Checklist for Business Account OpeningChecklist for Account Opening
The formal requirements differ depending on the institution, legal form, and company structure. What matters is not just completeness of documents, but also their consistent and transparent preparation.
Why Account Openings Fail
Even small inconsistencies in the documents can lead to delays and additional follow-up questions.
Missing Documents
Often, required documents are not available in the fully required form at the time of submission.
Inconsistent Data
Information in the forms often does not match precisely with the officially submitted evidence.
Complex Structures
Multi-level or international structures often lead to administrative follow-up questions at institutions.
Standard Documents
These documents are required in most cases and form the basis for every account opening.
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ID Documents of Shareholders & Directors
Valid passports or national ID documents of all relevant persons
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Proof of Address of Shareholders & Directors
Current proof of residence, e.g. bank statement or utility bill (max. 3 months old)
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Corporate Documents
Articles of incorporation, commercial register extract, statutes, or comparable documents depending on legal form
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Ultimate Beneficial Owner (UBO) Information
Full disclosure of all natural persons with a shareholding of 25% or more
Additional Documents
These requirements depend on the structure and are often decisive for follow-up inquiries during the review process.
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Company Structure Chart
Graphical representation of the ownership structure with all company levels and beneficial owners
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Proof of Source of Funds / Source of Wealth
Documentation of the origin of business or personal funds, e.g. through bank statements, annual reports, or contractual documents
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Board Resolution for Account Opening
Formal shareholder or board resolution authorizing the opening of the business account
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Website or Comparable Online Presence
Proof of active business activity, e.g. through own website, LinkedIn profile, or comparable online presence
Common Reasons for Inquiries or Rejections
In practice, it is not individual points but inconsistencies in the overall picture that lead to inquiries or rejections.
Unclear UBO Structures
The beneficial owners or ownership chains are not fully or unambiguously prepared for the institution.
Invalid Documents
Required ID documents are missing, expired, or do not meet the formal criteria for a structured submission.
Imprecise Business Activity
The business activity is not described precisely enough or does not allow a clear classification of the model by the institution.
Insufficient Address
The stated business address is not sufficiently documented or is not accepted by the chosen institution as a suitable registered office.
Unsure what is specifically required in your case?
The formal requirements always depend on the individual case and cannot be fully anticipated in advance. In a conversation, we are happy to discuss the process with you.
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