What the bank asks the company for
Each bank has its own requirements. The Hong Kong regulator, the HKMA, gives a typical list for a corporate customer:
- registration documents: certificate, registry extract, certificate of incumbency or good standing, articles of association;
- the address of the registered office and of the principal place of business, if they differ;
- information on beneficial owners: identity documents and an ownership and control chart;
- the purpose and nature of the account: why it is needed, which transactions are expected, what the company does;
- documents of the persons acting on behalf of the company and their authority.
Depending on the risk assessment, other documents may also be requested. That is why we assemble the package with a margin, before submission.
What goes into the package we prepare
- Corporate documents: certificate, articles, registers of directors and shareholders, a recent certificate of good standing and certificate of incumbency, apostilled if needed.
- Ownership chart down to individuals, with shareholdings and a description of who makes decisions.
- Business description: product, clients and suppliers by country, website, contracts or draft contracts, sample invoices.
- Transaction profile: expected incoming and outgoing payments, currencies, monthly volumes, largest counterparties.
- Source of funds and source of wealth: where the first money in the account will come from and how the owner built their wealth, with supporting documents.
- Documents of owners and signatories: passports, proof of address, tax residency for the CRS self-certification form.
Each step is covered in detail in the guide how a bank checks a foreign company.
Why banks refuse
- the business activity is unexplained or does not match the documents;
- the source of funds and the owner’s connection with the business are unconfirmed;
- the countries of clients and payments fall outside the bank’s risk appetite;
- the ownership structure is more complex than the task requires;
- the company’s address and presence do not match the declared model.
Almost every one of these reasons can be removed through preparation. More on common misconceptions is in the article myths about offshore bank accounts.
What we do
- Bankability assessment: jurisdiction, business activity, clients’ countries, owners.
- KYC/KYB package: corporate documents, beneficial owners, business description, contracts, evidence of the source of funds.
- Payment route: which payments are expected and in which currencies, whether card acquiring is needed.
- Selection of a bank or electronic money institution (EMI) for your model, plus a backup option.
- Answers to follow-up questions before the decision.
Bank or EMI: what protects the client’s money
A bank takes deposits, and in the United Kingdom, since 1 December 2025, a balance held with one authorised bank is covered by the FSCS up to £120,000 per person; in the EU, the deposit guarantee is €100,000. An electronic money institution (EMI) does not take deposits. It must keep client funds segregated (safeguarding), and the FCA states plainly that FSCS protection does not extend to e-money issuance or payment services.
For payments to and from clients and contractors, an EMI is often more convenient and faster; for large balances, deposits and loans, you need a bank. We often open both: an EMI for operating payments and a traditional account as the main or backup one. The two are compared in the guide EMI or bank account, and card acceptance in the guide Stripe, PSPs and acquiring.
The account and the company’s jurisdiction
What matters to the reviewer is a structure that is easy to understand. Compliance teams often see companies from the UK, Hong Kong and Singapore; for companies from the BVI, Belize, Nevis or Panama, preparation usually takes longer. When people search for “banking offshore jurisdictions”, they usually mean exactly this kind of jurisdiction, where the check is easier to pass; in practice, a well-prepared package is what decides.
An offshore company with an account: buying a shelf company
When you buy a shelf offshore company with an account, the bank is entitled to check the new owner again. We prepare the new beneficial owner’s package before the deal.
What happens after the account is opened
The review continues after opening. Customer information is updated periodically, and the bank asks about transactions that fall outside the declared profile. Keep contracts and invoices for large payments at hand, report changes of directors, beneficial owners and address, and update the profile if the business changes. We prepare answers to such requests together with you as part of our ongoing support.
Information exchange and taxes
Under the CRS standard, financial institutions identify accounts of tax residents of other countries and report information on them annually to the tax authority, which exchanges it with partner countries; this is how the mechanism is described, for example, by the Hong Kong Inland Revenue Department. This information needs to be taken into account in the owner’s tax plan; the general rules are described in the article on CRS in 2026.
Popular jurisdictions
BVI offshore company · Hong Kong · Panama · Singapore · Belize · Nevis · Cayman Islands · United Kingdom · all offshore jurisdictions
Frequently asked questions
Can an account for an offshore company be guaranteed?
A guarantee is impossible: the bank decides under its own rules and risk assessment. Good preparation of the package and choosing an institution that fits the model noticeably improve the chances.
What documents are needed for an offshore company bank account?
Corporate documents, the addresses of the office and the place of business, the beneficial owners’ documents and the ownership chart, a description of the account’s purpose and the expected transactions, and the signatories’ documents. The bank may also request additional documents based on its risk assessment.
Which should I choose: a bank or a payment institution (EMI)?
It depends on the transactions: for payments with clients and contractors, an EMI is often enough; for loans, deposits and large turnover, you need a bank. We will select the route after the questionnaire.
Is money held with an EMI protected?
An EMI must safeguard client funds by keeping them segregated. Deposit guarantees do not cover them: in the United Kingdom, the FCA states that the FSCS does not cover e-money or payment services. A bank deposit in the UK is covered by the FSCS up to £120,000.
What happens to the account when the company changes owner?
The bank checks the new beneficial owner and the new signatories under its own rules and decides whether to keep the account, restrict it or close it. It is best to prepare the new owner’s package before the deal.
How long does it take to open an account?
The time depends on the bank, the company’s jurisdiction and how complete the package is. We give an estimate after a preliminary assessment, once the business model is clear.
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