Open corporate bank account in Gibraltar
Tetra Consultants assists our international clients with Gibraltar corporate bank account opening for their newly-established companies. To swiftly open corporate bank account in Gibraltar, Tetra Consultants has established partnerships with multiple reputable Gibraltar banks with excellent internet banking facilities. Some of the Gibraltar banks we worked with include Gibraltar International Bank, Jyske Bank and EFG Bank. Tetra Consultants banking team is well versed with the different requirements of each bank and will advise our clients on the most suitable bank for their Gibraltar business.
Most Gibraltar banks will not require our international clients to travel for this procedure. Tetra Consultants will prepare a detailed business plan comprising of our clients’ business activity, corporate structure, transaction volumes and financial projections. Thereafter, the bank officers will arrange for a video conference call with our international clients. As always, Tetra Consultants will attend the virtual meeting as well to ensure smooth communication among all parties.
In the event your business activity is regarded as high risk, there is a good chance that the banks will subject your company to enhanced due diligence. The bank officer will revert asking for additional supporting documents and information. In this situation, Tetra Consultants will liaise closely with both the banker and our clients to facilitate effective communication. In most cases, Tetra Consultants will prepare the required due diligence documents in advance so as to prevent any delays in the engagement.
Overview of Banking in Gibraltar
With a long history of banking and international trade, Gibraltar was regarded throughout much of the 20th century as a tax haven, with the wealthy from all over the world flocking to the city to take advantage of the attractive conditions there. However, while Gibraltar is still considered a low-tax jurisdiction, due to regulations imposed in the 2000s, financial regulation is much stricter than in the past.
As of 2022, there are only 10 banks in Gibraltar, all of which are supervised by the Gibraltar Financial Services Commission and clients benefit from EU deposit insurance of up to €100,000. Although in a state of limbo since Brexit, Gibraltar’s banking standards are closely tied to both the EU’s and UK’s, and local banks offer online personal banking services to residents only, as well as wealth management and corporate banking for residents and non-residents.
A rule of thumb for opening an account in Gibraltar is that applicants generally need to demonstrate close ties to or legitimate interest in Gibraltar.
What are the benefits of opening a corporate bank account in Gibraltar?
- Gibraltar shares the same regulations as the UK.
- Banking is one of Gibraltar’s leading sectors and Gibraltar’s assets total more than 7.8 billion euro.
- Gibraltar banking is regulated by the Financial Services Commission appointed by the Gibraltar government on behalf of the British Foreign and Commonwealth Office.
- Gibraltar bank account holders are protected by the EU Deposit Protection Scheme up to 100,000 euro for accounts held in Gibraltar
- Gibraltar’s special status in the EU is an advantage for Gibraltar account holders.
- A Gibraltar non-resident company incorporation is likely the most cost-effective offshore tool available across the European continent.
- Banking facilities are confidential as banks’ policy.
- Details of transactions carried out from a corporate offshore bank account will not be disclosed to any tax authorities.
- A bank account can proceed remotely
- There is no minimum capital requirement
- Affordable bank support service with the entire assistance of our motivated bank executive.
- Tetra Consultants can support you to open a corporate bank account for any type of Gibraltar company.
What are the laws and regulatory body governing banks in Gibraltar?
- Gibraltar is an EU member state and as such follows the EU Savings Tax Directive. As an EU member, Gibraltar banks have to abide by the Banking Ordinance regulations of 1992.
- Gibraltar banks (and off-shore banking in Gibraltar) are supervised by the Federal Services Commission but also need to meet the regulatory standards of EU directives.
Major International banks in Gibraltar
There are several international banks in Gibraltar that have a major presence in the country:
- Jyske Bank Gibraltar is a subsidiary of the Danish Jyske Bank and is considered one of the best-regulated banks in the world. They pride themselves on their personal relationship with their clients and offer financial advice for corporate, personal, and private banking. With an account at Jyske Bank Gibraltar you can hold multi-currencies; enjoy online banking; mortgages; loans; currency, investment, and wealth management; Visa cards, and more. Jyske has been in Gibraltar for 31 years but they announced in January 2019 that they are planning to sell the Jyske Bank Gibraltar subsidiary.
- Barclays Bank PLC is a leading global financial institution specializing in investment and wealth management. They provide international and private banking services; fiduciary services; brokerage services and a wide range of other services worldwide.
- Credit Suisse (Gibraltar) Ltd. Is a financial service company that has a history dating back to 1856 when it was originally established in Zurich Switzerland and they now operate in about 50 countries including Gibraltar. They are experts in wealth management; investment banking and portfolio management. Their services are customized to the needs of the clients.
Other well-known international banks in Gibraltar are Lloyds Bank, Royal Bank of Scotland, Lombard Odier & Cie, Banque Audi, IDT Financial Services, etc.
