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IN WHICH BANKS ARE THE ACCOUNTS OPENED?

The bank accounts are opened in the Offshore Banks.

HOW MUCH TIME IS REQUIRED TO OPEN A BANK ACCOUNT?

It takes approx. 7-10 days to complete the bank account opening procedure.

WHAT ARE THE BANKING FACILITIES PROVIDED?

The bank account comes with the following facilities:

Cheque Book
Credit Card
Debit Card
ATM (an initial £200.00 deposit is required for the ATM card; the Offshore Bank debit card carries the VISA symbol and therefore can be used as a visa card too)
Internet banking

Please note that although the bank account is opened, it is only activated after the first fianancial transaction is made. Also note that Formations House provides you with the details of your bank account and cheque book only; you will need to apply for the credit and/or debit cards yourself.

IN WHICH CURRENCIES CAN THE BANK ACCOUNT BE OPENED?

The bank account can be opened in any one of the following currencies:

Euros
Pound Sterling
US Dollars

WHAT ARE THE REQUIRMENTS TO OPEN A BANK ACCOUNT?

Formations House can open bank accounts for the non-UK resident customers without any need for them to personally attend the bank account opening procedure. The following documents are required in this regard for all the proposed signatories of the account:

Notarized Copy of Passport,
Notarized copy of Driving License,
2 x notarized proof of residence i.e. copies of last two months utility bills,
Notarized bank statement for last three months .

Non-residents can send their utility bills and bank statements from any country where they reside. There are no nationality or residence restrictions in this regard.

Please note that all the above documents must be in English language.

CAN FORMATIONS HOUSE OPEN A MERCHANT BANK ACCOUNT?

Formations House is also able to open merchant bank accounts. The fee for this service is £500.00 and it takes approx two weeks to complete this procedure. The requirements for opening merchant bank account are identical to the requirements for opening a business bank account.

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