The cryptocurrency industry has been recovering and expanding over recent months, with a growing interest from the mainstream investors and even from some governments to take cryptocurrencies seriously. There are good reasons for this: things of value are increasingly getting tokenized, decentralized, and programmable. Eventually, the crypto businesses’ role is likely to grow even more in securing the post-pandemic economies, which some visionaries have already called the token economy.
However, despite the gradual maturation and legalization of the industry in different countries, companies dealing with digital assets – tokens, cryptocurrencies, smart contracts – are still perceived by banks as dangerous and unpredictable.
On the one hand, it is easy to understand banks’ concerns forcing them to act with caution: the price hikes on digital assets and the scale of fraud which has swallowed up billions of dollars of unsuspecting depositors.
On the other hand, despite the abundance of negative news, there are still teams and projects whose mission is to create a new economy and promote new technologies and solutions on the mass market. Blockchains, tokens, and smart contracts are becoming more popular. Besides, business needs to both earn and withdraw money into fiat currencies to pay utility bills and give salaries to employees. That’s why every crypto company needs a bank account.
Today business owners in the crypto industry can open a corporate bank account remotely, without the need to visit the bank. This can be done with one of the most respected old banks in the Bahamas.
Strengths of the recommended bank in the Bahamas
When choosing the right bank, we recommend analyzing its reputation, reliability, international scope, customer orientation, the type of the account, and other services available, some other aspects that should meet your needs.
We recommend you to open an account with a bank in the Bahamas. It is one of the oldest and most respected banks in the Bahamas. For over 60 years has been known for its excellent customer orientation approaches and adherence to advanced technologies.
The main profile of the bank is in private banking, but the bank is also engaged in other areas of financial activity. The mission set by the bank is to ensure continuous protection of customers’ assets, as well as their continued growth for the sake of generations to come. The bank uses a long-term approach when working with customers, helping them plan their sustainable financial yields far beyond their lifetimes.
Today, the bank manages the stock of over 7.6 billion dollars. Legitimacy and reliability of work are ensured not only by the professionalism of the team but also by compliance with the Bahamian law: the Bank is subject to the rules of the Central Bank of the Bahamas and the Securities Commission of the Bahamas.
The bank employees communicate with clients in Italian, Spanish, German, French, Greek, and even Chinese. It has an extensive network of correspondent accounts with major banks around the world: First Caribbean International Bank, Bank of The Bahamas, Merrill Lynch, National Bank of Canada, Credit Suisse, Morgan Stanley, Deutsche Bank, and UBS.
The bank is very much customer-oriented. This justifies its meticulous compliance requirement set to those who want to open an account with the Bank. The knowledge and trust that are based on the due diligence allows to guarantee the unique customer experience and opportunities for cooperation for years and years to come.
To open an account, a deposit of at least US$250,000 would be required.
The banking charges are relatively low, which is quite appreciated by corporate customers.
Considering the above-mentioned aspects, the bank in the Bahamas is the right choice for companies who need corporate accounts. Now, let us consider its customer-specific opportunities for crypto-currency companies.
A convenient Bahamian bank account remotely available for the crypto-currency business
The bank in the Bahamas which we recommended is just right for companies that deal with digital assets and trade on cryptocurrency exchanges. The bank provides services of withdrawing funds to the account.
It prefers an individual approach in everything, including operations with crypto-currency assets. Therefore, a lot depends on your business, its structure, and, of course, on the legal origin of funds.
The bank studies the portfolio of each client and then decides based on the due diligence. If you are thinking about opening a bank account in the Bahamian bank, be prepared to provide detailed information about your business during your application.
Every applicant needs to submit a package of documents. Besides, the bank requires a minimum deposit of US$250,000 or the equivalent in another currency to be deposited on the corporate account.
In general, you can enjoy the following services:
• Multicurrency settlement accounts
• Access to an online account
• Storage of securities (Global Custody)
• Deposits and short-term investments
• Currency exchange
• Trade and investments
• Secure access via internet bank
To fly to the Bahamas every day to do something at the bank’s office or to call a manager who is in a different time zone would be most inconvenient. Therefore, the bank offers its international clients secure and convenient access to the banking options and services remotely, without any need to travel.
In your online banking account, you will be able to handle payments, trade stocks, and exchange instant messages in the chat.
Companies and individuals are entitled to ordering plastic debit/credit cards.
The available cards operate in USD or Euro. It is of course possible to use the cards for shopping and cash withdrawals at ATMs.
The card will be available for delivery within 5 working days. The interest rate on credit cards is 14% and the Gold Card has a credit limit of up to US$100,000.
In addition to purely financial services, the bank offers other solutions to safeguard your assets:
• Organization of trusts
• Organization of holdings
• Organization of foundations
• Services of financial consultants.
How to open a corporate account for crypto-business with the Bahamas Bank remotely?
The easiest way for you would be to contact us at firstname.lastname@example.org and let us know if you want to open an account.
For more focused services to your best satisfaction, please provide the consultant with your company’s and the beneficiaries’ documents for verification. The exact list of primary documents will be provided by the consultant.
Usually, the following documents need to be submitted to open an account in a bank in the Bahamas:
- For the directors and beneficiaries of the company:
• Copy of the valid ID/passport (certified by a notary)
• Proof of residence address (notarized)
• CV (resume)
- For the company:
• Copy of the Company Registration Certificate (notarized)
• Copies of the Memorandum and Articles of Association of the company (notarized)
• Copy of the Certificate of Good Standing (notarized)
• Copy of the Director Appointment Document, the Power of Attorney or other relevant documents (notarized)
• If you are using a nominee shareholder, a copy of the Trust Declaration will be required
• Description of business activities in English
The Bank is fully entitled to request any other documents to assess the company and the legality of the origin of funds. Be prepared to provide them at short notice.
The fee payable for the service of opening an account is from 5 999 EUR.
Additional expenses may be necessary to pay for certification of documents, translation, etc.
Having received the payment and the package of documents, we shall start the process of opening a bank account remotely for your company in the Bahamian bank.
After the procedure is completed, you will get access to your account.
A corporate account is opened within 20 days of receipt of all documents. Please note that when working with the cryptographic business, the bank may require more documents and the due diligence may take longer.
If you still have questions, please do not hesitate to send them to email@example.com.