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Confidus Solutions

Bank introduction services

Bank introduction, as the name suggests, is the process of introducing potential clients to the most suitable bank for their needs. The aim is to support the client and increase his or her chances of finding a suitable bank account, and so it is important to understand which bank would be the most suitable service provider for the client by getting to know his or her business profile and financial standing or personal background, as well as any personal needs and preferences. Some banks require a substantial minimum account balance, while others prefer business customers who are actively trading or start-ups. Some banks cater to the needs of high-net-worth clients, offering a set of wealth management, private banking and investment services.

The main activities performed by bank introduction agents are:

Confidus team can provide bank introduction services to ease and speed up the entire process for you.

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Bank introduction agents

Bank introduction agents are usually not financial institutions and do not offer any financial services; most frequently, they are business consulting companies offering incorporation services. Bank introduction agents tend to establish client-introducer relationships with a number of banks with different preferences and in various regions so they can find the most suitable bank for their clients. Some business consulting and incorporation companies offer their bank introduction services only to those companies that have set up their business through that particular firm, or are in the process of doing so.

Many banks are more comfortable accepting new clients through a licensed professional intermediary. Most require a personal meeting with the potential client before opening an account or within a certain time frame after the account is opened. Usually, bank introduction agents set up a meeting and formally introduce the client to the customer services manager directly.

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Benefits of using bank introduction services

The bank introduction agent provides the client with a full set of account application forms along with instructions and examples explaining how to fill them out correctly. In addition, the agent provides the client with all corporate documentation for a new company, prepared according the bank's requirements. As well as introducing the client to the bank, some agents prepare the necessary minutes and resolutions appointing the signatories to the bank account and provide signature cards. The set of services provided by bank introduction agents can vary significantly, and need to be discussed with the service provider directly. The key benefit of using bank introduction services is the time saved in opening a bank account and possibly in future communication with the bank.

However, no bank introduction agent can guarantee that the bank account will actually be opened. Success mostly depends on the background data and personal profile of the beneficial owner of the company and the underlying patterns of the business. All banks have their internal client acceptance guidelines, which change relatively often, and so banks routinely reject new clients based on various subjective considerations.

If you are looking to open a bank account, we would strongly recommend that you contact the Confidus team; we work with numerous banks and are aware of their compliance requirements, making it quick and easy to open an account.