Sep 29, 2016

Corporate Account Opening With Multi Currency Accounts In Latvia Bank Which Is Well Regulated And Fast Account Opening.

The Offshore Pro Group offers you the ability to open a corporate account in Latvia with a bank that offers the following benefits:

  • Well regulated European bank
  • Multi currency account as standard
  • Wide network of correspondent partners
  • Competitive minimum deposit
  • Fast account opening
  • Comprehensive range of services for asset growth and diversification
  • Wide range of card services
  • Highly personalized service
  • EU Deposit Guarantee Scheme

Contact us via email [email protected] for totally professional advice about opening a corporate account with this bank in Latvia. It is highly recommended that you initially go through the steps on this page Free Professional Advice On Choosing A Foreign Or Offshore Bank Account.

Latvia As An Offshore Jurisdiction

With a population of just over 2 million people, Latvia can be found in Northern Europe in the Baltic region. The country is a Republic democracy and it has a parliamentary system. Since 2004 Latvia has been a member state of the European Union (EU).

Latvia finds itself on the World Bank’s list of high income countries. To be eligible for this list, a country has to have a gross national income per capita that is higher than $12,475. Since the financial crisis of 2008/2009 the economy of Latvia has rallied well and from 2011 onwards their GDP per capita has been steadily rising. It is actually one of the fastest growing economies of all of the EU member countries.

In an effort to make the country more financially transparent, the government of Latvia has made an agreement with the OECD to participate in the Automatic Exchange of Information (AEoI) program. This means that Latvia will provide details of their financial institutions, reportable income, reportable accounts and their due diligence procedures.

This is one example of Latvia being committed to enhancing its reputation as a renowned international banking center. Financial institutions are regulated by the Financial and Capital Market Commission (FCMC), and the FCMC is stepping up supervision through the performing of large scale tests.

The FCMC is continuously tightening the banking laws in Latvia and a good example of this is the changes to the laws to prevent illegal monies for terrorism and money laundering. There are much tougher penalties now for banks that violate these laws. The maximums have been raised from 10% of the bank’s net income to 10% of the bank’s total turnover. Now the maximum fine for violation is 5 million EUR whereas before it was only 142,300 EUR.

These changes are certainly having a significantly positive impact on the perception of Latvia as an international banking center. The financial institutions will only deal in legitimate activities and you will not be able to hide your money there. Latvia is a good choice of jurisdiction for asset protection, growth and diversification.

As it is an EU member state, Latvia has now introduced the Deposit Guarantee Scheme. The purpose of this scheme is to provide coverage to protect bank deposits. It is unlikely that a bank in Latvia would go into default and be unable to meet its payable obligations, but if this did occur then the scheme will guarantee to cover client deposits up to 100,000 EUR. You can obtain more information about the Deposit Guarantee Scheme from your professional international banking consultant at the Offshore Pro Group.

Your Corporate Account With This Latvia International Bank

Founded in 1992, this international bank is one of the largest in the Baltic’s. It was one of the first private banks in the country that focussed on individuals of high net worth and corporations. It has over 20 years of experience in the Baltic States as well as other European markets, the Ukraine and Russia.

The bank has representative offices in Russia, Kazakhstan, Romania, Belarus and the Ukraine.  The bank is able to provide traditional banking services as well as savings programs and capital growth programs through its subsidiary.

Your deposits will be secure with this bank and they have a current capital adequacy ratio of more than 20% and a liquidity ratio of less than 80%. The bank recorded a profit, which was audited, of more than 51 Million Euros between January and June 2016.

The policy of the bank is to get to know its clients really well. Once your account is opened you will be assigned a personal manager and they will always be at your service. When it comes to making decisions the bank has an “individual approach”.

It is a competitive bank when it comes to the minimum deposit required for a corporate account. Immediately after your corporate account is open you will be offered a comprehensive range of financial products and services to protect and enhance your assets.

Corporate Account Services From This Latvian Bank For The Management Of Your Assets

This bank will allow non resident clients to open a corporate account for the protection, diversification and growth of their assets. When you are operating an international business you will find that this bank offers processing of standard payments in all of major currencies of the world on the same day and will not charge extra commissions. The bank staff will work closely with you to help you to achieve your business and financial goals.

Corporate accounts with this bank are all multi currency as standard so there is no need for currency conversion when payments are received. A major benefit for your business is that you will be able to make payments in over 90 different currencies thanks to their wide network of correspondent accounts. If you want express payments to be made in either Euros or US Dollars then this can be done in an hour.

When it comes to asset management the subsidiary of the bank can assist with their wide range of capital management services. You will be offered long term investment opportunities which are stable from the asset management company. The company are very competent and use innovative analytical models that take advantage of the integrated platforms at the bank.

You will be looked after personally by the asset management company and they will want to discuss your financial goals and then provide a tailored solution for you. Immediately after making your investments, you will be granted 24/7 access to reports. If you want to augment your investments at any time you can do this and you will find the whole investment process completely transparent.