What are the documents required for opening a bank account in Gibraltar?
- As in other European countries due to strict anti-money laundering procedures, an applicant will need to pass through a strict and detailed know your client procedure. If a client has a positive bank history with other European banks, it will certainly facilitate the opening procedure.
- It is common in Gibraltar that a bank may ask for evidence that an applicant has sufficient funds to support its living.
- An applicant submits passport and personal identification documents of individuals, including directors and shareholders, as well as proof of origination of funds. Some banks require to provide proof of residencies, such as utility bills, and residence permits. Corporate clients submit articles of association, tax documentation, bank references, corporate certificates, a list of activities, and clients.
- Certificate of Incorporation,
- Memorandum, and Articles of Association (if your type of company doesn’t have a memorandum and articles then a similar document that sets out the rules of the company)
- Register of Directors
- Register of Shareholders/Members
- Share Certificates
The bank requires the following personal documents from each officer, beneficial owner, and authorized signatories within the company:
- Certified Copy of a valid Passport with the photograph visible
- Certified Copy of a Utility Bill dated within the last 3 months – this can be a Bank Statement, Gas/Electricity Bill
- Personal CV
- Proof of Source of Wealth / Funds
What is the procedure to open a corporate bank account in Gibraltar?
Step 1: Register company in Gibraltar for opening a corporate bank account in the country
- Once you have decided to register company in Gibraltar, it is to be essentially considered that opening a corporate bank account is another indispensable step to onboard your offshore business in the country.
- But before moving with the opening of corporate bank account, Tetra Consultants will act as your business partner for registering a company in Gibraltar from choosing the best business form available to getting the necessary trade licenses.
Step 2: Evaluating your business needs & choice of banking institutions
- Starting with the engagement process with regards to the opening of corporate bank account in the respective jurisdiction, Tetra Consultants’ banking team will first understand the nature of your business to make out the possibility of future international banking transactions and understand your needs.
- We will also take into account the required banking product and services. Since Gibraltar banks offer diversification in their banking products and provide a variety of services at different rates. Its products are available in a few major currencies.
- Once the above step is completed, Tetra Consultants banking team will provide you with a list of internationally reputable banks and local banks of Gibraltar, best suited to your business needs and goals. The mentioned list will entail the important information pursuant to bank account opening fees, initial deposits, transaction limitations, and account maintenance fees.
- Tetra Consultants has worked with some of the reputable banks in Gibraltar with a hundred percent positive outcomes. Once our client confirms the most suitable bank for his business, Tetra Consultants will immediately advance our corporate bank account opening service.
Step 3: Abiding by strict KYC norms & other documents preparation
- As in other European countries due to strict anti-money laundering procedure, an applicant will need to pass through a strict and detailed know your client procedure. Tetra Consultants will perform the initial KYC check onto the directors and owners of the company.
- To conduct such KYC check we will need some basic documentation from your end which can include the identification documents like passport, visas of the directors and ultimate beneficial owners of the company.
- Once we are done with the verification of documents so provided, we will simultaneously start with preparation and filing of other documents like bank application form, business plan, business questionnaire if required and other such forms to be filled by the client.
Step 4: Adhering to banking requirements
- Local banks in Gibraltar specially gives preference to the clients who has some connection in the territory or physical presence in the Gibraltar.
- Tetra Consultants assist clients in providing a legal registered address in the country along with fulfilling other requirements with respect to nominee director, local registered agent and a representative in the country.
Step 5: Submission of bank application form & Interview preparation
- Once the aforementioned steps are completed, we will send you the pre-filled bank application form along with other documents to be duly signed and attested by the clients.
- Consequently, Tetra Consultants will move forward and submit the documents to the proposed bank. At this stage, Tetra Consultants will extensively liaise with the banking officials to make sure the application forms are duly filed and there is nothing left to be complied.
- If required by the banks in Gibraltar to conduct an interview with clients, Tetra Consultants will provide the requisite training for the same.
Step 6: Bank approval & depositing the minimum capital required
- Bank will take the due consideration and perform the strict check of your application. If all goes well bank will confirm the opening of bank account for your business.
- Once the confirmation is recieved, Tetra Consultants will move forward and inject the requisite capital amount and send you the necessary bank documents, certficate of deposits, account number and bank token at the address mentioned by our client.
Timelines
Opening corporate bank account with Gibraltar banks is a straightforward process because the newly-established company is incorporated in Gibraltar. On average, Tetra Consultants expects our international clients to have access to internet banking within 4 weeks. See this webpage to find out how Tetra Consultants manages to open each corporate bank account within stipulated deadlines.
Tetra Consultants can assist you through the full process to register company in Gibraltar.
Contact us now for a free consultation. Our team of experts will revert within the next 24 hours
