Access to European banking: Fintech Harbor facilitates European bank accounts - SrijibDutta/srijiblog GitHub Wiki

European banks are attracted by their reputation and reliability. However, for foreigners, opening an account can be accompanied by organizational difficulties that Fintech Harbor can quickly help solve. To successfully and quickly open a European bank account, it is important to take the following steps.

  1. Determine the jurisdiction where the company operates.

  2. Clearly define its objectives and goals. This can help you choose the bank that will be most useful for your business.

  3. Select a consultant who can help you solve most issues related to opening an account.

At the same time, it is important to remember that to open a corporate account with a European bank, the company must be registered in one of the countries of Europe or the European Economic Area. Documents that characterize the company's financial position and confirm the identity and address of its owner must be provided.

Requirements for opening a corporate bank account

Depending on the jurisdiction where your business is located, banking requirements may slightly differ. In most cases, the criteria that a company must meet are approximately the same.

  1. You need to have a company charter and constituent documents. They must be properly executed and comply with the laws of the country where the account is opened. Fintech Harbor employees deal with this.

  2. The company must have a registered share capital, the amount of which may vary depending on the bank and jurisdiction.

  3. The director or business manager must be a resident of the country where the account is opened. By the way, there is no such legal requirement, but banks sometimes impose it or simply check applications from non-residents more carefully.

  4. In the chosen country, the company must have a legal address, for example, a warehouse, office, or any premises where the firm works.

It is also worth considering the reasons for refusal to open an account:

• Uncertain sources of income;

• Incorrect submission of documents;

• Discrepancy between the purpose of the assets and the declared one.

It is worth taking a responsible approach to all banking procedures because the chance of reconsidering the application is minimal. In addition, you can be blacklisted. After that, the company will not be able to have a corporate account with any European bank.

What difficulties may arise when opening an account?

European banks sometimes have rather high requirements for their clients. This may relate to the size of the authorized capital, the availability of a positive credit history, and the time a company has been operating in the market. For small firms, this makes it difficult. Moreover, it is worth remembering that the bank will block the account if there is the slightest suspicion about the sources of assets and the legality of transactions.

How can Fintech Harbor help?

To begin with, the company will provide an accurate list of documents required for the interaction of a business with a bank. This helps to save a lot of time. Then the client fills in all the necessary applications, and the consultant submits them to the bank for consideration.

Fintech Harbor operates in many jurisdictions with almost all currencies in the world, providing the client's firm with reliable protection of funds and an international presence. The company's lawyers are well-versed in the working conditions of the banking system in different countries. Most often, a business account can be opened online. However, there are also cases when an interview with a director is required. In this situation, Fintech Harbor will help you prepare for the meeting. Thus, the client receives a bank account in the jurisdiction of their choice quite quickly.

It is important to remember that most European banks have minimum account size requirements. As a standard, this amount cannot be less than €1,000. There are also minimum account balance conditions. Maintenance fees are charged every month, and urgent payments and international transactions may be billed separately.

Benefits of having corporate accounts in European banks

The European banking system attracts companies from all over the world. And this is not surprising because they receive quite a few benefits along with a corporate account.

  1. Improved business reputation and increased trust from European partners.

  2. Protection of client funds, as in the European banking system, is regulated by strict laws. They provide for mandatory compensation to the client in the event of bankruptcy.

  3. More opportunities for doing business in Europe, which is one of the most developed regions of the world. Having an account in a European bank makes it easier to enter into agreements with other companies and conduct transactions in euros. In addition, access to local financial markets becomes much easier.

  4. Significant cost reduction due to lower transfer fees and avoidance of double conversion.

  5. Opportunity to participate in support programmes for small and medium-sized businesses.

  6. Online financial management using a telephone service or mobile application.

  7. High level of confidentiality of client data.

A corporate account is an important advantage for businesses that work with international partners or operate in several countries. It allows you to use different currencies for financial transactions, make payments to foreign partners, and safely store your company's funds.