Opening bank accounts is becoming increasingly difficult due to international transparency and anti-money laundering initiatives. Many banks will no longer open accounts for offshore companies. Others will only open accounts for companies that have been introduced by a recognised and licensed service provider that is on their “approved list”.

All banks now undertake increased due diligence; not just when opening accounts but also when operating them. Different banks require markedly different documentation. Even different branches of the same bank frequently have different procedures. The necessary documentation is generally voluminous and complicated and many documents are required not just to be certified by the company secretary but formally notarised in the jurisdiction of incorporation.

In short, it is increasingly difficult for clients to attend to account opening procedures on their own. It is therefore strongly recommended that Sovereign should assist with a bank introduction and with the preparation and submission of the necessary paperwork. Of course, clients are free to choose their own banks but generally the account will be opened far more quickly, cheaply and efficiently if banks known to, and recommended by, Sovereign are used.

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Europe Focus May 2019

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  • Important payroll changes in Malta
  • UK and Spain sign post-Brexit tax treaty over Gibraltar
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Sovereign Trust (Gibraltar) Limited
Tel: +350 200 76173