During the period of active implementation of BEPS, CRS, MLI and compliance plans, i.e. international rules for identifying and combating “erosion of the tax base” and requirements for connecting 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 Odesa to Egypt are gone. Foreign banks simply ignore such stories now.
K.A.C. Group offers the following options for opening bank accounts:
- Bank accounts in the countries where business interests of the company can be correlated with their territory. For instance, such companies are located on the export transportation route of Ukrainian goods to final suppliers, namely: Europe – Estonia, England, Poland, Czech Republic, Bulgaria, Cyprus; Africa and Asia – Turkey, Egypt, UAE, Hong Kong. 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. K.A.C. Group individually selects a bank for the client in which an account can be opened based on their conditions and capabilities. We also prepare the necessary set of documents, help in providing the information required by the bank and assist in the due diligence procedure. If necessary, we personally represent the client to the bank.
- K.A.C. Group offers banks to open accounts in countries that do not have strict requirements for compliance, but banks have their own special requirements for clients. As an example, in Switzerland, Austria, Liechtenstein, 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.
- New offer: we open bank accounts for international business companies without mandatory requirements for compliance (!) in the banks of Belarus, with only due diligence being obligatory. This option is already used by former clients of the “failed” Baltic banks, as well as clients from banks where they were asked to close their accounts due to non-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 similar to a bank one. 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.
- Accounts for non-resident companies in Ukrainian banks. In 2019, amendments to the Laws of Ukraine No. 2418-VIII and No. 2473-VIII, as well as the Instruction of the National Bank No. 56 were adopted, which related to currency regulation and protection of foreign investments. These regulatory documents define the rules and conditions for opening accounts for non-resident companies in Ukrainian banks.
The conditions and requirements for opening accounts tend to change. Therefore, if you are interested in receiving more details, please contact the K.A.C. Group office, or send a request for up-to-date information to firstname.lastname@example.org.