Sep 29, 2016

Corporate Account Opening With A Monaco Bank Which Is Well Regulated And Offers Multi Currency Accounts.

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

  • Well regulated European bank
  • EU Secured Deposit Scheme
  • Wide range of investment products
  • Multi currency accounts available
  • Focus on asset protection and growth
  • Good online banking

Contact us via email [email protected] for totally professional advice about opening a corporate account with this bank in Monaco. 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.

Monaco As A Jurisdiction For Your Corporate Account

Monaco or the Principality of Monaco, is a microstate sovereign city that is located on the French Rivera in Western Europe. Monaco has a population of about 38,000 people and its governance is through a constitutional monarchy.

The country has a politically stable regime and it has been governed by the dynasty of Grimaldi  for over 700 years. The official language of the country is French but other languages such as Italian and English are also widely spoken. The economy of Monaco is largely service based and services contribute 95% of their GDP. There is a diverse range of economy sectors that include finance, construction, real estate and trade.

Monaco does not publish official figures but it is estimated It is estimated that the per capita income of the country is $188,400. Since the financial crisis of 2008/2009 the economy of Monaco has seen growth. There are no taxes on assets in Monaco and business revenues, landed property and direct transfers are also free of tax. The official currency of Monaco is the Euro (EUR) and it is included in the European Union (EU) through a special agreement with France. It is also a full United Nations voting member.

Monaco has very strict banking regulations to protect client bank accounts. There are prudent and stringent standards in place for the prevention of money laundering and other illegal activities. When it comes to international cooperation Monaco always follows the rules. The country operates a high degree of banking privacy and if any banks break the rules then they will face heavy penalties.

Monaco’s banking sector is focussed on asset protection, diversification and enhancement through the use of financial investments. The number of credit and financial activities is always increasing in the country and all of these things make Monaco a good choice of jurisdiction for your assets.

Monaco is now offering the Deposit Guarantee Scheme as it is a part of the EU. This scheme aims provide cover and protect bank deposits made by investors. In the unlikely event that a bank in Monaco was to go into default and couldn’t meet its obligations, the scheme will guarantee to cover up to 100,000 EUR in client deposits. You can obtain more information about the Deposit Guarantee Scheme from your professional international banking consultant at the Offshore Pro Group.

Monaco Private Bank For The Protection Of Your Assets

This bank is one of the biggest banks in Europe and can trace its roots back to 1930. It became a dedicated private bank in 2011 and is entirely focussed now on the requirements of its private banking clientele. The bank has assets of over 23 billion Euros (EUR).

The bank states in its mission that it will use the combined strengths of the banking group that it is a part of to provide the highest quality services that it can to its clients. When you open a corporate account the bank will want to know all about your business and financial aspirations. They believe in the establishment of long term relationships that are built on mutual trust.

After discussing your business and financial goals the bank will provide tailored services which will help you to achieve your aims. They will certainly want to ensure that your assets enjoy durability for the long term and that you experience growth.

Sharing the same core values as the Principality of Monaco the bank conducts its business based upon stable governance, stable growth, transparency to the international community and providing an attractive financial and banking environment.

When you have an account at this bank you will be offered a team of experienced financial specialists and private bankers will be willing to work with you. The professional management team at the bank of the bank will assist you with your requirements in a discreet and competent way.

What This Monaco Bank Can Offer For The Protection Of Your Assets

This bank will not allow you to open a non resident corporate account remotely, which means you will need to have a meeting with a representative of the bank in Monaco prior to opening an account. Once your corporate account has been opened, you will be able to take advantage of a range of investment products that will provide capital growth.

You can open an account that is multi currency with this Monaco bank, and with this you will be able to hold one currency or multiple currencies in your account. You can hold funds in Euros (EUR), Russian Rubles (RUB) and US Dollars (USD) as well as other major currencies.

Developing successful investment strategies has been going on for many years at this bank. It uses classic methodologies of investment and wealth management that avoids excessive risk taking and alleviates the clients from facing major challenges.

Although it uses a classic approach when it comes to investments, the bank uses up to date technology to make sure that they are in control of your investments through the use of innovative tools. The bank uses a strategic approach that has 5 steps when it comes to investments and these are firstly the understanding of client profiles and financial aspirations, secondly the definition of the objectives for management, next is developing the investment strategy, then the investment implementation and finally the control of the results.

