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Banks all around the world now examine potential non-resident clients with great care. They have to do so under the pressure from international regulatory bodies, and to stay in compliance with the global de-offshorization policy and anti-money laundering efforts.
Someone may claim that the contemporary banks have turned into financial concentration camps but such claims do not make life any easier. Practice shows that the due diligence procedures are not going to become more lax in the observable future.
There can be multiple reasons why you or your company can be denied banking services. These include unfavorable types of business activities that the company is engaged in, the citizenship of the company beneficiaries, the country of the company partners’ domiciliation, and many other factors that have to be taken into consideration BEFORE you apply for services to any foreign bank.
You may find it worthwhile to apply for our assistance in choosing the foreign bank where you can open an account. We will not recommend the banks that are likely to deny service to you but only the ones that do take people like you onboard and will be happy to set up an account for you.
Please apply for our free consultation on choosing foreign banks to open accounts with. We are working with a large number of banks and payment service providers and we know what criteria the prospective clients of each financial institution have to meet.
When applying for banking services abroad, you have to spend a considerable amount of time and effort on collecting the documents and filling out the forms. Nevertheless, there is always a risk of service denial even if you seem to comply with all the requirements.
You can play safer, however, and lower the chances of service denial if you use professional assistance in choosing the bank and if you apply for a provisional approval of your application for services.
We invite you to consider the opportunity to apply for a new service of ours, namely, the PREAPPROVAL service. What we can do is ask the bank for a provisional assessment of your (company) profile that will let the bank administration understand your business model and money earning techniques thus deciding if they can provide non-resident banking services to you in principle.
What benefits does PREAPPROVAL bring?
The PREAPPROVAL service is a unique chance to save time and money with the help of Offshore Pro Group when applying for services to a foreign bank.
Whether the bank preapproves your application or not, you will be on the winning side anyway. In case it grants preapproval to you, you can start preparing the application document package. Of course, the preapproval does not serve as a 100% guarantee that you will have an account in this bank. The Compliance Department will have to scrutinize all the application documents before it gives a ‘go ahead’ to you.
At the same time, when your application for services is preapproved, it means that the bank officers have acquainted themselves with your profile and/ or your business model and they are quite satisfied with what they have seen so far.
In case the bank does not preapprove your application, you can turn to other possibilities instead of wasting your time on a hopeless case. You will also be able to save money on unnecessary document translation, legalization, and courier delivery. That is a win-win situation whatever the outcome of the application for preapproval is.
How much does PREAPPROVAL cost?
We charge a 799 EUR commission for obtaining a preapproval of the application for a personal bank account and a 999 EUR commission when you apply for a corporate non-resident bank account. These are the minimal commissions that cover the work with not more than two banks. The ultimate cost of the PREAPPROVAL service will have to be determined individually with the help of our consultant, as it will depend upon the requirements that each particular bank Compliance Department has.
In case the preapproval is obtained, the cost of the service can be deducted from the cost of the foreign bank account opening service. You will be eligible for this deduction if you apply for the latter service within three working days since the preapproval has been granted to you.
In case all your applications for preapproval have been declined (this is possible in the case of a high-risk business), the commission is not refundable. We have to stress that you can count on our honesty. We are strictly opposed to misleading our clients by promising something that is impossible. We are NOT going to suggest the banks to you that will certainly decline your application for services, according to our knowledge. Moreover, if you would like to apply for preapproval to an undoubtedly ‘hopeless’ bank, we will refuse to provide the PREAPPROVAL service to you. Our reputation and your respect are more important for us than your money is.
How does PREAPPROVAL work?
When you go through the procedure of choosing the most suitable foreign bank to open an account with, you will have bank forms to fill out. When you pick the banks where you would like to apply for a preapproval, your consultant will inspect the forms again and if he or she finds that the information provided on the forms is sufficient, you will be billed for the preapproval service.
When you pay the bill, our managers will start working with the chosen banks by applying for preapproval to them on your behalf. The processing of your application will take us two business days. The timeframes of obtaining the preapproval from the bank can be different but as a general rule, banks take between three and ten days before they give an answer.
Who should use the PREAPPROVAL service?
The PREAPPROVAL service is mandatory for those engaged in business activities that banks consider high-risk activities. You have to bear in mind that most banks will not service such clients and you have to be prepared to spend time, money, and effort before you can find a bank that will take you onboard if your company works in a high-risk business area. In particular, the following types of business must apply for a preapproval in all cases:
- Any business where innovative technologies are involved (including IT businesses) because their business structure will often be incomprehensible for the bankers;
- Companies that issue bearer shares;
- Gambling businesses (online casinos, betting providers, poker rooms, etc.);
- Adult businesses;
- Pharmaceutical companies;
- Security traders (currencies, stocks and bonds, binary options, etc.);
- Traders in precious metals, precious stones, and jewelry;
- Miners of natural resources;
- Investors in construction and development projects;
- Retail companies working with payment systems;
- Companies and individuals planning to withdraw large amounts of cash;
- Charitable institutions;
- Electronic money operators (BITCOIN and so on);
- Private individuals and company beneficiaries who come from the USA, the CIS, Japan, China, and ОFAC & FATF sanctioned countries.
The PREAPPROVAL is recommendable to those private individuals and business company owners who have transparent expenditure and business structures but who would like to save time and money when setting up a foreign bank account. There are people who would like to be sure that the bank is going to welcome them before they start collecting/ completing/ sending the application documents. They want to be sure that the outcome of their efforts will be positive.
