Corporate Bank Account Opening Services

Corporate Bank Account Opening Service

• Tetra Consultants provide our international clients with corporate bank account opening services in their preferred jurisdictions. After understanding more about your business, our team of experts will advise on suitable banks and jurisdictions which you may wish to consider.
• Our team is familiar with the different requirements and expectations of each bank. Consequently, this allows us to provide accurate advice to all our clients, such as whether there is a need to travel for a KYC meeting.
• In most cases, Tetra Consultants will provide non-travel banking solutions for our international clients. If it is mandatory for a face-to-face meeting, we will negotiate for alternative modes of identification such as video conference call or visiting a bank branch in our client’s home country instead.

Key Benefits of Our Corporate Bank Account Opening Service 

Enhanced credibility: 

• A corporate account in a bank sends out a message of authenticity to investors, suppliers, and customers, and they are more likely to trust your business. 

Better financial management: 

• These accounts make it easier to track business expenses and have a better understanding of your business’s finances by providing accurate reports and bank statements. We also simplify preparing taxes by separating business and personal income, and maintaining a separate audit trail. 

Liability protection: 

• A business account separates business funds and your own money, protecting you from personal liability for business loans. 

Increased access to capital: 

• Business accounts can also improve the credit rating of a business, thus making it easier to obtain loans and financial assistance. 

Simple transactions: 

• Corporate accounts provide hassle-free and seamless business transactions with internet and mobile banking facilities, such as multi-location fund transfers and deposits/withdrawals. 

Special offers and benefits: 

• Banks offer most of their accounts with opening incentives, low-fee electronic transactions, and improved interest on corporate profits for business accounts. 

Better management and organization: 

• It is more manageable to keep expenses in check and budget when having a specialized business bank account.  

Enhances business development and expansion: 

• A corporate bank account is necessary for a transition to a partnership or selling the business, giving a clear picture of the performance of the business. 

Timeline

• Tetra Consultants aims to provide our clients with a bank account within 5 weeks. This is achieved through a systematic methodology that has worked for us over the years.
• Coupled with the preparation of a comprehensive business plan, our team leverages on our global banking networks to provide our clients optimum banking solutions.
• In addition, our team is well-versed with the banking requirements and expectations, minimizing delays in the engagement. However, do note that for some business activities or jurisdictions, the bank account opening process may take up to 8 weeks.

How to set up a corporate bank account in 5 weeks?

Using these 6 basic steps, Tetra Consultants enjoys an extremely high success rate of opening corporate bank account in our client’s preferred jurisdiction. On average, our team will successfully open your corporate bank account within 5 weeks.

#1 Knowing your business

• Tetra Consultants banking team will fully understand our client’s business nature. Depending on the long-term goals and business needs, our team of experts will recommend suitable jurisdictions to open corporate bank accounts. For example, the requirements of a business bank account for an Amazon seller will be different from that of a business owner dealing with imports and exports.
• There are multiple factors to take into account when choosing the most suitable jurisdiction. This includes the risk category of business activity as well as tax implications.
• During this phase, some questions our team will clarify include:
  • Do you require offshore banking to legally minimize taxes?
  • What is your intended business activity?
  • What is your corporate structure? Is it complex?
  • What is your expected incoming and outgoing transactions?
  • What are the nationalities of the directors and shareholders?

#2 Preparation of business plan

• Within 2 business days, Tetra Consultants will provide our international clients a draft business plan for review. Our team fully understands the information banks are looking for before deciding whether to board your business.
• We will prepare a comprehensive business plan to increase the probability of successful account opening.
• For businesses dealing with high-risk business activities such as payment services or cryptocurrencies, the draft business plan may take additional time to complete. This applies to companies with multi-layer structure as well. Tetra Consultants is experienced in timely securing banking solutions for such businesses.
• Within 1 week, Tetra Consultants expects the business plan to be finalized and completed by all parties. Thereafter, we will present the document to our preferred banking partners on behalf of our clients.

