Incorporation, bank account opening procedure

1. Fill in the Incorporation Order Form and mail to Asset Protection s.r.o.  Attach your current e-mail address for an ease of communicating.
2. Based on your Incorporation Order Form, we shall issue an invoice and e-mail it to you, forthwith. The invoice shall list an exact account and cost of the services, which we shall provide to you.
3. Immediately upon payment of the invoice in full to a bank account designated by Asset Protection s.r.o. , you inform us about the payment by e-mail, as soon as possible, so there is no delay in your job order processing. At the same time, we must have all the necessary documentation from you regarding the ordered service, such as certified copy of a passport, current bank reference, details of officers and directors, corporate owners (nominees, etc.)
4. If you have purchased a “shelf company” (already existing company but dormant) you shall obtain the incorporation documentation from Asset Protection s.r.o.  Via bonded currier, within a matter of a few days. As such a company already has an incorporation number, documentation and sometimes also a bank account, it is necessary to file the change and reregister the new Directors and Officers of this Company with the Registrar of Companies in the given jurisdiction, in concurrence with the local specifications and regulations on Directors and Officers.  Presumably the new Directors and Officers are your nominees or you (and local person if require).
5. If you have ordered a newly incorporated company (with required specifications provided by you in your job Order Form), Asset Protection s.r.o.  shall commence the process of incorporation without any delay.
6. Directors and officers of the newly incorporated Company are set up according to the requirements of the chosen jurisdiction and your specific needs. We will always inform you ahead of undertaking the incorporation on the local specifications and regulations on Directors and Officers.
7. Once the incorporation is accomplished, Asset Protection s.r.o.  shall deliver to you the incorporation documents (as per your request either apostilled or not) via a bonded currier, once the incorporation has been accomplished (in most jurisdictions it is a matter of days).
8. If you have ordered opening of a bank account, one set of the apostilled documents shall be delivered to the designated bank, which bank retains it in its archives for good. For that reason, it is prudent to order sufficient number of apostilled documents.
9. Concurrently, you fill in our bank account information form required for opening of the bank account, either in your corporate or personal name and return it to Asset Protection s.r.o.
10. Based on information provided by you, we shall fill in the application form for the bank account opening.
11. We e-mail this filled-in application form to you for signing (some banks may request a notarized signatures).
12. Signed bank account application form together with a notarized copy of your passport (for your identification should you present yourself at the counter of the bank) shall be returned to us and we subsequently forward it to the designated bank for approval.  The Bank, which is opening your new account, may request a bank confirmation, specifying that you maintain a bank account with another bank. As a rule, in order to obtain this bank confirmation, you need not tell your bank the reason for which you request this bank confirmation. Some banks offer this bank confirmation letter as a standard service to their clients. Once the bank account is approved and we obtain an advice to that effect, we provide your client with the bank account details.
13. The designated bank has by now also obtained the apostilled copy of the new company incorporation documents and proceeds to open your account. Once the account application set is completed at the designated bank, the account itself is usually opened within three to ten banking days (the application set consists of the apostilled company incorporation documents, signed bank account application form, certified copy of your passport and the bank client confirmation letter).
14. To activate your account, it is necessary to deposit into your newly opened bank account the minimum amount required by the respective bank.   
15. If the bank account application also contains a request for opening of the virtual credit card facility, an additional documentation must be filled in, and delivered to us for further processing.  As a part of the virtual credit card application, the credit card issuing facility shall provide information on the minimum credit balances on the credit card account in order for it to remain operative.

Notes:

• You may wish to select your company name from either the List of Shelf Companies or insert your own name choices (up to three) in order of your preference. The company names must end with the words reflecting the legal form of company incorporation, e.g.: “Ltd”, “Corp”, “Inc”, “SA”, “LLC”, etc.
• The company name endings may be designated using the full form (e.g. “Limited Liability Company”) or the abbreviated form (e.g. “LLC”).
• Most jurisdictions require the company names not be offensive, and they shall not be identical to or closely resembling the names of companies already registered.
• Unless the company has obtained a relevant professional activity licensing or permits from the local authorities, such words as "Assurance", "Bank", "Building Society", "Chamber of Commerce", "Chartered", "Cooperative", "Imperial", "Insurance", "Municipal", "Royal", "Trust Company", "Trustee Company" are not permitted or may be strictly prohibited by the registrars.
• In most cases, the process normally takes from 14 to 21 business days, depending on the jurisdiction and structure of your order, specified in the initial Order Form.

Specimens of a bank confirmation letter specifying you have an account at that bank:

“We hereby confirm, that Mr._________________, full address_______________ , ZIP, City, Country, has an account number ______________, with the local branch of  XYZ Bank”.

As for the bank account activation, we recommend that you deposit an amount sufficient for a charge free maintenance of the account, if such a service is available from bank chosen by you.

Download checklist of this Procedure in PDF

 

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Asset Protection s.r.o. is not a law firm and does not provide legal advices or legal services. We recommended to consult licensed professionals with regards to local tax and legal matters.