Business plan for banks & financial institutions KYC
A business plan to facilitate the opening of an offshore business bank account
differs from a business plan destined to potential partners and investors.
From a bank compliance perspective and with AML/ATF regulations the need is to understand the business activities, inward and outward patterns and the risk level.
Obviously the bank will also understand the location of customers and suppliers as well as the activities to define a risk level attached to the offshore bank account opening
As example a Hong Kong company trying to open a bank account for Oil trading with Algeria will have very limited chances of success, definition and understanding of such challenges require expertise, contact us for more information about our bank account opening assistance services
The bank account opening business plan should contain:
- A brief description of the company activities
- A very brief description of the market, competitors and competitive advantages of the company. We suggest 2 pages maximum.
- A list of potential customers names with their location and potential turnover
- The same for the suppliers
- The key persons resumes / CV to explain their professional experiences
- Number of inward and outward remittances, average values and currencies
- Means of funds (cheque, cash, T/T, L/C)
- Financial forecast simplified showing expected turnover and profit, monthly projection
- Mention of the company website and contact details
- Countries of operations, number of employees
- Principal place of operation
- Justification for the setup of a
local company and the opening of a bank account in the
desired country, understanding why you want to bank with
the selected financial institution is a must.