Business expansion requires local services to operate effectively. As your business expands, it will be likely you find yourself pursuing the local incorporation process, local payroll administration, employee benefits and other critical activities. Achieving this requires access to a local bank account, which can be a complex, time-consuming and frustrating exercise – especially in an overseas market.
We can recommend banks and assist you in setting up your local bank accounts, advise on local banking, and provide bank signatory services as part of our administration service. This includes the provision of cheque signatories to operate local bank accounts on your behalf.
Banking Introductions
Opening a bank account is becoming increasingly difficult due to international transparency and anti-money laundering initiatives. Many banks will no longer open accounts for non-resident companies. Others will only open accounts for clients that have been introduced by a recognised and licensed service provider that is on their ‘approved list’. All banks now undertake increased due diligence – not just when opening accounts but also on a transactional basis.
We utilise our existing relationships with our banking network across Belize, BVI, Cayman, Cyprus, Estonia, Jersey, Isle of Man, Latvia, Luxembourg, Malta, Mauritius, Panama, Singapore, Switzerland, United Arab Emirates, United Kingdom and the United States to select the most appropriate bank based on your requirements – if you have a preferred bank then we would be happy to pursue the introduction on your behalf.
We cannot accept responsibility for the stability or solvency of individual banks and an introduction should not be taken as an endorsement of the bank or any guarantee that an account application will be successful. ⤴
Due Diligence / Profile Consultancy
Opening a bank account for a newly formed company can be challenging. ShallonCSP can assist with this process by helping you to build and present a business plan and corporate profile which may be more acceptable to a potential banking provider.⤴
FATCA & CRS Consultancy
We are able to provide a number of services to assist our clients to whom we provide fiduciary services to comply with FATCA and CRS requirements.
- Entity Classification: Entities must first be classified according to the relevant criteria, which are different under FATCA and CRS.
- FATCA Sponsorship: ShallonCSP, where applicable, are able to sponsor client FFI (Foreign Financial Institutions) to which they provide fiduciary services, in order to ensure that they are compliant with FATCA.
- Account Holder Validation: Identification of all account holders and advising on the reporting requirements and dates for those accounts.
- Reporting: We can assist with compliance reporting protocols under FATCA and/or CRS, including the submission of relevant IRS forms. ⤴