languages :
The Best International Tax Planning solutions since 1991
   A A
HOME > Services > Bank account opening > Description >
The procedure for opening a bank account.

The basic steps in the procedure of opening a bank account are as follows:

  • The client receives from LAVECO LTD. a special questionnaire, containing all the information required to open an account; questions pertain to the business activities of the company for which an account will be opened, and data on its owners, directors and persons authorised to manage the company's account etc. (filling in this form is also required when opening a private account).

  • The client supplies copies of the company's constituent documents, certified by notary public, to LAVECO LTD. The documents usually include the Certificate of Incorporation, the Articles of Association, the appointment of directors, and the Power of Attorney to conduct business. The text of the notary's certification must be drawn up in English. The original copies of the constituent documents of the company may also be presented to LAVECO LTD. In this case, notarial certification of the documents is arranged by LAVECO LTD. and charged to the client separately.

  • The client supplies LAVECO LTD. with copies of passports, signature cards with specimen signatures of those who will manage the account of the company, as well as bank references for the directors and owners of the company (the concept of the bank reference is discussed below); signature cards with specimen signatures shall be certified in the consulate of the country in which the bank chosen by the client is located, or by a notary public licensed to certify documents in the English language. In certain cases the passports of owners, directors and persons authorised to manage the company's account shall be certified in the same way. The bank may also require a Certificate of Good Standing from companies incorporated a certain amount of time before the opening of the bank account, to prove that the company really exists and that it has no outstanding taxes, duties or debts. Such a document is usually issued on request by the Chamber of Registration of the country in which the company was incorporated. Upon request, LAVECO LTD. can provide for the preparation and delivery of this document. When opening a private account copies of the passports of the account holders, their bank references and their signature cards with specimen signatures certified by a public are submitted to LAVECO LTD.
When all the preparations have been completed and necessary documents signed, LAVECO LTD. send all the required documents to the bank chosen by the client by courier.

Although the requirements made by banks as to the composition and type of documents and certification required for opening an account are basically similar, they do vary slightly from bank to bank. Precise information on the requirements for opening an account with a specific bank in any country may be obtained directly from LAVECO LTD. and are also contained in the second part of this brochure. It is always advisable, however, to consult the experts at LAVECO LTD. before proceeding with the application for the opening of an account.
European offices

{=back to top=}
United Kingdom - London Hungary - Budapest Románia - Bukarest Bulgaria - Sofia Cyprus - Larnaca {=Seychelles - Victoria=}