BANK ACCOUNT FOR EUROPEAN COMPANY
If the intention of the client is to open a new European company with European headquarters, it is possible to open the bank account in the same European country.
With each company formation service we offer bank account set-up, which can be opened remotely with the assistance of Empire Business Services (Latvia, Cyprus,Denmark) or with the help of a power of attorney (Estonia, Poland, France, Austria, Netherlands, Ireland).
Personal visit in banks of other countries (Hong Kong, Singapore, Switzerland, UK) will be preferable or even required, depending on certain factors such as citizenship of the beneficial owner, their background and business experience.
For a majority of EU states, there is no such obligation to hold bank accounts in the same jurisdiction as the company. Thus, many clients prefer to open accounts in banks which they find more convenient to work with (for example banks in Latvia, Cyprus or Denmark).
One must remember that a corporate bank account is one of the factors adding points for tax residence of the company. But a bank account alone is never sufficient to prove company tax residence when required. Or, for companies that choose to be tax-transparent (Non-resident partnerships in the UK or Sweden, or non-resident limited companies in Malta, Cyprus or Singapore) it is often more preferable to have a bank account outside the company’s jurisdiction in order to support the non-resident nature of business, whereas profits are not remitted to these jurisdictions.
To find out more, please contact us.