At first glance opening a bank account is a rather plain task. Banks make effort to simplify account registration processes, introduce new online services and always meet potential clients halfway. Modern digitalization and queuing to see the manager are contradictory notions for any entrepreneur in the field of IT.
Opening a bank account and its further upkeep is not such a simple procedure as it might initially seem
And when the question arises of how to prepare the documents for opening an account, which bank to choose, how to assess the risks of particular financial institutions – one needs professional guidance, which team VigoLex of lawyers is eager to provide.
Maintaining and servicing bank accounts, performing bookkeeping, managing transactions, tax reporting or acquiring certification for export-import operations mandates knowledge of Ukrainian legislation, especially tax law, and in case of transactions with foreign contractors – knowledge of international finance law.
Naturally, banks follow the trend of digitalization when rendering services, but the apparent ease of opening or closure of bank accounts shrouds more complex issues. For example, in current environment of ever-changing banking regulator’s leadership and financial legislation, it has become more difficult for entrepreneurs and legal entities to open a bank account due to the fact that even the bankers themselves are not always aware of the procedures and tend to “play it safe”. Even upon collecting the full set of documents, the entrepreneur may be denied in opening a bank account, for something like a tax debt. Moreover, in case bank financial monitoring officers obtain information of account applicant being indebted to state budget – one risks being “blacklisted” indefinitely. Even if an entrepreneur has outstanding loans or tax debts, one may also be refused to open an account.
Information on the origin of funds, acquiring supporting documents for the bank and further compliance with financial monitoring regulations should be considered within the scope of prospects of the application and analyzed prior submitting documents for opening an account
VigoLex team are eager to:
- collect all the necessary documents to open an account or consult on opening an account personally;
- assist renewal of a blocked account, representation of claims to banks, which are in the process of liquidation or under a temporary administration;
- fulfill necessary operations to confirm the origin of funds, maintain accounting records and prepare tax reports;
- complete compliance verification (KYC, AML) when opening bank accounts and when connecting to international payment systems .