Guaranteed corporate bank account approvals in 2025
Golden Fish has assisted multinational clients in securing approvals for multi-currency corporate bank accounts. We are the experts in opening such accounts in the UAE.
Opening international multi-currency corporate bank accounts can be challenging. For this reason, multinational clients engage Golden Fish to provide guaranteed solutions.
Our Guarantee
Two-Month Guarantee: Provided all requirements are met, our clients should expect to receive multi-currency corporate bank account numbers from at least one bank within two months of submitting an accurate and complete application.
Three-Month Guarantee: Within three months of submitting an accurate and complete application, our clients should expect to receive multi-currency corporate bank account numbers from at least two banks.
No Travel Requirement: For most of our multinational clients, the bank signatory does not need to travel to meet the bank officer.
Our Strategy
Our Strategy
To maximize the probability of successful and timely approval of a multi-currency corporate bank account, Golden Fish employs the following practical strategies:
Quality Business Plan Preparation: Together with our clients, we prepare a quality business plan that clearly explains the existing and future business activities, including:
- Products and services
- International customers and suppliers
- Details of shareholders, directors, and beneficial owners
Comprehensive Due Diligence: With our clients' cooperation, we collect all required Know Your Customer (KYC) due diligence documentation. Providing the bank's internal Legal and Compliance Department with abundant, transparent supporting documents helps bank officers assess the risk profile of a potential new customer.
Tailored Strategy Document: We email clients a tailored multi-currency corporate bank account opening strategy document.
Leveraging Our Banking Network: We supply our bank officers with the business plan and all relevant KYC due diligence documents. We secure written confirmation from multiple banks—a welcome email inviting our clients to submit a formal corporate bank account opening application.
Regular Communication Updates: Each week, our staff includes our multinational clients in email communications with international banks. This allows our clients to see progress in real-time, including engagement issues, solutions, and bank feedback.
Travel Exemption Negotiation: Our staff aggressively and skillfully negotiate a travel exemption for the bank signatory with international banks.
First Account Approval: Provided all requirements are met, we expect to approve at least one multi-currency corporate bank account within two months.
Additional Accounts: Our multinational clients advise us on how many additional multi-currency corporate bank accounts they need and subsequently settle the remaining engagement fees.
Second or Third Account Approval: Provided all goes well, we expect approval for a second or third bank account within three months.
Complete Banking Package: After securing all the corporate bank accounts our clients require, Golden Fish will courier a complete banking package to our clients for their e-banking access.
Golden Fish fees
Golden Fish fees
For unregulated companies with a low to average risk profile, our corporate bank account opening fees range from US$6,950 to US$9,950 for the first multi-currency corporate bank account approval. Approval of each additional corporate bank account after that for the same low-risk entity costs US$2,950.
For transparency purposes, multi-currency corporate bank account opening fees are outlined in the table below and can be paid in installments (click here for installment details).
| Task | Our fee / US$ | Comments |
|---|---|---|
| Corporate bank account opening fee, together with company registration | 4,950 | Standard fee for low-risk business set up with Golden Fish |
| Corporate bank account opening fee, together with company registration and bank signatory travel | 4,000 | Fee applicable when bank signatory must travel overseas to meet the bank |
| Corporate bank account opening fee for unregulated companies with low to average risk profiles. | 6,950 to 9,950 | For our Client's existing standard risk company, regardless of jurisdiction |
| Corporate bank account opening fee for high-risk business | Depending on the risk profile | For example: PSP, fintech, brokerages, FSP, gaming businesses |
| Escrow bank account opening fee | 4,950 | To receive and settle funds in multiple jurisdictions globally |
| Crypto-currency corporate bank account opening fee | 9,950 | Refer to this web page (click the link) for more information about the requirements and process involved in opening a crypto-currency corporate bank account |
| Personal bank account opening fees | 8,950 | For our Client's personal banking |
| Correspondent bank account opening fee | 14,950 | Refer to this web page (click link) for more information |
| Corporate merchant account opening fee for companies with low to average risk profiles. | 8,950 | For our Client's existing company, regardless of jurisdiction |
| A corporate merchant account opening only for high-risk business | Depending on the risk profile | For our Client's existing company, regardless of jurisdiction |
Corporate bank account fee refund policy
Corporate bank account fee refund policy
To meet multi-national Clients’ expectations and to minimize confusion and disagreements during the engagement, the table below outlines potential problems and solutions.
