Challenges of Opening a Bank Account in Gibraltar
With over 30 years of banking expertise, Knightsbridge can assist you with the bank account opening process, alleviating the administrative burden. We can help you choose the right banking provider for your business needs.
Your business may need currency exchange, debit card payment facilities, working capital, online banking or a dedicated business manager. Knightsbridge are approved introducers for most, but not all, and can help to advise your business on dealing with Gibraltar International Bank, NatWest International, Moneycorp, Trusted Novus, Revolut, Transferwise, Europacific, Turicum or Safra Sarasin.
Opening a bank account is one of the first steps in business. It is key that banks understand their clients’ requirements.
- Who is opening the bank account?
- Why are they opening the bank account?
- How would they like to open a bank account?
The procedure used to be easier, although it can be argued that it was too easy. Gibraltar previously had a wide choice of banks and the process of opening a bank account was simple. Form filling was a necessary but short process.
This was before several critical events had an impact on the financial industry;
- 2008 Financial Crisis
- African Uprising
- Greece’s Bankruptcy
- Brexit
The result is a stronger fight against criminal activities such as money laundering, proceeds of crime and terrorist financing supported by global regulation, international co-operation and national supervision. And, as a consequence of this there is a requirement for more supporting documentation and longer forms to fill in.
For more information please email us or visit our website.
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