The asset management team has a number of connections with other professional investment managers and they will make sure that your capital assets will grow in a stable way. There will always be a high priority on the management and diversification of your assets.

You will be able to access your corporate account from anywhere 24/7 through the use of the bank’s highly secure online banking service. All you need is a computer or mobile device and access to the Internet. The service is very convenient and reliable and the security conforms with the very latest international bank security standards.

Whatever you need to do in your corporate account you can do with the online banking system. From reviewing your account balance to viewing your most recent transactions and obtaining statements. You can make payments using the service and when your investments are in place you will be able to monitor these as well.

The bank also offers a full range of payment and credit cards branded by MasterCard and Visa. The cards offer many attractive benefits to cardholders and these include discounts at restaurants, flight and travel discounts and in some cases access to VIP lounges at airports.

The minimum deposit required to open a private bank account with this bank depends upon which country you reside in.  If you are a resident of an EU member country, China (includes Hong Kong), as well as China (includes Hong Kong), Singapore,  the CIS, the OECD, Montenegro, Andorra, Georgia, Liechtenstein, Macedonia or Serbia and then you will be included in Plan A. If you reside in another country then you will be in Plan B.

For Plan A clients the minimum deposit required is 5,000 EUR and you will need to maintain a balance of at least 5,000 EUR in your account at all times. For Plan B clients the minimum deposit required is 10,000 EUR and you will need to maintain a balance of at least 10,000 EUR in your account at all times.

Important Note: Corporate accounts can be opened for offshore companies only if it is a holding company. Also companies which are owning courts and carrying out shipping or trading (wholesale trade) which buys and sells goods and trades in euro, and the beneficiary has a similar resident business.

The commissions that are levied by this bank can change at any time. It is essential that you check the current fees with your professional Offshore Pro Group international banking consultant. Your consultant will provide advice and guidance so that you can achieve the most preferential rates.

You Must Follow This Process To Open A Corporate Account At This Bank In Latvia

In order to be successful in opening a foreign corporate account with this Latvian bank it is essential that you follow this step by step procedure:

  1. Contact us via email [email protected] for totally professional advice about opening a corporate account with this bank in Latvia. It is highly recommended that you initially go through the steps on this page Free Professional Advice On Choosing A Foreign Or Offshore Bank Account.

It is vital that you fully understand the risks of non resident banking in today’s climate and strongly consider opening a second foreign bank account.

  1. We will provide total professional assistance to you in opening a corporate account at this bank in Latvia, and for this you will need to pay a fee of 599 EUR. You can pay by credit card, bank transfer, Money Gram, Western Union, Web Money or even Bitcoin.
  1. The bank will require the beneficial owner and all proposed account signatories to supply comprehensive and certified documentaion in English (or translated into English) to open a corporate account. This will include:
  • Copy of passport page with photograph and signature or copy of national ID card
  • A proof of address document such as a utility bill which clearly states name and address that is less than 3 months old

The beneficiary must provide as many of the following certified documents in English as possible:

  • A description of your business
  • A personal CV
  • A utility bill not more than 3 months old
  • A professional reference from an employer or professional
  • Copies of academic certificates (diplomas etc)
  • Copy of employment record book
  • Income details (salary and dividends)
  • A recent tax return
  • Certificates of extracts issued by Land Registrar or other property registrars
  • Certificates issued by corporate register, which includes information about shares and interests
  • Information from custodians and other public and closed regsitrars
  • Agreements with company partners
  • Documents that provide evidence of donations or accession in heirship
  • References from credit institutions
  • Bank references
  • Information about beneficiary from public sources (Internet etc)
  • Any other relevant documentation

The following certified corporate documents must also be provided:

  • Copy of Certificate of Incorporation / Commercial Registration
  • Certificate of good standing (if the company is older than 12 months)
  • Articles and Memorandum of Association or By Laws
  • Subscribers appointment of the company’s directors
  • A power of attorney for opening and management of the account if the person’s rights to open / close an account are not clear form the constituent documents of the company
  • Copy of Deed of Trust (in the case of Nominal Shareholder)

Important Note: You will be required to attend a meeting with a representative of the bank before you can open a corporate account. The meeting can be held in Latvia or it might be possible to meet with a banker in the EU or the CIS as they do travel a lot.

Prior to opening a corporate account with this bank it is recommend that you visit them personally in Latvia. This is not a mandatory requirement but a personal meeting will always go down well and should make the opening of your corporate account a lot smoother. You are encouraged to schedule a meeting in advance. Direct flights to Riga are easily available from most European cities.

Once you have submitted all of the required documents we will check them thoroughly and pass them on to the bank as quickly as possible. You will need to arrange to visit the bank and then wait for 7-10 business days for your non resident corporate account to be opened at the Latvian bank.

To begin the process of opening a corporate account at this Latvia bank, please contact us by email [email protected]