The bank is very likely to recommend a mixed portfolio of investments which will have flexibility. Any stocks held will be adjusted to match the profile of the investor and the overall strategy will be a combination of mixed, fixed income deposits and trading on the stock market. As an investor you can choose from a moderate, medium or a high profile. The bank will also analyse investments in emerging markets and utilize its trading capabilities on your behalf.

Other services are offered by the bank and these include wealth planning services which concerns asset and property protection as well as tax and inheritance planning and life insurance which can be used to protect your assets and there are unit linked and dedicated policies available.

Debit and credit cards are also available from this bank and they are branded by American Express and Visa. Each card will have your personal photograph on the back of it which will help to prevent crime. With these cards you can use ATM’s all over the world for withdrawing cash and use them to buy products and services.

There are six different cards that you can apply for and they are called the Visa Classic, Visa Travel, Visa Gold, Visa Somnis, Visa Gold Somnis and Visa Platinum. Every card has a different credit limit and can offer different services such as the granting of loans that have payback terms which are flexible.

Using the banks efficient and secure online banking system you will have 24 hour a day access to your corporate account. The service is very modern and the interface is friendly and intuitive. You will be able to access your multi currency account as well as manage cash payments. Balances can be checked as can recent transactions and full statements can be obtained.

If you hold any of the bank’s credit cards then these can be managed using the online banking system. You will also be able to make stock market transactions and request the assistance of an independent financial advisor if you require this.

The minimum deposit required for a corporate bank account is one million Euros (EUR). You must maintain a minimum balance of 500,000 Euros (EUR) in your account at all times. This must not be a transit account.

The fees that this bank charges for transactions can be subject to change, so it is important that you check the current fees with your Offshore Pro Group international banking consultant. If you are interested in receiving the very best rates, you can state that you require beneficial international banking fees when you complete the international bank selection form.

Important Note: This bank will open corporate accounts for offshore companies but there are some restrictions. Please contact your Offshore Pro Group international banking consultant to discuss this.

Please Follow These Steps Carefully To Open A Corporate Account With This Bank In Monaco

In order to be successfully open a non resident corporate account with this bank in Monaco it is essential that you follow this step by step process:

  1. Contact us via email [email protected] for totally professional advice about opening a corporate account with this bank in Monaco. 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 private account at this bank in Monaco, and for this you will need to pay a fee of 3999 EUR. You can pay by credit card, bank transfer, Money Gram, Western Union, Web Money or even Bitcoin.
  1. The bank will require all proposed account signatories to supply notarized and apostilled documentaion in English (or translated into English) to open a corporate account. Each officer, ditrector, trustee, manager, member, shareholder and the beneficial owner will need to provide:
  • A certified (notarized) copy of the passport (the page that has the photograph and signature) or a valid ID card
  • An original or notarized copy of utility bill (which is less than two months old) or a bank statement that provides proof of address.
  • A complete biography for each account signatory that includes oersonal background, business interests, their location and sources of income
  • The purpose of opening an account and information about planned operations
  • Confirmation of the origin of your funds

If amy trustee, settlor, director, officer, shareholder, manager or member of the company is itself a legal entity (e.g. a trust, corporation, LLC or IBC), please submit the above requested documentation as if it were applying for an account.

The following corporate documentation is also required:

  • Copy of Certificate of Incorporation / Registration
  • Certificate of good standing (if the company is older than 12 months)
  • Copy of the minutes of the general meeting, Articles and Memorandum of Association or By Laws
  • Registers of Directors and Shareholders
  • Copy of share certificates
  • Copy of the resolution appointing directors
  • Sample of company owners signatures
  • Letter of Undertaking (in the case of bearer shares)
  • A power of attorney for opening and managing the account, if the person’s right to open / close an account is not clear from the constituent documents of the company
  • Copy of the Deed of Trust (in the case of Nominal Shareholders)

Important Note: You will be required to attend a meeting in Monaco with a bank representative prior to opening a corporate account.

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 around 20 business days for your Monaco non resident corporate account to be opened at the bank.

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