Why did we create PRE-APPROVAL for those interested to apply for a foreign bank account?
Nowadays international and private banks that still accept non-resident clients regularly revise and adjust their compliance and due diligence procedures. Non-resident client verification procedures become more complex and case-by-case oriented. Non-resident banking compliance evolves constantly under the pressure of various international organizations related to financial controls and global financial transparency.
Additionally, non-resident banking is regulated by tightening central bank controls, local and international banking legislation and KYC|AML norms even more so than your domestic banks.
We can engage into a long discussion on how licensed banks turn into HUGE DATA collection Nazi-camps, but this is not a constructive approach if you require a bank account for your asset protection or business ASAP. Our 20 + year experience in international banking industry acting as an eligible introducer for numerous banks globally shows that financial controls will only become stricter. Therefore, the earlier you adapt, the smoother will be your way towards the functional non-resident banking.
Non-resident banking services are being denied to the growing number of businesses and private individuals due to the large number of reasons. Your business type or model can be viewed as unwelcome. Your citizenship or residence combined with other factors may classify you as high-risk client for certain banks. The countries or persons you will be trading with or receive payments from may also influence your non-resident bank account application review. These and many other circumstances must be considered before selecting a bank.
The vast majority of non-resident bank account denials are avoided by our clients after selecting a bank with a Professional. You can select a bank that will be happy to accept you as a non-resident customer together with one of our professional International Banking Consultants who will carefully analyze your data we receive from this online questionnaire. Bank selection is FREE of charge and is based on filled out questionnaire.
Regardless how carefully we assist you in selecting a bank, should you wish to skip the PRE_APPROVAL stage there is always a greater chance to spend your time, funds and effort on useless completion of bank application forms and the useless investment into legalization of Due Diligence documents. There is still a risk your application may be denied even though your client profile suits banks standards. This may be due to multiple factors, but one and most unsuspected may depend on parties with whom you will be dealing through the newly established bank account.
The PRE-APPROVAL service is a sort of insurance that allows minimizing the non-resident bank account denial. You receive this insurance right from the very beginning by acquiring approval in principle from one or several carefully pre- selected banks to accept you or your business after a preliminary analysis of your individual PRE-APPROVAL application by the bank officer.
What exactly is a PRE-APPROVAL for your non-resident bank account?
The PRE-APPROVAL is a unique opportunity to acquire acceptance from the pre-selected bank to review your complete application in principle or an unfortunate possibility of a fast track denial.
Regardless the positive or negative PRE- APPROWAL outcome, you are still a winner. In case of the approval in principle you can begin preparing your due diligence package. Naturally, even the positive PRE-APPROVAL does not give you a 100% guarantee of non-resident account opening. This has to do with the final decision made by legal or compliance department behind closed doors of the back-office, whereas the PRE-APPROVAL is given by the customer friendly bank officer.
Nevertheless, the probability of a positive outcome becomes much greater, since the bank officers know their bank’s Compliance department requirements. With the PRE-APPROVAL the bank officer of the particular pre-selected bank already accepts you as a beneficiary whilst looking into your individual business or income acquisition model and particular turnover as well as tax residence conditions through the magnifying glass of experience with the Compliance Department.
In case of denial during PRE-APPROVAL process, you will be able to switch to other PRE-SELECTED options efficiently without spending your time on waiting for the full application review to finish. You will also avoid spending your money on unnecessary legalization. Due to the prolonged review periods in majority of banks (in depth due diligence requires more time), the legalization of your corporate and personal KYC documentation copies will most likely expire and you will not be able to use the same document package to open accounts in other banks. Expiration of documents is guaranteed in 99% of cases due to the period it takes to deliver documents, review your application and in case of denial documents are either not returned or are expired by the time those reach a different bank at an additional cost, in case the bank agrees to forward them.
How much does the PRE-APPROVAL service cost?
The fee for the PRE-APPROVAL is 999 EUR for corporate non-resident bank accounts and 799 EUR for personal accounts.
If you receive the approval in principle, this amount will be deducted from the bank account introduction and opening fee.
If you are rejected from absolutely all banks that were pre-selected for you (this is possible if your business activity is considered high-risk), the PRE-APPROVAL fee will not be returned.
It is important to understand our goal is to AVOID sending applications that will most probably be rejected by banks we cooperate with on a daily basis.
The PRE-APPROVAL service is only available to clients that have a strong chance to be accepted by the pre-selected bank.
How can you obtain the PRE APPROVAL for non-resident bank account opening?
You must fill out the Pre – Approval form yourself or with the help of an international banking consultant. Ideally, this should be the consultant who helped you initially with the bank selection. Offshore Pro Group manager will repeatedly analyze the completed information. If it is clear and sufficient, you will be provided with the invoice.
After we receive your payment, our manager within 48 hours will contact all pre-selected banks. The time of receiving a response depends on the certain bank, but usually it does not exceed 3-10 business days.
Who most definitely should use the PRE-APROVAL for non-resident bank account opening?
The PRE-APPROVAL is compulsory for all high-risk active businesses. You should take into account that majority of banks that still accept non-resident clients are not particularly interested in high-risk startups and we will have to make additional efforts to have your account approved.
