Apr 18, 2017

Corporate Account With A Latvian Bank That Is Regulated Strictly, Has Investment Opportunities, Accounts Supporting Multiple Currencies And No Minimum Deposit.

When you work with us at the Offshore Pro Group you can be assured that your new international corporate account will be successfully opened with this bank in Latvia. This bank in Latvia should be strongly considered as it can offer several advantages including:

  • The bank is European and under strict regulation
  • You will be able to automatically convert several world currencies in your account
  • You will not be asked to provide an initial minimum deposit
  • You can buy and sell financial instruments with the bank
  • Credit cards can be obtained branded MasterCard
  • You have the option of making term deposits
  • Access and manage your account from anywhere with secure online banking
  • The EU Deposit Guarantee Scheme will provide coverage for your corporate account

Get started now and apply for your new corporate account in Latvia by sending an email to us [email protected] and then we will work closely with you to ensure that you do everything required to open the account. We will need as much information from you as possible to provide the greatest assistance, so please answer our confidential questionnaire fully on this page What You Need To Know About Selecting The Right International Corporate Account For Your Business.

Why You Should Consider The International Banking Jurisdiction Of Latvia

Latvia has borders with Belarus, Estonia, Russia and Lithuania and it can be found in the Baltic region of Northern Europe. Latvia is a proud member of the European Union (EU) which it joined in 2004 and it uses the Euro (EUR) as its official currency. There is a population of over 2 million people in Latvia and for its governmental system of democracy it uses a parliamentary system.

Latvia now appears on the world list of high income nations which is produced by the World Bank. The country has a growing economy that is very stable and it also has social and political stability. Of all of the countries in the EU, Latvia’s economy is among those that are growing the fastest. This has had an effect on the country’s GDP per capita which is now around $25,740.

Financial transparency problems have plagued Latvia for a long time, but in recent years the government has taken many positive steps to change this situation. One of the most positive steps was the signing of an agreement with the Organization for Economic Cooperation and Development (OECD), and now Latvia abides by the provisions of the Automatic Exchange of Information (AEoI) program.

It has been an objective of the Latvian government for many years to improve the perception of Latvia and present it as a country that is an international banking leader. The financial laws of the country have been improved and a lot of power now resides with the Financial and Capital Market Commission (FCMC), which is the financial regulator. The FCMC now monitors financial institutions and banks in Latvia very closely and ensures that they fully comply with all financial laws.

This means that illegal monetary activities no longer take place in Latvian banks. The FCMC has eradicated all illegal activities such as terrorism funding and money laundering. Today if a bank was caught participating in illegal activities they would have to face severe consequences. Violations of the laws now attract severe penalties and the maximums have been boosted from 10% of net income to 10% of the total turnover. In financial terms the penalties have been raised from a maximum of 140,000 to 5 million Euros.

All of this effort on the part of the Latvian government and the FCMC has really paid off, and the perception of the country as an international banking center has vastly improved. There is no chance of you hiding your money in Latvia any more, but what you can do is choose this jurisdiction for the protection, growth and diversification of assets.

Because Latvia is a member of the EU, the deposits made in their banks will fall under the protection of the EU Deposit Guarantee Scheme. In truth there is little chance of a Latvian bank going in to default these days, especially with the very strict FCMC regulations. But if the worst did happen then your corporate account would be protected up to a maximum of 100,000 Euros (EUR) under the EU scheme. Your Offshore Pro Group consultant will be delighted to provide more information to you about the EU Deposit Guarantee Scheme if you want this.

What makes This International Bank In Latvia A Good Choice?

Back in 2008, the FCMC granted an international banking license to this bank. The bank has grown each year and in January 2016 its stock capital was 13 million Euros (EUR). The bank has been very busy acquiring customers, and every year it has managed to grow its customer base for local and international customers. The bank has a very good reputation and it wants to maintain this and make sure that nothing illegal ever takes place in the bank. To further avoid situations with money laundering etc the bank has strengthened its Know Your Customer (KYC) procedures.

The largest private holding company in Latvia owns the bank. These owners have a lot of banking experience and already own a further two international banks in the country. There are now over 50 subsidiaries in the holding company that are operating in the Baltic States and other CIS countries and Russia too.

The bank has a policy to employ professionals that are young and who have knowledge of and respect for banking traditions. All employees must be passionate about innovation and be totally committed to succeeding so that the bank itself can succeed. Due to its perfectionist tendencies, the bank always aims to deliver service of the highest quality to its partners and clients.

The bank has a lot of respect for banking traditions and can offer a comprehensive range of services which includes current accounts, deposit accounts and the buying and selling of investment products. A total believer in competence, this bank aims to provide a rapid response to any market changes by offering financial solutions that will meet the needs of its clients. The bank has invested a lot in technology and is a true believer in the deployment of up to date IT solutions.

The General Banking And Investment Services You Can Expect From This Latvian Bank

You will be able to successfully open your Latvian non resident corporate account with the expert help of the Offshore Pro Group. In order to open your corporate account you will have to attend an identification meeting with bank officials in Latvia or in other countries such as the United Kingdom, Russia, Switzerland, France, the Ukraine and Cyprus. Other countries are possible so please ask your consultant at the Offshore Pro Group to let you have a list of them.

Financial instrument trading is a service offered by this bank. If you want to buy, sell or just hold your position in the market then you can do this. You will be able to profit from price movements of these financial instruments. If you want to earn from interest or dividends from shares then this is possible too. Securities can even be transferred from one bank to another if this is your wish.

