How can we help your company open a corporate bank account in Latin America and the Caribbean?
Our Bank Account Opening Services
As your business expands, you may need to embark on international expansion, including incorporating foreign companies and setting up local payrolls. And for such, you will need to open a local corporate bank account, which can be complicated and time-consuming, especially with understanding local requirements and regulations, and often in a foreign language. At the Biz Latin Hub group, we can assist you with opening a local bank account. We can advise on local banking requirements and regulations based on our extensive local presence and understanding.
Biz Latin Hub Group supports our clients with corporate bank account opening services within Latin America and the Caribbean.
After understanding your business and its needs, our local banking experts will advise on suitable banks and jurisdictions which you may wish to consider.
We are your one-stop shop for bank account opening needs in Latin America and the Caribbean!
Know Your Client (KYC)
This is where we get to know you and is a process of identifying and verifying the client’s identity when opening a corporate bank account. This is an important process and will help to expedite the bank account opening process.
Bank Account Advisory
We will understand your business and guide you with the right bank selection to meet your banking needs. Here we will ask you questions about your planned banking, your business activity, the Ultimate Beneficial Owner (UBO) and your expected bank transactions
Bank Account Application
We will work with you to prepare the bank account application and ensure it meets the bank’s needs. We will then submit the bank account opening application to the bank. During this stage, our team will engage very closely with the banks on your behalf to ensure bank account opening success
Application Monitoring
We will monitor and follow up regularly with the bank until the process is completed. Once approved, our local banking team will ensure that everything is in place, including the provision of banking tokens and coordinating the initial bank account opening deposit.
More information on how to open a bank account
Frequently Asked Questions on Banking
Based on our experience, these are the most commonly asked questions on how to open a bank account in Latin America and the Caribbean.
What is the process to open a company bank account?
The process to open a company bank account is usually comprised of 4 steps.
- Selecting a bank that aligns with your business needs
- Providing fundamental information about yourself and your business
- Submitting legal business documentation
- Finalizing the application process at a local branch
What documents are required to open a corporate bank account?
To open a corporate bank account, most banks will require the following documents at a minimum:
- Certificate of Incorporation
- Memorandum & Articles of Association
- Certificate of Good Standing
- Recent Financial Statements
- Bank Reference (if applicable)
- Passport and Proof of Address for all shareholders and directors.
- Summary of company business activities and plans
- Summary of expected value/ volume of transactions
Depending on the bank, additional documents and/or supporting information may be requested.
Can I open a business bank account online?
Yes, solutions for opening a bank account fully online are available for most of our international clients. If a face-to-face meeting is mandatory, logistics can be coordinated to meet your availability requirements.
Do I have to travel to open the Bank Account?
No, solutions for opening a business bank account without the need for travel are available for most of our international clients. If a face-to-face meeting is mandatory, logistics can be coordinated to meet your availability requirements.
What are the benefits of opening a corporate account?
The primary advantage of opening a corporate account is the separation of your personal and business finances. This separation facilitates easier management of business expenses and provides additional legal protections.
What information is required to open a company bank account?
The following information is typically required to open a company bank account:
- Your expectations from the bank account
- The nature of your business activity
- The ultimate beneficial owners (UBO) of the account
- The expected incoming and outgoing transactions
- The language preference for the online banking platform
What services does Biz Latin Hub provide in assisting with opening a business bank account?
Biz Latin Hub provides comprehensive services to assist businesses in opening a bank account. We guide you through the entire process, from selecting a bank to submitting the necessary documentation, and coordinating logistics if a face-to-face meeting is required.
How do I initiate the process of opening a corporate bank account with Biz Latin Hub?
To begin the process of opening a corporate bank account, please reach out to Biz Latin Hub via our contact us page.
What our clients say
We relied heavily on the Biz Latin Hub Group to establish our local corporation and the bank account opening process. The bank account opening process was fast and efficient; their application preparation and monitoring services exceeded our expectations.
-Luis Alvarez, KMT Country Manager
WHAT MAKES BIZ LATIN HUB DIFFERENT?
Your Local Partner
We can provide you the complete, fully-integrated and tailored back office, PEO and entity incorporation solution
Your Need is Our Focus
We know one size doesn’t fit all – we will work with you to understand your business needs and to provide a personalized market entry and back office solution
Globally Minded & Local Expertise
Trust our local team of lawyers and accountants to establish your business, form your legal entity, hiring employees and legal entity compliance
Communication at its Best
English, Spanish or Portuguese – Our local and expatriate team of accountants and lawyers can support you in multiple languages