In the unfortunate event Golden Fish fails to supply our Client at least one multi-currency corporate bank account number within two months from the submission of an accurate and complete corporate bank account application, the following refund policies apply:
| No | Unfortunate Event | Result |
|---|---|---|
| 1. | Golden Fish fails to supply corporate bank account numbers to our Client due to staff oversight. | ✓ Our Client receives a full refund of corporate bank account opening fees already paid, or ✓ Our Client asks Golden Fish to continue negotiating with financial institutions to secure a multi-currency corporate bank account solution. |
| 2. | Our Client fails to supply sufficient, accurate, and complete information to the bank. | ✓ Our Client is not entitled to any engagement fee refund; and ✓ If agreed, Golden Fish will continue our search for a multi-currency corporate bank account solution. |
| 3. | The bank's compliance department rejects our Clients' corporate bank account application. | ✓ Our Client is not entitled to any engagement fee refund; and ✓ For a period of 3 months, Golden Fish will continue our search for a multi-currency corporate bank account solution without charging additional fees. |
| 4. | The bank's compliance department demands the bank signatory travel overseas for a one-hour interview with the bank officer. | ✓ Our Client is entitled to up to a US$950 engagement fee refund, in compliance with our bank signatory travel policy. |
| 5. | Within 2 months of signing our engagement letter, no bank supplies a welcome email for our Client's business. | ✓ Golden Fish will retain US$950 and refund the remaining corporate bank account opening fees paid by our Client. |
| 6. | In the engagement letter, our Client voluntarily discloses negative information about their business (e.g., past bankruptcies and past convictions of directors and shareholders). | ✓ Golden Fish will continue the engagement and adjust our bank strategy; or ✓ Within 3 months from signing our engagement letter, if Golden Fish fails to secure a bank welcome email for our Client, we will retain US$1,950 and refund all other corporate bank account opening fees paid by our Client. |
| 7. | During the engagement, Golden Fish or the bank discovers undisclosed negative information about our Client's business. | ✓ Golden Fish may terminate the engagement without a fee refund to our Client; or ✓ Golden Fish will continue and adjust our bank strategy; or ✓ Our Firm will continue the engagement but charge additional fees. |
| 8. | Over the past six months, our staff has approached multiple international financial institutions but has failed to secure a welcome email from a bank interested in our Client's business. Our Client declines these possible solutions, for example, because their fees are too high or not sufficiently high. | ✓ Our Client is not entitled to any engagement fee refund, and ✓ Our Client may ask us to continue negotiating with international financial institutions. Additional fees apply. |
| 9. | Our staff promised overly optimistic timelines to secure a corporate bank account (less than 2 months without travel, less than 1 month with travel). | ✓ Our Client receives a full engagement fee refund; or ✓ Our Client may ask us to continue negotiating with the banks and other licensed payment services providers (PSP) to secure a multi-currency corporate bank account solution. |
| 10. | Our staff expressed confidence in Golden Fish's ability to supply deliverables within reasonable timelines, but unexpected delays are caused by the banks or our Client. | ✓ Our Client is not entitled to any engagement fee refund, and ✓ Our Client may ask us to continue negotiating with the banks and other licensed payment services providers (PSP) to secure a multi-currency corporate bank account solution. |
| 11. | Our Client is uncomfortable or unable to supply the KYC documentation requested by the banks. | ✓ Our Client is not entitled to any engagement fee refund. |
| 12. | Our staff omitted to inform our Client that banks require detailed KYC documentation on each of the following: Signatory, Shareholder, Director, Ultimate Beneficial Owner (UBO) of the business applying for a corporate bank account. | ✓ Our Client receives a full engagement fee refund; or ✓ Our Client may ask us to continue negotiating with the banks and other licensed payment services providers (PSP) to secure a multi-currency corporate bank account solution. |
Common Banking Challenges for International Entrepreneurs
Common Banking Challenges for International Entrepreneurs
Major Banks (Tier 1) - Key Limitations:
Reluctance to Work with International Clients
- Prefer established businesses with substantial local presence
- Focus on companies operating in the bank's home country
- Less welcoming to non-resident SMEs and startups
Strict Location Requirements
- Strong preference for companies incorporated in the bank's operating country
- Higher scrutiny of foreign-registered businesses
Solutions and Considerations:
- Alternative Banking Options
- Tier 2 banks may provide more flexible solutions
- PSP (Payment Service Provider) solutions available worldwide
- These alternatives can better suit international entrepreneurs
Important Notice for Client Expectations:
When pursuing multi-currency corporate bank account opening, various challenges may arise. It's crucial to understand these limitations upfront to set appropriate expectations and identify the most suitable banking solution for each client's specific situation.
