2 February 2017
BANK ACCOUNT OPENING - UPDATE FEB 2017
It is no secret the difficulty in obtaining a bank account not only for startups but also for long established businesses. Contrary to the belief that banks have a duty to assist and serve businesses, this is not always the case and with increased compliance the difficulty in obtaining a bank account will only escalate. When a company is able to open a bank account and commence business, it is then a priority for management in maintaining the account and to establish contingency plans in case it is shut down.
The difficulty of opening a corporate bank account has been extensively covered here. The more recent disruptions to bank opening is mainly related on tax evasion and terrorism financing which has driven banks to new heights in rejecting new customers. Financially it is impossible for banks not to accept new businesses, so the question is who are the likely candidates that will be able to establish a bank account? The answer is simple, in the face of declining revenue where traditional income from fixed deposit is no longer sufficient, banks resort to only accepting customers that generate income that meets their monthly targets.
Recommendation from a professional qualified intermediary would assist in opening the doors to bank account opening process. With more than 35 years of experience, ALCPA can provide clear guidelines and understanding to maximise the chances of bank opening. When the bank account is operational, we can act as communication channels with the banks to build long term relationship avoiding bank closure. ALCPA can also establish contingency plans to minimise the impact to business if the account is closed.
Please feel free to contact us should you require more information on the above.
(852) 2574 8289
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