Opening an Account in the Modern World

For companies targeting the international market, having a bank account abroad is becoming a prerequisite for full-fledged operations. A corporate account with a foreign bank allows for settlements with foreign partners without conversion losses or currency control restrictions, as well as the placement of funds in stable and reliable banking systems.

However, the process of opening an account with European banks is becoming increasingly complex. This is due to stricter international legal requirements, particularly regarding compliance and due diligence procedures. Banks are wary of companies registered in offshore or low-tax jurisdictions, which often leads to account opening refusals. Therefore, it is crucial to carefully consider the legal architecture and business model of a foreign company even at the structure planning stage. This will help avoid problems not only when opening an account, but also during its subsequent maintenance—both in traditional banks and in alternative financial institutions (for example, EMIs—electronic payment institutions).

How to Open a Foreign Bank Account
Opening an account abroad requires careful consideration and selection of the appropriate bank based on your goals, business structure, and company jurisdiction. It's important to consider a number of factors when choosing a bank:

Key Selection Criteria
Reliability and Ratings
Choose banks with high national and international ratings (e.g., Moody's, Standard & Poor's, Fitch), which guarantee the financial institution's stability and reliability.
Financial and Payment Services
Check the account types, payment systems (SEPA, SWIFT, etc.), and additional services offered by the bank.

Regulatory Features of the Country
Familiarize yourself with local requirements for opening and maintaining accounts, control measures (KYC, AML), as well as possible currency restrictions and reporting obligations.

Fund Safety Guarantees
Some countries have deposit insurance systems—for example, in the EU, funds are insured up to €100,000 per depositor.

Service Costs
Terms and conditions may vary significantly: pay attention to fees for account opening, maintenance, transfers, and currency conversion.

Remote Account Opening
The ability to open an account without being present in person is especially important for non-residents. Some banks allow the process to be completed remotely, through online verification or with the help of authorized representatives.

Immigration and visa requirements
Check whether a visit to the country is required and what visa regulations apply.

Popular jurisdictions
The UK is a good choice for a start-up project.
Switzerland offers reliability and confidentiality, but high service costs.
The UAE offers a flexible approach to non-residents and is popular among entrepreneurs from the CIS.
Singapore offers strict due diligence and a high level of asset protection.
Hong Kong has an active banking sector, but with enhanced compliance controls.
Lithuania offers remote account opening and operations within the EU.
Serbia offers European registration and access to local and international payment systems.

Documents that may be required
International passport;
Proof of residence;
Bank references (if required);
Proof of source of income.
Incorporation and registration documents;
Information on owners and beneficiaries;
Financial statements or business plan;
Information confirming the legality of the activity

General procedure
Selecting a suitable bank and jurisdiction;
Collecting and preparing a package of documents;
Submitting an application (independently or through an intermediary);
Completing the verification process;
Obtaining bank details and connecting to online banking.

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