Banking services

Via our banking partners, we also provide a full range of banking services, including opening bank accounts, arranging online banking and a debit card for your company.

As an approved intermediary, we can introduce new clients to our banking partners, provided that the client’s company has been incorporated and administered by Transinc Global Services Ltd. Our banking partners are ready to open bank accounts without the owner of the company appearing in person at the bank.

Due diligence
When opening a corporate account for an offshore company, all reputable banks will require detailed personal and business information from the owners and controllers of the offshore account.

In particular, the bank will need to know and identify the actual beneficial owner(s) of the company. All owners and controllers of the IBC, as well as everyone who will be granted account signatory rights, need to be properly identified and have to provide a number of documents - such as a certified passport copy, a bank reference, a recent utility bill (no more than 3 months old) showing their residential address, a detailed business description, etc.. These documentary requirements may vary in details, but their general scope remains fairly similar in all banks around the world.

Utilizing nominee directors and shareholders is certainly helpful in respect of avoiding unnecessary public scrutiny. However, these confidentiality functions are fairly irrelevant in bank account openings. Any bank will primarily be interested in establishing the actual, real owners of the company, and will not be satisfied by merely getting the data on appointed managers or representatives.

Anonymous accounts?
There is no such thing as "anonymous accounts"! All banks are required by law to know their clients in very comprehensive detail. While account introduction through an approved intermediary (like us) is still possible without the owner of the company actually appearing in person at the bank, the banks will still need to know their clients and their business dealings in great detail. This is simply required by the laws that regulate the banking industry and there are no exceptions.

Banking secrecy
While the banks are required to know their clients in detail, banking secrecy remains a fundamental cornerstone in all offshore financial centres. The banking secrecy regulations stipulate that such information must remain strictly confidential.

Information-sharing, reporting or any kind of release of confidential banking information to any foreign party or foreign government is strictly prohibited (unless, of course, this is within the context of a criminal investigation). Severe financial and criminal penalties await anyone who divulges client information - this concerns both the bankers and the registered agents.

Bank introduction service
As the name suggests, the account introduction fee is payable for a professional service rendered by us, whereby we introduce the client to a particular bank. Please note that the bank account introduction fee, as quoted in our schedule of fees, is not a "success fee" payable for a bank account opening. Payment of this fee does not guarantee the opening of the account.

Many banks feel more comfortable accepting new clients through professional intermediaries (like us). We will provide you with a full set of account opening forms and a set of samples and instructions on how to correctly complete those forms. We will also formally introduce you to a competent customer services manager at the bank directly.

However, we cannot and we do not guarantee that the account will be opened. The success of a bank account opening for a company mostly depends on the background information of the beneficial owner of the company, his personal profile and the pattern of his business. This is something that we cannot influence. Every bank has its internal client acceptance guidelines, and banks routinely reject new clients based on a multitude of subjective considerations.

The bank introduction service will be completed when:

1) the bank issues a formal letter (under the bank’s letterhead), addressed to the new applicant, advising that the account has been opened and indicating the account numbers;

or

2) the bank issues a similar formal letter, advising that it has reviewed the application and has refused to open an account.

Any further work and actions that we might be asked to perform in relation to the new bank account (such as handling correspondence and payments to and from the bank, arranging for further financial services, obtaining credit and debit cards, opening further accounts, etc.) are billable separately, either on time-spent basis or by way of a separate arrangement.