| No | Challenge | Solution |
|---|---|---|
| 1. | During their review of the corporate bank account opening application, the bank's in-house Legal and Compliance Department repeatedly requests additional information, causing engagement delays; | ✓ Our Client and Golden Fish staff work fast to collect and pass the additional documents to the bank; |
| 2. | Our Client's preferred bank's in-house Legal and Compliance Department requests a meeting (click link) with the bank signatory, causing engagement delays; | ✓ Golden Fish staff negotiate with the bank officer for a travel exemption, allowing our staff to visit the bank on our Client's behalf with a PoA (travel reimbursements may apply). ✓ Alternatively, negotiate for a Skype video call or a visit to a local bank branch near our Client. ✓ If neither option is successful, our Client may need to travel, or we will find an alternative bank and submit up to two additional applications at no extra cost. |
| 3. | More than 20 banks reject a formal multi-currency corporate bank account application for our Client's business, causing engagement delays; | ✓ Golden Fish to contact 10 more banks in more flexible locations; ✓ If the above fails, Golden Fish will apply our refund policy; |
| 4. | The bank's in-house Legal and Compliance Department requires certified, translated, and apostilled physical copies of Client due diligence, thus causing engagement delays; | ✓ Golden Fish will negotiate a waiver; ✓ If this waiver is not granted and with Golden Fish's help, our Client will complete this administrative task. Our Client should budget for additional third-party costs; |
| 5. | The bank imposes high onboarding and maintenance fees; | ✓ Because of the strength of our banking relationships, Golden Fish will aggressively and skillfully negotiate with the bank for fee exemption. ✓ If the above fails, our Firm will source for an alternative bank and submit up to two additional applications at no additional fees; |
| 6. | Our Client's preferred bank's in-house Legal and Compliance Department rejects the multi-currency corporate bank account opening application, thus causing engagement delays; | ✓ Our banking team timely sources an alternative flexible bank of similar quality, facilities, and reputation; ✓ Our Firm will source for an alternative bank and submit up to two additional applications at no additional fees; |
| 7. | The bank's in-house Legal and Compliance Department demands our Client register a local subsidiary to meet the requirement of 'local business presence,' thus causing engagement delays; | ✓ Golden Fish to aggressively and skillfully negotiate with the bank officer for an exemption from this costly requirement; or ✓ Our Client to consider additional international corporate bank account opening solutions; |
| 8. | The bank's in-house Legal and Compliance Department discovers undisclosed negative information about our Client's business (e.g., unresolved legal disputes or financial issues), causing significant engagement delays; | ✓ Golden Fish may terminate the engagement without a fee refund to our Client; or ✓ Golden Fish will continue the engagement and adjust our bank strategy; or ✓ My Firm will continue the engagement for additional fees; |
| 9. | The bank reverts requesting the source evidence of proof of business in the country where i) the corporate bank account will be including sales contracts and invoices with local business, and ii) jurisdiction of company incorporation, including lease agreement and employment contracts; | ✓ Our Client and Golden Fish staff work fast to collect and pass the additional documents to the bank; ✓ Our Client considers alternative international corporate bank account opening solutions; |
What you should know about international banking
What you should know about international banking
Due to low global interest rates, international banks make minimal profits from current accounts, reducing their appetite for new multi-currency corporate bank account applications, which leads to higher rejection rates.
Because of the above, customer demand for new corporate bank accounts is higher than the supply of international banking solutions. Consequently, international banks choose low-risk customers that meet all criteria for minimizing risk. These typically include companies registered in the same country, with local staff, office premises, and local customer and supplier invoices. For example, banks welcome multi-currency corporate bank account opening applications from a company registered in the same country with i) local staff and office premises and ii) local customer and Supplier invoices;
Unfortunately, international banks classify the following quality Clients as High-Risk Customers due to perceived compliance and regulatory risks associated with these scenarios:
- A foreign company is opening a multi-currency corporate bank account in a different country. For example, a Singaporean LLC wishing to open a multi-currency corporate bank account in Germany;
- A tax-neutral entity is opening a multi-currency corporate bank account with an international bank. For example, a BVI IBC wants a multi-currency corporate bank account with HSBC London;
- A foreign company with business relationships with high-risk jurisdictions, i.e., Client/Supplier who is from or in any country or jurisdiction known to have inadequate measures to prevent money laundering and the financing of terrorism, sanctioned jurisdictions, and jurisdiction identified as having significant corruption and/or criminal activity;
When dealing with international banks, the bank's front office relationship manager is willing to help Golden Fish and our multi-national Clients.
The role of this bank officer is to collect information and ensure an accurate and complete multi-currency corporate bank account opening application is submitted to the bank's in-house Legal and Compliance Department.
Unfortunately, the bank's in-house Legal and Compliance Department has the ultimate approval power over new multi-currency corporate bank account applications. This Department is highly risk-averse and often lacks touch with commercial reality. Furthermore, banking regulations do not allow the in-house Legal and Compliance Department to speak to customers or Golden Fish. All communications must go through the front office bank officer. Consequently, our Clients and our team often do not get the opportunity to communicate directly with the bank's decision-makers to adequately explain their business and the risks the bank perceives.
Upon successful multi-currency corporate bank account approval and once the business relationship with the customer has been established, the bank's in-house Legal and Compliance Department continues to monitor the customer's corporate bank account. Therefore, Golden Fish recommends our Clients put in place internal systems and processes, such as regular internal audits, transaction monitoring tools, and compliance training for staff, to ensure continuing compliance with each banking transaction of their corporate bank accounts to maintain the stable and healthy corporate relationship with the bank;