The bank will assist you to make trades on the Baltic stock exchanges as well as other commodity and stock exchanges across the world. Over the counter (OTC) financial instruments can also be traded. There are plenty of opportunities when it comes to investing and you can go for futures contracts and options, money market instruments, fixed income securities and equities.

Whatever your investment strategy, this bank will be able to offer you financial instruments that align with it. The service that you will receive from the bank will be totally independent for investing, and the fees that they charge are competitive and the quality of service is very good.

The bank can offer you term deposits for the safe and reliable growth of your money. You can choose between two types of account. One account will pay you the interest owed once the full term has reached maturity. The other will make interest payments to you at each month end. You can make a deposit for a minimum of 3 months or a maximum period of 3 years.

When your corporate account is operational a current account will be opened for you. This is a standard account where you will be able to make deposits and withdraw cash (if you have a linked card) from ATM’s across the world. If you need to receive or transfer funds with foreign banks then this is not a problem. Currency conversions of certain major world currencies will happen automatically in your current account and some of the currencies are Euros (EUR), British Pounds Sterling (GBP), Russian Roubles (RUB), Chinese Yuan (CNY), US Dollars (USD), Australian Dollars (AUD) and others.

Credit cards that have the MasterCard branding are also available from the bank, and these cards will give you increased spending power as they will be accepted at more than 24 million establishments across the globe. There are three different cards available and they are named Standard, Gold and Platinum. The credit limits of these cards can be as much as 300% of your income.

There is a convenient, reliable and secure online banking service that is provided with your non resident corporate account. With an Internet connection you can view and manage your account from anywhere 24/7. Your account status can be monitored which includes transactions, statements and balances. Fund transfers can be achieved and it is more cost effective to conduct transfers using the online banking service than it is to do this from within the bank.

For your non resident corporate account to be opened there is no requirement for you to deposit a minimum amount into your account. You will need to ensure that a minimum account balance is maintained but this is only 115 Euros (EUR). Although the minimum account balance is low, it is a good idea to have enough funds in your account to pay for transactions and other bank charges.

For the upkeep of your account and the transactions that you make you will have to pay fees to the bank, and sometimes the fees can be changed. If you would like to see the most current schedule of fees for this Latvian bank then your consultant at the Offshore Pro Group will gladly provide these. You can also request that your consultant assist you with obtaining the most preferential set of fees through negotiation with the bank.

The Directions That You See Below Need To Followed Exactly To Ensure The Opening Of Your International Corporate Account With This Latvian Bank

Please be sure to go through this list of directions step by step so that you can be sure of opening your new non resident corporate account in Latvia:

  1. The most important step is to establish contact with the Offshore Pro Group via email [email protected] so that we can provide expert assistance to you and guide you through the process of account opening. The second important step is to provide your full information to us by answering these questions in total confidence The Experts Provide Their Professional Guidance On Choosing The Best International Corporate Bank Account.

You can face a number of risks if you just have a single non resident corporate account. The solution to alleviating this risk is to open an additional non resident corporate account. Please read if you open an additional non resident corporate account you will alleviate risk.

  1. We will be happy to provide our expertise and knowhow to you so that your corporate account can be opened without any problems. You will be required to make a payment of 599 Euro (EUR) so that we can provide our total support to you. Money Gram, Western Union, credit cards, bank transfers, Bitcoin and Web Money are all available payment methods.
  1. A number of documents will have to be supplied in English (or a notarized English translation) and some of these will have to be certified by a notary. Beneficial owner(s), signatories and authorized persons must supply:
  • Notarized passport copy with the signature in the presence of an agent or representative of the bank
  • The CV of the company beneficiary owner (signed personally)
  • Reference letters to the beneficiary from the public partners, or a document of the ownership of the company, or proof of shares in another company, or other documentation confirming the financial viability of the beneficiary
  • A recent utility bill that proves the address

The account beneficiary must please provide several of the documents mentioned below:

  • Professional reference –occupation, profession or employment
  • Copies of academic certificates
  • Copy of employment record book
  • Income information including dividends and salary
  • Taxation return that is recent
  • Land registers or property register certificates or extracts
  • Corporate register certificates with shares and interests information
  • Closed and public registers information
  • Company and partner agreements
  • Donation and accession to heir ship documentary proof
  • References from credit institutions
  • Public sources benefits such as the Internet
  • References from banks
  • Other documents that are relevant

These corporate documents must be supplied:

  • Copy of Certificate of Incorporation/Commercial Registration
  • If the company is older than 1 year a Certificate of Good Standing
  • By Laws or Articles and Memorandum of Association
  • Signature samples from all company owners
  • A letter of undertaking
  • Certificate of shareholders/subscribers
  • Subscribers appointment of the company’s director(s)
  • Power of attorney document (if required)
  • If nominal shareholders then copy of the Deed of Trust
  • Business description including partners, work areas, settlement system, work scheme is desirable etc which is signed by the client or an authorized agent

A meeting will be required with a bank representative to confirm identification in Latvia or another approved country. Please bring your valid passport and any other means of identification to this meeting. The full set of documents should be sent to us and then one of our experts will check to see if they are compliant. The documents will then be quickly sent over to the bank in Latvia. After your meeting you will need to give this Latvian bank a further 5 to 7 working days to set up your international corporate account.

Get started today by sending an email to the Offshore Pro Group at [email protected]