#3 Leveraging on our global banking network

• Within 1 week, Tetra Consultants will provide our client a list of all banks that have provided positive feedback. In order to choose the bank which best fits your business, we will provide you important information such as bank account opening fees, initial deposits, transaction limitations and account maintenance fees.
• Tetra Consultants work with international reputable banks such as DBS, OCBC, UOB, Citibank and Standard Chartered. Engage us now to leverage on our full portfolio of banking partners.
• Once our client confirms the most suitable bank for his business, Tetra Consultants will immediately advance our corporate bank account opening service.

#4 Completed and pre-filled account opening forms

• Tetra Consultants will send you pre-filled account opening forms of your preferred banks. After you have completed the forms, our team will review the documents carefully before submitting to the bank officers and continuing negotiations to secure account opening
• During this phase, Tetra Consultants will communicate extensively with the banks on behalf of our client. Our clients are only required to review and sign corporate bank account opening forms.

#5 Arranging Interviews

• Contrary to popular belief, most global banks will not require our clients to travel for a face to face meeting. If required, our team will negotiate on behalf of our clients for alternative solutions such as video or phone interview. Our team will brief our clients and prepare questions expected for the interview.
• Singapore and Hong Kong banks will require our client to physically attend a meeting in Singapore or Hong Kong respectively. If travel is a mandatory requirement, Tetra Consultants will accompany our clients to the bank meetings.

#6 Account Successfully Opened

• Once the bank’s compliance team approves your application, your corporate bank account will be successfully opened within 5 business days. Our team of experts will ensure everything is in place including activation of internet banking token, courier of bank documents and injection of initial deposit.
• On average, our corporate bank account opening service will be completed within 5 weeks. Our clients can expect to have access to internet banking within 2 weeks after the account is officially opened.

Why Choose Tetra Consultants for Corporate Bank Account Opening? 

• Tetra Consultants can assist with corporate bank account opening by providing tailor-made advice, leveraging their network of banks, and an effortless process. Reasons to engage with us: 

Expert advice: 

• Tetra Consultants advises on suitable banks and jurisdiction once we have understood your business. We consider business risk activity and tax factors so that we can recommend the most suitable. 

Global banking network: 

• We are handling well-known global banks like DBS, OCBC, UOB, Citibank, and Standard Chartered. Their existing relations can help secure a bank account. 

Effective timeline: 

• Tetra Consultants will arrange to open a corporate bank account within 4 weeks in an orderly manner. We are aware of banking rules, which minimize delays to a bare minimum. In the United Kingdom and Malta, Tetra Consultants expect your corporate bank account to be opened within 4 weeks. 

Comprehensive support: 

• Tetra Consultants offers a pre-drafted business plan and pre-completed account opening forms. We also help organize and prepare for interviews, negotiating for alternative options such as video or phone interviews if a face-to-face interview is necessary. 

Non-travel banking solutions: 

• In the majority of situations, Tetra Consultants are able to offer non-travel banking solutions. If a meeting is unavoidable, we will negotiate alternatives. 

Factors to Consider When Choosing a Bank 

Customer service 

• Customer service is very important when choosing a bank. A bank with responsive and good customer service can greatly improve your banking experience. Choose institutions that have several ways of reaching out to them, including phone, email, and online chat, so you can easily contact them whenever you need to. 

Convenience 

• Convenience is important to your banking experience. Look for banks with branches and ATMs strategically placed so that you can easily access your money. Strong online and mobile banking capabilities are also important for managing your money on the move, so that you can make transactions without having to go into a branch. 

Security 

• Security comes first in this modern era of digital living. Make sure that the bank you opt for utilizes cutting-edge security features like encryption, firewalls, and multi-factor authentication to safeguard your personal data. A bank with excellent security policies in place will be able to guard your accounts against fraud and unauthorized access. 

Account options 

• Various companies have different financial requirements; therefore, it is important to select a bank that has numerous account options. Choose banks that have multiple types of accounts, such as checking, savings, and business-specific accounts. This variety enables you to pick the most suitable one for your particular needs. 

