There is an opinion that opening a foreign account abroad for IT services companies is quite problematic nowadays. In this article, we propose to find out if this is so.
Traditional banking solutions are not answering the fast-growing IT sector. The fact that development companies may seem understandable and accessible often raises many doubts among compliance officers. You must admit that there are products that cannot be shown or touched, and if you add an IT startup to this, the task of opening an account in a local bank becomes much more complicated.
Banks and other financial institutions around the world provide a wide range of options for opening accounts: these can be both individual IBAN accounts and variations of sub-accounts.
The procedure for opening current accounts in foreign banks abroad for all types of IT companies has become much stricter in recent years. This means that along with a standard list of corporate documents and information about the ultimate beneficiaries, a detailed structure of all business processes of the company is required, as well as an active and structured website.
If the company’s activities are subject to mandatory licensing in the IT field, relevant documents are required. Often, the compliance service requests licenses for some related types of regulated IT activities, which, in its competent opinion, are also required for licensing.
Additional requirements are imposed on the turnover of IT companies, which for some compliance services is required to be confirmed. This requirement causes difficulties for start-up projects that are required to submit their business plans.
In this regard, it is not enough to manage with your resources and knowledge, and you need to turn to companies that specialize in providing professional assistance in opening accounts and preparing documents related to acceptance (for example, a business plan and management reporting).
Collect & Pay provides a payment solution for companies from the IT industry. We support the most popular world currencies. Our clients can send money to their partners via our platform. Payment account opening is taking 2-3 days in case of providing all the required documents.
Contact us now – contact@collectnpay.com