SWIFT Corporate Bank Account in Africa for Risky Business Remotely

We offer a remote and fast (within approximately one week) opening of business accounts for foreign companies. This service is particularly suitable for high-risk business types, such as forex, gambling, and others.

Why choose Africa for opening a corporate account?

Opening a bank account for high-risk businesses can be a challenging task. Only a limited number of banks are willing to work with such companies, and the process of opening an account can often take months. Banks conduct meticulous due diligence on potential clients to ensure that their business activities do not involve money laundering or terrorism financing.

Our proposed solution for opening accounts in African banks significantly reduces the onboarding time to just one week. It enables businesses to receive funds through SWIFT transfers while maintaining a pretty high level of banking services and remote access to the account through online banking and mobile app.

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Check the list of required documents, and get the details of the process, terms, and costs.

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How it works

Your company can try to open an account in a foreign bank and manage it directly. In recent years, this process has become increasingly complicated.

There is also an alternative option – a custodial account opened by a designated trustee on your behalf.

It allows you to:

• open a multicurrency account
• speed up the procedure
• reduce financial costs (in such cases, a much smaller deposit is often required compared to direct account opening)
• receive an ally when addressing the bank’s questions about your transactions.

Our partners have established a trust company in Rwanda (Africa) that has obtained special conditions when working with local banks. It has the authority to independently conduct KYC (know your customer) verification and open sub-accounts for its clients.

Thanks to this, we independently and many times faster than bank compliance check the application for opening an account.  On average, the process takes up to one week, provided you have prepared all the necessary documents and correctly filled out the banking forms.

Despite the offered ease and speed of opening an account in Africa, we are staunch advocates of conducting business legally and adhering to rules and regulations.

We firmly believe that the requirements imposed by African banks will also gradually increase over time. It is essential to keep this in mind for the future and proactively provide the most comprehensive and accurate information from the outset.

The account is opened in your company’s name and remains under your full control. The trust company does not interfere in the affairs of your business, except in cases where there are specific requests from banks and in other cases stipulated by the agreement.

As part of our cooperation, we carefully select a suitable bank in Africa for your business and open a sub-account with it. We have established partnerships with the following financial institutions:

• Guaranty Trust Bank (Rwanda) plc (GTBank Rwanda)
• Bank of Kigali
• I&M Bank (Rwanda) – formerly known as Commercial Bank of Rwanda (BCR)
• Compagnie Générale de Banque (Cogebanque)
• Equity Bank Rwanda Limited
• Ecobank Rwanda, and more.

We highly recommend our clients open two accounts in different banks from the start for the purpose of diversification.

Features of a business account in an African bank

There are several points to consider when opening a bank account in Africa:

• It is possible to open an account for a foreign company.
• If desired, we can assist in registering a local company.
• If you choose to utilize a company in Africa, you will need a local director.
• The service is suitable for high-risk business activities.
• The proposed banks in Africa offer reliable SWIFT transfer services (SEPA transfers are not available).
• The main currencies supported are USD and EUR.
• A deposit is required, starting from EUR 250.
• African banks often require a personal visit to explain even routine transactions. This is why opening a custodial account through our trust company is advantageous – our representative is constantly on-site and can visit the bank to address any questions or concerns.
• Generally, bank transfer requirements are similar to those in other parts of the world.

It is essential to clarify that your company’s transactions should be logical and align with its business activities. Documentary evidence (invoices, contracts, agreements) should be available for both incoming and outgoing payments. Descriptions should avoid contradictory information and references to countries or individuals under sanctions.

How to open a corporate bank account in Africa for high-risk business remotely

Step-by-step guide:

1. Seek consultation from our experts by contacting us at info@offshore-pro.info or using any other convenient method.
2. Order the service for assistance in opening an account in Africa. The service cost is 7500 EUR for one account, with each additional account priced at EUR 2000.
3. Provide the necessary documents:
   • passports of all beneficial owners and directors
   • corporate documents
   • completed KYC banking forms (additional information may be requested by the bank and its representatives).
4. Await the decision from our partners within one week.
5. Make a deposit starting from EUR 250.
6. Gain control over the account and commence business operations.

We recommend planning to open a minimum of 2 accounts in different banks right from the start to ensure diversification and stable functioning.

Feel free to ask questions and order the service by contacting us at info@offshore-pro.info.