Online and mobile banking 

• In a more digitized world, easy-to-use online and mobile banking platforms are a must. Select a bank that has secure digital platforms to manage accounts, send money, and pay bills. A smartly designed application or website refines your banking experience by presenting convenience and simplicity at your fingertips. 

Interest rates 

• Interest rates can have a big effect on your borrowing and savings costs. When choosing a bank, shop around for interest rates on various accounts. Saving accounts with higher interest rates can earn you more money in the long run, while loans with lower interest rates can save you money on interest charges. 

Financial well-being 

• The financial health of a bank is important to ensure the security of your deposits. Investigate the bank’s health by reviewing ratings from impartial agencies. A healthy institution is less likely to experience conditions that would put your money at risk. 

Additional services 

• Take into consideration whether the bank provides extra services that can benefit you or your company. Services such as financial planning, investment advice, insurance products, or business loans can complement your banking relationship and contribute to you attaining your financial objectives better. 

Reputation 

• The reputation of a bank says a lot about its customer care and reliability. Check online comments and ask friends or colleagues for referrals to understand customer feedback. A reputable institution with good reviews will be more likely to offer good service and assistance for the duration of banking. 

Accessibility 

• Accessibility is most important when selecting a bank. Look at the availability of ATMs near you and the ease of branch locations. A bank that focuses on accessibility makes it easy for you to take care of your finances without extra obstacles or delays. 

Personalization and flexibility 

• Tailor-made service may be able to make a dramatic difference in how you communicate with your bank. Seek out organizations that provide individually designed solutions suited to your exact financial situation. Flexibility with account structures or loan duration may also offer immense assistance as circumstances evolve down the line. 

Documents required

• Most global banks will require the following documents during account opening:
  • Corporate documents of the entity including Certificate of Incorporation and Memorandum & Articles of Association
  • KYC documents of directors and shareholders including passport copies and proof of address
  • Corporate resolutions and UBO declaration
  • Business Plan
  • Invoices issued to customers
  • Contracts signed with suppliers
  • Financial licenses (if applicable)
• Depending on the banks, they may revert asking for additional supporting documents. Tetra Consultants will ensure these documents are prepared and submitted in a timely manner.

What is offshore banking?

• Offshore banking is essentially the opening of a bank account outside the country where the company is incorporated, and outside the country where the main business operation is conducted.
• If you own a Singapore registered company with a corporate bank account in Switzerland, this is known as offshore banking. Jurisdictions such as Switzerland, Hong Kong and Singapore are reputable and well known for providing offshore bank accounts for low to medium risk businesses.
• Despite the media portraying the term “offshore banking” to negative connotations such as money laundering and tax evasion, many global businesses are opening offshore bank accounts to reap the multiple benefits available.
• Offshore banking allows your company to have access to multicurrency corporate bank accounts which may not be available in your home country.
• This allows our clients to enjoy easier and faster access to international payments. Most global offshore banks provide excellent internet banking facilities in English.

How Tetra Consultants Overcomes These Challenges 

• Tetra Consultants resolves the problem of corporate bank account opening in a structured and customer-focused manner. We start by carefully learning the specific business requirements, goals, and preferences of each client so that we can suggest the right banks and jurisdictions. Their pre-existing relationships with some of the world’s best banks allow Tetra to efficiently navigate compliance with regulatory requirements, avoiding delay. We also prepare in-depth business plans and pre-filled application forms to simplify the documentation procedure. Where meetings in person are necessary, Tetra brokers different solutions, for example, video calls, which lower clients’ travel burdens. With compliance and anti-money laundering rules expertise, Tetra assures clients achieve all requirements necessary, thus improving the chances of successful account opening within the average 4 week period. Through the use of their vast banking network and familiarity with local regulations, Tetra Consultants offers seamless experience for companies looking to set up corporate bank accounts. 

Looking for company bank account opening services for your entity?

• Tetra Consultants will be your one-stop solution for opening a corporate bank account. Our other services include company formation, registered agent, registered address, and fulfillment of tax and accounting obligations for corporates across the globe.
• Contact us to find out more about how to set up a corporate bank account opening. Our team of experts will revert within the next 24 hours.

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