The PRE-APPROVAL service is compulsory for businesses in the following fields:
- Innovative technologies and IT business concepts, which are poorly described to the bank;
- Companies with bearer shares;
- Gambling related businesses such as online casinos, poker rooms etc ;
- Adult business;
- Pharmacy and drug related products;
- Trading ( currency, bonds, binary options)
- Precious metals, stones, jewelry;
- Mineral resources it’s extraction and trading;
- Development projects and construction requiring third party investments;
- Retail businesses using payment processors;
- Companies and private individuals planning to withdraw the significant amounts of cash;
- Bitcoin and other crypto-currency trading ;
- Businesses with beneficiaries of personal or corporate accounts that are citizens of USA, Japan, China, CIS countries and are on the ОFAC & FATF sanctioned country list.
The PRE-APPROVAL service is highly recommended for businesses and private individuals with a clear and transparent business model if they are in a hurry to open a bank account. Such clients often prefer to make sure they are welcome before sharing the complete package with a full personal and|or business information with the bank and investing in Due Diligence legalisation and courier delivery.
IMPORTANT! In case our consultants do not see even the slightest reason for a denial, you will be advised against using the PRE-APPROVAL procedure.
The Pre-Approval is compulsory if you have selected a bank yourself due to the personal reasons (e.g. fellow businessperson recommended the bank or you like the particular bank due to a favorable fee structure). If you want us to Pre – Approve your account with a bank that we do not work with yet, the service is also possible, but it will take longer than a regular PRE-APPROVAL procedure.
Offshore Pro Group will deny the PRE-APPROVAL and account opening professional assistance services for the following areas of business activities:
- Adoption services;
- Child pornography;
- Sale of animals
- Sale of human body parts, fluids or remains
- Material which violates copyrights, trademarks or intellectual property;
- Credit card protection services;
- Credit repair services;
- Charities operating as pyramid or multi-level scheme;
- Drugs or related paraphernalia;
- Firearms sold from home;
- Products or businesses originating in countries that are subject to sanctions.
Which guarantees gives the PRE-APPROVAL for non-resident accounts?
If we receive positive PRE-APPROVAL this does not mean a 100% chance of approval until the bank account is set up. The understanding of this fact is highly important.
When you apply for a non-resident bank account with Offshore Pro Group, there are two stages.
First step is the PRE-APPROVAL of your business model and the PRE-APPROVAL of beneficiary’s personal data by the bank officer to make sure your application meets banks requirements. During this stage the primary decision takes place. Passing through this stage is guaranteed after you pay the PRE APPROVAL service fee and fill out the questionnaire. The outcome of the PRE-APPROVAL cannot be guaranteed, but since the bank has already been carefully selected with Professional, the positive outcome is very likely.
Second stage is a careful study of your complete application by the Compliance or Legal department of the bank. If the outcome of PRE-APPROVAL was negative, you will be required to select a different bank. Proceeding with second step is possible only after the full account-opening assistance fee is paid.
You may be tempted to proceed with the second stage right after the positive PRE-APPROVAL without our assistance, however, there is less chance to be approved if you are not referred to the bank by the eligible introducer. We are not only analyzing your full application in the same way as Compliance does before it is submitted to the bank, but also refer you to the bank. Our assistance during the second stage includes also contacting the bank on a regular basis and therefore much faster account opening. Banks are more confident in applications that we are referring since they know we have done our preliminary check relating to the account activity. Therefore applications are viewed more favorably when supplied by us.
You can successfully proceed with stage two only if you have complied with all bank requirements relating to Due Diligence and opening deposit. If the data in full final application completely matches the data submitted during the Pre-Approval stage, the decision of the Compliance department depends on the coherence of the information presented in bank’s application form and KYC package mostly, since all the basic data, including your business model would be already pre-approved.
Once PRE-APPROVAL fee is settled, the careful study of your business model and diligently made with the pre-selected banks requests are guaranteed.
We also guarantee the PRE-APPROVAL fee will be deducted from the bank account opening fee should the PRE-APPROVAL be positive.
We guarantee that PRE-APPROVAL procedure will protect you from spending on:
- Unnecessary Due Diligence Document legalization in case of rejection.
- Sending of documents to the bank for pre-approval or additional preparation of documents in case of denial.
- The repetition of the above number of times in case of rejection not to mention the saved time you could spend with your family opposed to the notaries office.
The PRE-APPROVAL service is only applicable to retail non-resident account opening. Offshore Merchant account opening has a separate procedure.
The information indicated in the PRE-APPROVAL form should be true and detailed enough to avoid ambiguities.
Remember that banks always reserve the right to request additional information during the PRE-APPROVAL or account opening stage and possibly even after your account is approved.
During the second stage it is important to fill in your application in coherence with the data used during the PRE-APPROVAL stage. Otherwise, you make the PRE-APPROVAL stage useless and increase the risk for account rejection in cases the information does not match
If anything in your business model or personal circumstances change significantly, e.g. residence, country of business domicile etc., the PRE-APPROVAL process should be repeated.
You can fill in the PRE-APPROVAL online right now or request the paper version by email: firstname.lastname@example.org.