Each bank has particular assessments regarding the accounts opening procedures; therefore the accounts Applications differ depending on the selected banking entity’s requirements. Nonetheless, there are some details usually required:
- Copies of up to date signatories and company’s beneficial owner passports, duly certified by a notary public or a well known bank;
- Accounts’ signatories and company’s beneficial owner proofs of addresses (original or certified copies of a utility bill and credit card/bank statement no older than three months);
- A reference letter issued by the company’s beneficial owner bank stating how long he has been known to the bank and that he conducts his affairs with the bank in a satisfactory way;
- A business plan with activities full details
- A copy of any Agreements which the company might be involved in
On the bank mandates for opening an offshore business account it is also required precise information regarding account’s signing arrangements, specifically who is the authorised person(s) that may sign the instructions given to the bank.
There are diverse alternatives depending on the company’s structure. As the directors are eventually respo
nsible for all ongoing activities of the company it becomes their responsibility to oversee all bank transactions.
When a company has 3rd party Directors (usually supplied by a company services provider) it is mandatory to furnish details regarding the source of all incoming funds and a justification for the transfer of ongoing funds from the account. All transactions on the bank account require the signature of company’s Directors authorised representatives; therefore the bank accounts mandate may state either of the following signing arrangements:
- Any two authorised representatives of the company’s Director may sign the instructions;
- Any authorised representative of the company’s Director signing along with the beneficial owner.