Please mind that if our experts believe that there are no objective reasons to expect that the bank might deny services to you and if we know that the bank readily opens account for people whose profile is similar to yours, we are not going to recommend that you apply for our preapproval service as this is unnecessary in your case.
The PREAPPROVAL service is also mandatory if you have chosen the bank to apply to without our assistance. The service can be obtained even if you would like to open an account with a bank that is not among our partners.
Provision of the PREAPPROVAL service as well as the provision of account opening services by Offshore Pro Group is impossible if you are engaged in one of the following types of activities:
- Child adoption services;
- Child pornography;
- Live animals;
- Body parts, liquids, and remains;
- Materials that violate copyrights, trade mark ownership, and other intellectual property rights;
- Charity if built as a pyramid or on the basis of MLM (Multi-Level Marketing);
- Self-made weapons;
- Products or services that come from sanctioned countries;
- Any kind of licensed activities when no license has been acquired.
Does a PREAPPROVAL guarantee establishment of a foreign bank account?
If your application for services has been preapproved by the bank administration, there is no 100% guarantee that you are going to have a corporate account in a foreign bank. You have to fully realize this fact from the very beginning. When applying for opening a bank account abroad, you will have to pass through two stages in any case.
First, the bank officer in charge will have to assess your business model and determine if it fits the internal requirements of the bank. At this stage, the principle decision is made: the bank administration deems providing services to you possible or impossible. This is the stage that you go through when you apply for our preapproval service and cover its cost. However, we cannot guarantee that the bank’s ultimate decision will be positive even if it preapproves your application for services. At the same time, we can guarantee that your chances for obtaining services from the bank will become greater due to the careful prior selection of the bank.
The second stage is the security check carried out by the Compliance Department of the bank. The transition to this stage is possible only if you have obtained a preapproval from the bank administration and covered the costs of our foreign bank account opening services. If you receive preapproval notifications from more than one bank, we will be delighted to help you set up several foreign bank accounts for your company.
You do not have to use our preapproval service nor our account opening services. You can skip the preapproval stage and file the application documents to the bank yourself without paying any money to us. However, you have to take the new reality into consideration: obtaining non-resident banking services has become challenging indeed. There are so many requirements and so many nuances to take care of that making a mistake in the application process is easy. This is why we highly recommend that you apply for our professional assistance in setting up a foreign bank account even though we cannot insist that you do so.
If you do want to make use of our services, you have to fill out all the bank forms and collect and legalize all the required application documents after you obtain a preapproval from the foreign bank that appeals to you. With some banks, you also have to make the initial deposit BEFORE the bank administration starts considering your application for services. (Please worry not as the initial deposit will be returned to you if the bank rejects your application after assessment.)
At this stage, the ultimate decision that the bank makes will depend upon the accuracy of the information that you will have supplied and upon your compliance with all the requirements that this particular bank puts forward to prospective customers. We would be too bold to claim that we can give you a guarantee that with our assistance, you can certainly set up an account in a foreign bank. The final decision ALWAYS rests with the bank administration.
At the same time, detailed assessment of your business model by the bank officers will be guaranteed if you use our PREAPPROVAL service. We also promise that the sum that you will have paid for this service will be deducted from the cost of the account opening service in case the bank preapproves your application and you want to proceed with setting up a foreign bank account with our help. In addition to that, our assistance will let you save a lot of time that would otherwise have to be spent on 1) the search for a suitable bank, 2) the form completion, 3) the document collection and preparation, and 4) waiting for the response from the bank. You certainly realize that if the bank ultimately denies services to you, all your time, efforts, and money are going to be spent in vain.
How your time and effort will be wasted is quite clear, we believe. As far as the money is concerned, you will have to spend some of it on copying the documents, legalizing the copies and sending the documents to the bank. Now, many papers will have expiry dates (this concerns the utility bills serving as proofs of address, for example) and banks sometimes take so long to process applications for services that the expiration dates may pass while you are waiting for their replies! This means that you will have to collect a new set of documents when applying to a different bank.
Some important final points
The PREAPPROVAL service that we are advertising here is applicable only to opening current accounts (personal and corporate) in foreign banks. This offer is not valid for merchant accounts.
The information that you put on the PREAPPROVAL application forms has to be truthful and accurate. Please remember that the bank may request additional documents that can confirm the accuracy of the information at the stage of assessing your application for services or later on when the account is already set up and functional.
It is crucial that you share only true facts with the bank when going through the PREAPPROVAL stage. If the Compliance Department finds some discrepancies when assessing your application document package, the risk of service denial is going to increase. This would actually make your application for our preapproval and the account opening services meaningless because if you lie, there is a good chance that you will have to start the procedure all over again and apply for services to another bank. Supplying false information to us is pointless while supplying false information to the bank is fraught with service denial.
Please fill out the online PREAPPROVAL form that you can find below and we will get back to you shortly. If you would like to have a paper-based form, please request one by writing to email@example.com.
• The PREAPPROVAL commission of 799 EUR for a PERSONAL foreign bank account covers the work with not more than two banks. Every additional bank where you would like to apply for a preapproval will cost you additional 299 EUR
• The PREAPPROVAL commission of 999 EUR for a CORPORATE foreign bank account also covers the work with not more than two banks. Every additional bank where you would like to apply for a preapproval will cost you additional 399 EUR
Please complete the PREAPPROVAL form below.
Fill out the questionnaire: PREAPPROVAL of the application for non-resident banking services