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M&N has extensive expertise and knowledge of the bank
account opening procedures and maintenance requirements of
a wide variety of reputable international and offshore banks.
The main banks that M&N can assist with opening business
bank accounts are:
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- London
United Kingdom (International division)
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Potential
clients must understand that opening an offshore bank account
is not a simple matter and can be time consuming. Some offshore
and international banks may take longer than one month to
open an offshore bank account from receipt of a completed
bank account opening package. Consequently potential clients
are encouraged to ensure that they provide us with complete
information of themselves and their intended business activity.
The shortest time period for the bank account opening by mail
should take approximately 10 days.
The following information will be required for offshore and
international banks in order to comply with the prevention
of money laundering and terrorism:
- evidence of our clients' identities
- identify the source of funds paid into accounts to ensure
that such funds are not derived from criminal activity and
to document evidence relating to source of funds
- monitor banking transactions to risk assess each client
in respect of illegal activities i.e. money laundering and
terrorism
Typically offshore banks will require some or all
of the following information to open and operate an
offshore account for a simple offshore company which is owned
by individuals
- Certified proof of identity of owners,
directors, account signatories and all parties connected
with the offshore company. Acceptable proof of identity
would normally include a certified passport copy
- Proof of residence of all parties associated
with the offshore company. Acceptable proof of residence
would typically include utility bill, an original bank statement
or credit card statement
- Information relating to the expected
annual income or asset base of the offshore company,
the number of transactions per month, the geographic spread
of the proposed business and the amount of money that
will be left on deposit at the bank
- A description of the proposed business
activity
- Documented evidence relating to source
of funds, i.e. if a million dollars is to be paid into
an offshore company's account, the bank will seek to obtain
documentary evidence relating to the source of such
funds in the form of a bank statement, contract or similar.
- Some banks require clients to visit
them on an annual basis.
If customer incorporates the offshore company with our assistance,
we provide all the corporate documents in accordance to bank's
requirements, as per client's instructions.
Please further note that M&N will only assist
in the opening of offshore bank accounts for companies that
we set up and administer. We do not assist in the opening
of person accounts, but these can normally be opened by
clients automatically after their business account is fully
operational.
For more information on the opening
of bank account, please contact
us.
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