Banking Solutions

For most countries, Sidney Advisory consultants can assist with opening of corporate bank account without our Client travelling. However, as you can appreciate, it is an uphill task to obtain bank account approval for a newly-registered Company when shareholders, directors and bank signatories reside overseas. In light of this, Sidney Advisory consultants will prepare a professional business plan for the bank, to optimise the probability of corporate bank account approval. 

Generally, Tier 1 banks are less welcoming of international entrepreneurs as 
(i) Tier 1 banks increasingly prefer to onboard medium to large-sized Clients and
(ii) they prefer to onboard Companies incorporated in the country where the bank operates. 
Where Tier 1 banks are not an option for our Clients, we will offer our Clients with Tier 2 banking solutions. 

As global banks continue to tighten corporate bank account opening procedures,
their internal compliance departments are completing more thorough due diligence checks on Clients. Documents such as business activities, proof of business, including sales contracts or lease agreement (in the country where the corporate bank account will be opened), as well as personal information about shareholders and directors etc will be required by the banks. 

Our Clients should expect bank account approval to take up to 4 weeks or more (in view of the on-going pandemic situation). Do note that it may even take several months in certain jurisdictions.

As an alternative, virtual corporate bank accounts such as Aspire or or Mercury could be an option. 

We wish to highlight that Sidney Advisory's global corporate bank account opening services are not designed to facilitate tax avoidance, money laundering or financing of terrorism acts. It is important that our Clients are aware of their personal as well as corporate tax obligations in their country of residence and domicile, as well as if they are required by tax authorities of their country of residency to disclose corporate bank accounts and assets held abroad.