Securing a corporate bank account is one of the most fundamental and critical steps in establishing a new business operation. However, in today's global banking regulation, the process of opening an account has become increasingly complex and demanding. Banks are required to conduct extensive Know Your Customer (KYC) and due diligence checks, and they will scrutinise a company's ownership, control, and business model.

Zetland will not open bank accounts for companies we do not have a fiduciary relationship with.

A successful application depends on the submission of clear and comprehensive documentation that provides the bank with a high level of comfort and transparency. Zetland can manage this challenging process on your behalf. We leverage our extensive experience and strong relationships with a wide network of international and local banks to guide through their specific onboarding processes.

Our team prepares a comprehensive and professional KYC and application pack, ensuring that a company's information is correct. Banks will want to know:

• Company's ownership structure including tracing to ultimate beneficial owners
• Company's business plan
• Anticipated transaction volumes and amounts
• Source of funds to establish the account/company

We act as your single point of contact to coordinate with the bank and ensure the application progresses as smoothly as possible.

Types of Banks

• Commercial banks such as HSBC, Bank of China, UOB, etc - give credibility to business operations and have efficient and cost effective services but can take weeks to open new accounts and are often very inflexible.
• Private banks such as Bendura Bank, Goldman Sachs, etc are not suited to transactional business but are good for investment or custodian duties. They are generally more flexible in their approach to onboarding clients. Often significant minimum deposits must be maintained.
• Virtual banks such as Airwallex are increasingly competitive with longer established banks
• Niche banks such as Proven Bank in Caribbean and ABC Bank in Mauritius have a good understanding of offshore business requirements.

All banks employ internet banking which can make accessing account information easy and facilitate transaction processing. Clients are reminded to have appropriate controls over bank account operation and Zetland can advise if necessary.