Incorporation
What is the procedure to open a bank account?
Although the procedure may vary depending on the bank, and whether the bank account application can be done remotely or require a personal visit to the bank, it generally consists of:
- Immediately after placing your order and making the payment, your account manager will contact you to advise and collect the necessary documents and forms to incorporate your company. We will also ask that you provide 3 choices for your company name.
- We will conduct the required due diligence process. This takes between 1 and 2 business days.
- Then, we will reserve your company name(s), prepare the corporate documentation (e.g. Memorandum & Articles of Association) necessary to incorporate the company and send them to you for your approval. This takes between 1 and 2 days. In some cases, we will require you to mail the original certified copies.
- We will file the company formation application with the company registry.
- The company registry will produce corporate documents and certificates. The company will be officially incorporated. We will send you electronic copies of your corporate documents and mail the original documents (certified and with apostille, if applicable) to your domicile. In most jurisdictions, it usually takes from 5 to 10 business days.
Are there any hidden fees?
No, our fees are all included. Our fees include our incorporation fees, a complete set of corporate documents and the government fees. There is no extra fee.
Bank Account Opening
What is the procedure to incorporate a company?
Although the procedure may vary depending on the jurisdiction, it generally consists of:
- Immediately after placing your order and making the payment, your account manager will contact you and provide you the banks assessment forms together with the banks details and schedule of fees. We will assist you to fill out the forms correctly.
- After filling out the assessment forms and providing us with a proof of ID of the UBOs and Directors, we will forward them to the Banks Senior Corporate Relationship Manager. This usually takes between 1 and 2 business days.
- After the account pre-approval, we will provide you the bank account application forms and advise on the necessary documents. We will assist you in filling out the application forms. Note that the bank can request additional documentation at any time. This may take between 1 and 2 days.
- We will submit electronic copies of the account application package and required documentation to the bank.
- If the bank account can be opened remotely, you will need to mail the account application forms ink-signed and certified true copies of the required documentation to the bank. If the bank requires a personal visit, you will need to set an appointment with your Relationship Manager, visit the bank branch and provide the original documents to the bank. Note that in some instances, the Bank’s Senior Relationship Manager might want to have a call with you to better understand your business and ask additional questions.
- Your account application will go through the bank’s Compliance Department for final approval. Although the length of this phase is somewhat unpredictable and out of our control – in most banks, it usually takes from 1 to 2 weeks.
- After your account is approved, the bank will provide via mail (or electronic mean) your account details, internet/mobile banking credentials, cards requested (if any) and security token device. At this point, your account will be operable and you will just need to transfer the minimum required initial deposit (if any) to start doing business.
Are there any hidden fees?
No, there are no additional fees or disbursements charged by us. However, the bank may charge account opening and additional fees at its discretion.
Is the bank account opening guaranteed?
Bank account opening is not guaranteed and is subject to the banks policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. Although we do our best efforts to refer our clients to banks that are willing to accept them, we cannot guarantee the account opening.
What is the refund policy?
If the account is not successfully opened, we will refund your payment – charging a 15% processing fee. Refunds take from 5 to 10 business days to be processed (depending on the payment method).
Why do you not disclose the name of the banks publicly?
We only disclose the name of the banks to our clients. For more than 6 years, we have worked on building strong relationships with our banking connections and this comes at a cost. However, you can be assured of our commitment to provide the highest-quality banking options in each of the jurisdictions according to your business and personal profile. Furthermore, many of the banks only open accounts via introductions. Unfortunately, we have encountered situations where non-Flag Theory clients have claimed to the bank to be recommended by us. We want to avoid such non-ideal situations. And ultimately, some of our connections prefer that we do not publicly advertise our relationship with them.
Why do you charge your service fees upfront?
We have up front legal and processing costs associated with incorporating a company and opening a bank account. Furthermore, this policy prevents any hold-ups in your incorporation/banking opening process. All incorporation, bank account opening support and consulting services must be paid upfront. We appreciate your understanding.
If you have any other question or require further clarification, please contact us.
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