A.C. Group offers the following options for opening bank accounts:

Bank accounts in those countries when the business interests of the company can somehow be correlated with their territory

For example: they are on the way of export transportation of Ukrainian goods to final suppliers. Namely: Northern Europe – Estonia, Central Europe – Poland, Central and Southern Europe – Hungary, Africa and Asia – Turkey. If the optimal requirements for Compliance and the necessary document flow confirming the transportation of goods through these countries are met, local banks open accounts for such companies, even if they are from another jurisdiction.

Banks in countries that do not have strict Compliance requirements

Such banks have their own special requirements for customers. For example: in Switzerland and Malta, it is mandatory for the client to place the agreed amount as a deposit, or to participate in investment portfolios offered by the bank. In England, a prerequisite is that the account manager must be an English resident (we provide such a service).

New offer: K.A.C. Group opens bank accounts for international business companies without mandatory conditions for Compliance (!) In the banks of Belarus. Only due diligance is required. This option is already resorted to by former customers of the “failed” Baltic banks, as well as customers from banks where they were asked to close their accounts due to non-compliance with the Compliance.

Payment Banking Systems

These are financial institutions with a limited banking license (without the ability to place deposits and issue loans), but the procedure for checking a client for due diligence is like in a bank. By the way, the cost of payments is often lower than that of banks. We offer payment systems in the Baltic states, Poland, and the Czech Republic.

Bank accounts abroad for Ukrainian companies.

K.A.C. Group offers opening accounts for Ukrainian companies in foreign banks. The Law of Ukraine “On Currency and Currency Transactions” of February 2019 gives the right to residents of Ukraine including and legal entities “to open accounts in foreign financial institutions and carry out currency transactions through such accounts.” As for reporting information on the availability of an account with a foreign bank in the SFS and on the movement of funds on such an account, the old MFI Order No. 207 of December 25, 1995 (subject to amendments of May 24, 2017) and Resolution of the Cabinet of Ministers No. 419 of February 28, 2000, are in effect. that govern these issues. What gives an account in a foreign bank for a Ukrainian exporter:

Due diligence of Ukrainian companies in foreign banks in fact turned out to be more loyal than in Ukrainian;
accounts are opened in international network banks, guaranteed reliable for Ukrainian customers and convenient for their foreign partners;
unlike the Baltic banks, the presence of dollar bills;
these banks are more preferable for Ukrainian agricultural exporters in terms of the use of letters of credit, bank guarantees, etc.
banks are considering lending against third-party obligations to purchase products. If these are well-known market players (buyers), then the interest on the loan can be quite acceptable;
the presence of such accounts will be interesting for the formation of a financial history and a positive Compliance for both the Ukrainian enterprise and its beneficiaries;
also such an account is quite a serious defense against raiding, motivated actions of the SFS, “custom-made” court decisions and actions of the executive service.

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