In today’s article, we’re sharing how the GlobalBanks team approaches opening accounts for international companies.
This will help you if you’re the owner of a business in Panama, BVI, Marshall Islands, Cayman, Malta, and many other international jurisdictions.
And, in our experience, it’s the only way to successfully open accounts that will actually meet your business needs and not cost you a small fortune to maintain…
This international account opening strategy is the only step-by-step approach that we’ve seen consistently work for international companies struggling to open bank accounts.
How do we know this works?
Because international companies have been around for a long time. And so have the banking challenges that they face.
In fact, international companies and offshore structures have been used by the rich, powerful, and super-wealthy for centuries.
And those groups continue to use them today… though they’re not facing account opening challenges like the rest of us… at least not yet.
So, why is it so difficult for everyone else to open bank accounts?
Offshore entities became less expensive and way more accessible to the average person.
Anyone smart enough to put a few international “puzzle pieces” together could use international companies to transform their business and lower their tax bill.
And that’s exactly what happened.
Today, entrepreneurs, business owners, families, and individuals all over the world use international companies to gain a wide range of benefits, including lower taxes, bullet-proof asset protection, easier reporting requirements, and more.
It was around the same time that international companies became the vehicle of choice for illegal activities. Tax evasion. Money laundering. Terrorism financing.
So, international regulators and tax authorities started cracking down.
They forced entire countries to sign automatic exchange agreements and banks to adopt new strict rules. These new changes made account opening more difficult, complicated, and frustrating.
And now, everyday law-abiding citizens are getting stuck with expensive international companies that they can’t use…
Because they don’t know how to open bank accounts.
But it’s still possible to open bank accounts for international companies. You just need to know the right information, which banks to target, and the right account opening strategies going in.
So, if you want to open accounts for your international company, keep reading below…
If you’d like to get a head start on account opening for your business then download our FREE Business Banking Starter Guide right now!
Here’s the nightmare scenario…
You’ve just set up a company in BVI, Marshall Islands, Belize, or Panama. Your lawyer told you this was the “best structure” for your business, tax strategy, and goals.
So he incorporates the company and sends you all the official documents.
And then he even “introduces” you to a few banks…
But the banks that he introduced you to have no interest in bringing you on as a client.
So, you fire up Google and start searching for answers.
You come across a few websites, read the musings of internationalization “gurus,” and scour online forums for available information.
And you might even sign up for an introduction service or apply to a few international banks on your own.
But none of these tactics work and all of your applications are rejected. It was a total waste of time and money.
If you’ve experienced anything similar to this scenario, it’s important to know that it isn’t your fault.
There is a lot of misinformation on the internet. Plenty of “gurus” claim to have the solution. But very few actually have real insights to share.
And after going through the application process, paying for introductions, and searching for a solution, you still don’t have an account.
Both of these options are horrible…
Either could result in US $1,500 to $5,000 in extra fees.
And, there’s no guarantee that you’ll end up with a bank account in the end.
Fortunately, there’s a better way…
New laws and strict regulations have started to make banking extremely difficult for international companies, especially those operating abroad and far from home.
The rules are constantly changing.
Banks are constantly modifying account opening policies, adding new requirements, and spending billions on compliance. They’re desperately trying to keep up with changing laws, keep authorities happy, and avoid penalties.
In the 1980s, you could waltz into any bank with a briefcase full of cash, no passport, and a 1-day old company and you’d have an account open in less than 10 minutes.
Bankers didn’t care where you were from. If your company had ties to the country. Or what your plans were for the business. You filled out an account opening form and you were done.
We’re not saying this was right. Just that it happened…
Now, bankers still have the motivation to open accounts. But they have ZERO interest in wasting time on a company that’ll never make it past compliance. Fair enough, dealing with clients that won’t pass go isn’t a good use of their time.
You see, compliance departments are the foot soldiers for the bank. They have to enforce regulations and make sure the bank doesn’t get exposure to risky clients– resulting in fines, investigations, or even closure.
So when you get hit with a high-stakes pop quiz and get asked to recite your business plan, client list, and transaction patterns on the spot, don’t be surprised.
That’s why account opening success is so dependent on you and your approach.
You need to pick banks that best match your business profile, want your company’s business, and accept international companies as clients.
And you need the right strategy to open accounts, which can vary drastically based on your industry, background and a number of other factors.
But all of these account opening considerations are constantly changing.
In fact, in the coming months, there are a number of high-stakes meetings happening between international and national regulators that will likely impact the opening requirements for international companies.
This will make it even more difficult for international companies to open accounts.
If you’re careless you could accidentally red-flag yourself, be put on a blacklist by the bank, or end up on an informal industry-wide “undesirable person” list.
Likewise, if you can’t speak your bank’s secret language, quickly decode the bank’s questions (grasp what they’re really asking for), and give the right answers, you’ll never get an account open.
If you can’t answer these questions before approaching the bank, welcome to the struggle bus. Business banking will be an expensive and painfully annoying battle for you.
But, it doesn’t have to be…
These days, opening a bank account for an international company is difficult.
Owners and operators now have to navigate a sea of new banking challenges that literally didn’t exist before.
Long, invasive applications. Never-ending requests for supporting documents. Constant rejection.
And, if you don’t have the right information, the process can get painfully expensive– all in, it can cost over US $2,000 just to submit one application.
If you don’t know what you’re doing, your company can be frozen out of the financial system, unable to open a bank account anywhere.
We started seeing so many people struggle to open bank accounts for their international companies that we decided to do something about it…
That’s why our analysts just published an entire report on this very topic — How to Open Bank International Bank Accounts for Offshore Companies.
In it, we provide actionable information, real solutions, and show you exactly how to open bank accounts for international companies– on your own (without any middlemen or expensive service providers!).
Plus, we reveal the latest trends and account open strategies that international companies are using to successfully open accounts.
It also reveals what works in 2020 and what doesn’t work anymore.
You’ll also discover how to avoid the biggest pitfalls, challenges, and mistakes that others are making– and what to do instead.
This report also includes over 20+ specific banks that you can start contacting right away. And, if you need more help or have questions, our analysts are there to support you.
We’ve been active in international banking for decades and all of that experience has been put into this report. The lessons we’ve learned, what we’re seeing, and which strategies are actually working for international companies right now.
We haven’t seen anything like this report anywhere… and that’s what makes it so special.
In fact, we help our members, GlobalBank’s IQ, open bank accounts for international companies all the time (that’s one of the benefits of being a GlobalBanks IQ).
If you need a bank account for an international company and want to know which banks will actually accept your business, which countries to target, which account opening strategies to use, and how to overcome tough new requirements, then there’s really only one solution…
And that’s becoming a GlobalBanks IQ!
If you’re ready to take action and start opening international accounts now, you can access GlobalBanks IQ, our dedicated international banking intelligence platform.
GlobalBanks IQ gives you everything you need to start finding and opening accounts for you or your business today.
When you join GlobalBanks IQ, you immediately unlock the GlobalBanks Database of international banks — home to 250+ banks in 50+ countries.
And, you get access to our library of premium (members-only) reports, including proven account opening strategies, country-specific banking options, and lists of banks for specific client types.
Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.
To get started, click here to see if GlobalBanks IQ is the right choice for you to start accessing the benefits of international banking today.