A company cannot function fully without a settlement account. However, opening an account might be challenging, as banks of all countries have recently tightened requirements for clients and imposed more stringent procedures to counter money-laundering. In this case, a company may opt for payment systems that represent an efficient alternative to traditional banks and serve non-resident companies. Magrat can offer you qualified assistance in opening an account in a payment system.
The cost of assistance service for opening an account in a payment system is 600 euros, including the success fee in case of a positive decision. In case of a rejection, we refund 100 euros.
Why choose Magrat?
- Magrat’s team comprises consultants with banking background and lawyers with long-term experience in accounts opening for non-resident companies.
- We make a preliminary analysis of the case: select the payment system that suits the client’s requirements and the specifics of the business.
What is included in the price?
Based on the provided information and our experience of cooperation with payment systems, we will help organise the process and maximise the chances to open an account, including the following stages:
- preliminary analysis of the case: we analyse the case from a payment system’s perspective, define its strengths and weaknesses, risks and explain them to our client,
- consulting the client in completing the forms for account opening: based on our experience we recommend how to present the information favourably, which aspects to describe in detail and which issues to highlight,
- consulting the client in preparing the package of documents KYC: we help our client to prepare information about the origin of funds and the package of documents according to the requirements of a certain payment system,
- assisting during communication with the payment system and preparation of answers to additional questions,
- providing the client’s company with an Estonian mobile number (prepaid card) for entering the payment system, which will be sent to the client by courier mail after the account is opened.
What is not included in the price?
- guarantees that the account will be opened as the final independent decision takes the specialists of the payment system,
- expenses for producing and obtaining legal documents,
- commissions charged by the payment system for opening an account according to the payment system’s price list.
What is required from the client?
- full information about beneficiaries and business of the company, main partners, number of transactions, turnover,
- documents certifying the origin of funds,
- documents identifying the members of the board and beneficiaries,
- documents proving the address, and certificates issued according to the requirements of the payment system,
- documents of the company, owners and beneficiaries prepared according to the requirements of the payment system,
- prompt responses to the questions of the payment system,
- high-quality corporate website (if necessary, we can create a website for an additional price).
- package of documents for opening an account,
- in case of a positive decision about account opening:
- notification or another document with full account details,
- access to the payment system via a website or mobile application.
As a rule, the account is opened within 1–2 weeks, depending on the complexity of the case.
You may also be interested in
- Opening an account in international banks
- Opening an account in an Estonian bank
- Creating a corporate website