Sep 29, 2016

Corporate Account Opening With Highly Regulated Latvian Bank With No Requirement For Minimum Deposit And Multi Currency Accounts.

With the help of the Offshore Pro Group you will be able to successfully open a corporate account in Latvia with a bank that offers the following:

  • European bank that is highly regulated
  • Standard multi currency account
  • Minimum deposit not required
  • Account opening is fast
  • Wide range of investment products for asset diversification and growth
  • Very personalized banking service
  • Deposit Guarantee Scheme (EU)

For expert advice on opening a corporate account with this bank in Latvia please use the following email [email protected] Initially it is strongly suggested that you read this page and answer the questionnaire in full Free Professional Tips On Selecting An Offshore Or Non Resident Bank Account.

The Offshore Banking Jurisdiction Of Latvia

Situated in the Baltic region of Northern Europe, the Republic of Latvia is a democracy that has a parliamentary system.  The country has been a member state of the European Union (EU) since 2004 and the country’s population is just over 2 million people.

The economy of Latvia is growing and is strong. Like most countries it felt the effects of the financial crisis in 2008/9, but since 2011 it’s GDP per capita has been rising year on year and its economy is one of the fastest growing in the EU. The Republic features in the World Bank’s list of high income countries. This is because it has a gross national income per capita of more than $12,475 which is impressive for such a small nation.

The banking world is changing in Latvia, and the Government has agreed to adopt the OECD Automatic Exchange of Information program. The result will be that Latvia will be a lot more transparent with financial information. It will provide details of reportable income and accounts as well as the due diligence procedures adopted and the financial institutions in operation.

The financial regulator, the Financial and Capital Market Commission (FCMC), has adopted a more stringent regulatory approach in line with the Government’s desire to enhance the reputation of Latvian banks. The FCMC is currently conducting large scale tests with banks and other financial institutions.

Illegally acquired funds for the use of money laundering and the funding of terrorist campaigns are under the spotlight. The laws for this have been tightened by the FCMC, and there are now strong penalties in place for violations of the laws. Before, banks were subject to a maximum penalty of 10% of their net income and this has now been increased to 10% of their total turnover. In monetary terms the maximum fine was 142,300 EUR and now this has increased to 5 million EUR.

These measures are very important to change the perception that money can be illegally hidden in Latvia, and is going a long way to demonstrate that Latvia is a truly legitimate international banking center. This makes Latvia an ideal jurisdiction for the protection and diversification of your capital.

Latvia can also offer the Deposit Guarantee Scheme as it is an EU member state. The scheme is intended to safeguard investors’ bank deposits and provide coverage in the event of a disaster. If a bank cannot meet its payable obligations and goes into default, the scheme provides coverage up to 100,000 EUR. For more details on the Deposit Guarantee Scheme please ask your Offshore Pro Group international banking professional.

Your Corporate Account With An International Bank In Latvia

Founded in 2001, this international bank was started by four entrepreneurial friends Andrejs Kocetkovs, Olegs Cepujskis, Aleksandrs Peskovs and Sergejs Peskovs. Before they entered the banking world these four were the successful owners of a business in the shipping and logistics industry. Today the bank remains owned by them and their families.

The founders had been successful in the past by putting the needs of their clients first, and they have adopted the same philosophy with their bank. They insist on totally professionalism and respect for all of the clients of the bank. The bank is constantly looking for ways to improve itself so that it can achieve the highest international banking standards. Only the best employees are hired by the bank, and they have to show total professionalism with the clients at all times.

A major benefit of opening a corporate account with this bank is that there is no minimum deposit requirement. We believe it is important to make a small deposit to cover charges made by the bank, and your Offshore Pro Group international banking professional can advise you on this.

Corporate Account Services Offered By This Latvian Bank

The bank will work very closely with you and will want to fully discuss your business goals so that it can provide a tailored service to help you achieve them. With your corporate account the bank will remit payments in any of the major currencies on the same day that they arrive. They will then be transferred to meet your requirements fast. There are a number of settlement products and services on offer at this bank so that you can conduct your business the way that you want to.

Your corporate account will be provided in multi currency as standard, which means that you do not have to convert any currencies for the payments you have received. With a strong network of over 100 correspondent and partner banks you can confidently make payments in any of the world’s major currencies, and know that the payments will reach their destinations fast.

