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Bank Accounts
Some of our shelf companies already have bank accounts set up, while others do not.
NEW BANK ACCOUNTS
If you purchase a shelf company that does not already have a bank account set up, we can assist you in opening a new bank account at an additional cost. C75 has strong relationships and a long track record of working with reputable banks in various jurisdictions, including the United States, Canada, Dubai (RAK), Hong Kong, Singapore, Belize, the Cook Islands, Puerto Rico and St Lucia. The account opening process will be fully remote, and usually takes between 5 to 10 business days. If there are problems with the documentation, the process can be delayed.
Please note that for all new bank account openings, you will need to undergo a KYC process.
Our account opening service costs $600 for one account, and $900 for two accounts. Please enquire for more details on which banks are available.
AGED BANK ACCOUNTS
Some of our companies already have bank accounts set up, dating back to the year when the company was first incorporated. In order to build a credible history and keep the accounts open, we make regular deposits or withdrawals which show frequent activity.
Once you have purchased a company, we will show you the account balance in its bank account. You will have the option of leaving the balance in the account (in which case you will need to pay us an equivalent amount of funds), or you may take over the bank account with a zero balance (in which case we will transfer all the funds out). We usually keep balances of less than $1,000 in each account regardless of the transaction volume.
When I take over an existing bank account, do I have to provide my personal information to the bank?
It depends on whether you wish to carry on with our nominee service.
All bank accounts are initially set up by nominees (in their capacity as legal owner of the company). If you do not wish to continue with the nominee service, the ownership will legally be transferred to you, and this will be disclosed to the bank. You will then have to go through the bank’s KYC process in order to be recognized as the new authorized user of the account.
If you wish to continue with the nominee service, the nominee will remain as the legal owner of the company in the bank’s records. Therefore, you will not need to go through the KYC process, and you may use the account anonymously.
Each bank has different KYC processes. However, generally speaking, banks in all jurisdictions are required to conduct a rigorous and comprehensive KYC process that includes very detailed personal information of each beneficial owner of a company, including proof of identity, proof of address, source of funds, and personal background.
Read more about the specifics of the KYC process here.
All banks are subject to strict government regulations which require them to ensure that every client undergoes the KYC process. This is to ensure that the client is not engaging in money laundering, terrorist financing, fraud, or other financial crimes.
The only way to bypass the KYC process is to appoint a nominee director and shareholder/BO. This person will undergo the KYC process in your place, and the bank will have them on record as the legal owner of the company.
By taking over an aged bank account, you can rely on an established history of transactions, which could be advantageous in the following ways -
(a) Establishing business credit
(b) Preventing wire transfers from getting blocked by algorithms designed to detect patterns
(c) Showing proof of your company’s past activity
We guarantee that every one of our shelf companies has no assets and no liabilities, giving you a clean slate to operate your business freely.
If there are previous transactions in the company’s bank account, this is done purely for the purposes of showing activity to keep the account open. At the point of handing over the account to you, the balance will be either transferred out or netted off to zero.
Yes. You will be provided with (1) login details, (2) 2FA details, (3) e-mail account and phone number used for communicating with the bank, (4) security questions and answers, and (5) any other personal identification information needed to verify ownership of the account.
Although the nominee will be listed as the legal owner of the company, you will be provided with a power of attorney (signed by the nominee) which grants you full authority to act on behalf of the company.
Yes, you can request as many POA documents as you wish. There is an administration fee of $50 for each.
Some do, and some do not.
Certain banks, such as Euro-Pacific Bank (Puerto Rico), PROVEN Bank (St. Lucia) and Capital Security Bank (Cook Islands) purely offer current/checking accounts for the purposes of conducting everyday transactions.
Others, such as United Overseas Bank (Singapore) and East-West Bank (Hong Kong) offer a wider platform of services which may include investment brokerage, fixed deposits, credit facilities, and mortgages.
In a word, no.
It is possible for the nominee to access the bank account by physically going to a bank branch and presenting their ID. However, this is practically and logistically very difficult.
See more: Can a nominee steal all my money?