BANK ACCOUNT OPENING

Name: GFLO Consultancy Business Setup
Brand: GFLO Consultancy
Rating: 5.0 (22 reviews)

Personal, current, investment, savings

Offshore bank account opening can be rather challenging, especially nowadays due to the widespread KYC (Know Your Client) check, which often requires a comprehensive set of documents, visiting the bank in person and filing various forms and questionnaires.

GFLO Consultancy streamlines the process of opening an international account to the fullest extent. Here’s how we operate:

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GENERAL QUESTIONS

What is called an offshore account?

There are several answers to this question, and they depend on the context.

Speaking in general terms, any account opened in a country, foreign to its owner, is an offshore bank account. Foreign usually means a country in which the account holder isn’t considered a tax resident.

More specific interpretations may refer to a bank account opened in a country, that is commonly considered a typical offshore location (such as Seychelles, BVI, Belize, etc.); and sometimes it refers to an account opened by an offshore company.

Why might I need assistance with bank account opening?

Typically, there are two main reasons why people turn to professional service providers when looking to open an offshore or international bank account.

These providers gather the most up-to-date information about the current state of affairs in the financial world, as well as the requirements, expectations, and fees of various banks. As a result, they can provide guidance not only in selecting the country for opening a bank account, but also in choosing the most suitable foreign bank. This can be beneficial in terms of time and cost savings, as well as reducing the risk of having the account application rejected.
The service provider acts as a so called introducer, establishing a connection between the client and the bank. This means there are contractual agreements between the bank and the provider. Within this arrangement the provider assesses the client’s needs and compiles the necessary documents according to the bank’s requirements, thereby saving time for both the client and the bank. These agreements suggest the presence of a direct communication channel with the bank, which can sometimes be crucial for successfully opening a foreign account.

What is a fintech or neobank account?

This refers to an account within a financial institution that is licensed as an EMI or PSP. It might be more precise to say that a fintech is a payment institution holding a PSP license, while one with an EMI license is a neobank. However, in practice, the term «fintech» is used broadly to describe establishments that provide financial services but don’t quite fit the conventional banking mold.

And the term «neobank» typically denotes financial institutions holding either a banking license or an EMI license. They usually don’t have a physical branch network for customer interaction and instead prioritize offering services online.

These institutions commonly offer complete banking details, enabling SWIFT and SEPA transfers. The key difference from traditional banks lies in their lack of lending and deposit-holding functions for clients (when a full banking license isn’t present).

Here are some examples of fintech projects:

Wise
N26
Revolut
Paysera
Bilderlings
CardPay
iCard
Payoneer
MultiPass

GFLO Consultancy offers services for opening accounts in such institutions.

What is the difference between a bank account and fintech account?

In general it depends on the the specific bank and payment institution in question. However, in essence, the main difference lies in the following:

PSP or EMI license holders do not offer lending and deposit holding services;
The approach to insuring funds can greatly differ from the single standard that banking license holders are required to follow.

With what banks and fintechs does GFLO Consultancy collaborate?

The list of partner banks and financial institutions where you can open an account using our assistance is subject to regular changes. However, you can be confident that we stay updated with the latest trends in the financial world to provide you with the most effective payment solutions!

Is personal presence required for opening an account?

If speaking of payment institutions and neobanks — no.

In the case of banks, more often than not — yes. Nevertheless, remote account opening options are still available.

What is required to open a corporate account in the United States?

That is one of the most frequently asked questions among our clients. To open an account in the United States for an American company, the following is necessary:

Having an appropriate set of documents for the company;
Obtaining an EIN number for the company;
Obtaining an ITIN number for the account signatory;
A lease agreement (highly desirable);
A personal visit to the bank (it is possible to go without a visit, but everything depends on the specific case).

What determines the cost of opening a bank account?

The price varies based on factors like the company’s structure, its country of registration, the chosen bank, any minimum balance requirements, activation fees, and the complexity of the account opening process. As a result, there is no all-purpose pricing. GFLO Consultancy provides a tailored offer with the fee estimates after reviewing your individual needs.