If you plan a number of international transactions then the bank can offer you its experience in currency risk management. They are able to exchange currencies at very competitive rates, and their expertise in the foreign exchange market will provide essential assistance for your business activities.

If you want to store important documents for your business in a very safe location then the bank can help you with this. They can offer confidential and secure storage with 24/7 security. Access to corporate documents is only granted to you as the client and authorized employees. The bank can also arrange transcripts and copies of your documents. These services are open to every corporate account client.

When it comes to growing your assets you can make various term deposits, open savings accounts and make fiduciary deposits. The bank can also assist you with government bonds, corporate bonds, stock bonds and developing country bonds which have all been vetted by the bank. If alternative investment strategies are of interest to you then you can consider hedge funds, direct investments, commodities and real estate.

You will be able to access your corporate account remotely through the use of the bank’s highly secure online banking service. You will have access to your account 24 hours a day and know that your transactions will be secure. The bank takes Internet security very seriously, and has adopted the highest international data security standards.

When you log in to the web based banking service you will have the ability to see the balance of your account and have access to recent transactions and statements. Making transactions with this service is easy and you will also be able to exchange currencies, transfer funds and open and use savings and deposit accounts. There is also a messaging system where you can initiate contact with your private banker to ask any questions.

You will be able to apply for a wide range of payment cards with this bank. There are credit cards from MasterCard and Visa as well as debit cards from Maestro. You can have the cards provided in US Dollars (USD), Euros (EUR), Russian Roubles (RUB) or British Pounds (GBP). The cards have the very latest DDA microchips embedded so they are very secure.

There is no minimum deposit required to open a corporate bank account with this bank. This is a very valuable benefit as many other foreign banks will require hefty minimum deposits to open offshore corporate bank accounts.

Important Note: this bank has restrictions about opening corporate accounts for some offshore company jurisdictions but certainly not all. Please contact your Offshore Pro Group international banking consultant for advice on this issue.

The account fees that are levied by this bank can change at any time. It is essential that you check the current commissions 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.

The Procedure You Must Follow To Open A Corporate Account At The Bank In Latvia

In order to be successful in opening a non resident corporate account with this Latvian bank it is essential that you follow this procedure from start to finish:

  1. Email us at [email protected] for the best advice when it comes to your corporate account opening with this Latvian bank. Please initially read and answer the questions about your banking requirements at this page here Free Advice And Guidance To Ensure The Choosing Of The Right Foreign Bank Account.

Understanding the risks associated with non resident bank accounts is very important and you should really consider the need for opening a second non resident bank account.

  1. We will provide you with total professional assistance in opening a corporate account at this Latvian bank, and for this you have to make a payment of 599 EUR. Payments can be made by Western Union, Bitcoin, credit cards, Money Gram, Web Money or direct bank transfer.
  1. This bank requires that the following corporate documentation in English (or translated into English) be supplied to open a corporate account:
  • Certificate of Incorporation or other document confirming state registration of the company with an Apsostille
  • A certificate of good standing if the company has been in operation more than one year
  • The Memorandum of Incorporation and Articles of Association signed by the incorporator or shareholder
  • The first minutes of the company detailing share distribution and the appointment of nominee directors which are signed by the company founder
  • Share certificates signed by a director
  • The register of directors
  • The register of shareholders
  • A power of attorney document for the oepning and management of the account if the person’s rights to open / close an account are not clear from the constituent company documents
  • Copy of the Deed of Trust (in the case of nominal shareholders)

The beneficiary, signatories and authorized persons must provide the following certified documents in English:

  • 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 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
  • 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 beneficiary must provide a brief business plan or brief description which mentions partners and their websites (if applicable).

Please note that the bank will require a personal identification procedure to take place in any of the representative offices of the bank in Latvia, Lithuania, Estonia, Cyprus, Ukraine, Luxembourg, Russia, Georgia, Kyrgyzstan, Kazakhstan or Azerbaijan.

Once we have received all of the necessary documentation from you we will check everything and then pass the documentation on to the bank quickly. You will need to arrange to visit the bank and then allow for between 7-10 working days for your Latvia corporate foreign account to be fully opened.

Start this process now by sending an email to [email protected] and your corporate account in Latvia will be up and running soon.