Opening a bank account for cryptocurrency companies
The crucial points for account opening are transparency and professionalism:
- Clear understanding who are owners, board members and ultimate beneficiary owners of the company
- Understandable short business plan/white paper.
Based on our current experience if these requirements are fulfilled - it is highly probable that the bank will give a positive answer about account opening.
As an additional and final requirement the bank demands a document where the attorney-at-law (member of the Bar) will confirm the company's shareholders, board members and ultimate beneficiary owners (UBO). Also a statement about good standing of the company must be confirmed there. Additionally, the attorney must certify that the utility bill provided by the UBO is a true copy.
After the required documents are gathered, it usually takes a few weeks to get a final answer from bank.