Pre-Approval
PRE-APPROVAL – is a unique opportunity to obtain from our carefully selected banks for your prior consent or refusal to consider the full set of documents for opening your company account.
In this case, any answer of the bank – positive or negative, you will win. In case of prior consent, you will be able to start preparing documents for opening an account. Of course, the prior agreement does not give 100% guarantee that the account will be opened, as the final decision of the Compliance department of the bank will take only after receiving the full set of documents for the opening, however, the probability increases manifold, as the bank has already approved your business model based on the information about you as a beneficiary. In case of refusal, you will be able to switch to other European banks offered by our specialist and not spend your time waiting for the completion of the procedure of the package of documents for the opening and funds for the certification of a set of documents for the company and their bank shipment. The review of the submitted documents may take more than one month, and the period of certification on your documents (three months from the receipt) will expire.
Who is recommended to use the PRE-APPROVAL service?
PRE-APPROVAL is recommended by our company for those activities, which banks consider high-risk. You should bear in mind that most banks are not interested in serving such clients and to choose the right bank you will have to make an effort and spend a lot of time before a suitable bank is selected, and your company account will be opened. The use and payment of PRE-APPROVAL service is recommended for companies with the following activities:
- Trading and Trading with Crypto Currencies
- Gambling (online casino/betting/poker rooms, etc.)
- Industry «for adults»/Adult
- Trading activities (currency transactions/securities/binary options)
- Trading in drag.metals/drag.stones
- Investment activities
- Companies dealing with cash on a large scale
- Business related to the latest technologies (incl. IT business)
The use and payment of PRE-APPROVAL service is also desirable for those executives and individuals who, having a transparent and understandable business model or type of income, value their time and means. Such customers usually seek to make sure that they are the desired customer in the selected bank before starting the account opening procedure, prepare/certify/forward the full set of company documents and pay for account opening in full.
The use and payment of the PRE-APPROVAL service will be useful if you have chosen any bank independently, without taking into account the recommendations of our consultants, and want to make sure of the possibility of opening an account in it. This service is applicable also to those banks with which our company does not cooperate, as the procedure of opening an account with the European Bank is quite identical.
Compliance
Compliance of foreign banks follows the procedures of KYC, AML. For cooperation to be successful, it is necessary to know what compliance is paying attention to. Some aspects will be presented below:
Business Activities – it is important for a bank to understand what kind of business a company does. To understand this, you will need to provide: a full description of the enterprise, a list of contractors, partnership agreements, the history of the creation of the website.
Relation to business – compliance of a foreign bank must check all persons related to the company: director, beneficiary, accountant, trustee. The purpose of such verification is to exclude negative reputations, involvement in fraud, etc.
Availability of financial and accounting reports – timely submission of necessary reports, audit – 2 advantages when opening a corporate bank account abroad.
Taxes – the payment of tax obligations serves as confirmation of the transparency of business.
Substance – Foreign banks pay special attention to the real presence of the company. In many cases, Substance is a prerequisite for starting a partnership. But it is not always the business of a legal person that requires an office. For example, the programmer is operating from home and his entire team is also working remotely. In this case, you should explain how business processes.
Counterparties, business partners of a legal entity – at the moment of opening a corporate account in a foreign bank, the bank has the right to request all information of interest about the partners of the company, the contracts in force, under what circumstances, when the cooperation began. Long-term cooperation is a guarantee of reliability of potential clients.
The purpose of opening a corporate account – the goal of business is one: to simplify international settlements with partners. Be prepared to explain: how currency payments will be processed, to which countries, in what currency, what amounts.
At IB-IA Group UAB, we understand the unique challenges faced by high risk businesses.
As a high risk business owner, you know how difficult it can be to find a bank that is willing to work with you. Many traditional banks are hesitant to take on high risk clients due to the perceived risks involved.
If you’re in the gambling industry, you know how challenging it can be to find a bank that is willing to work with you. But with the right banking solutions, you can manage your finances more efficiently and grow your business with confidence.
