Vienna · AustriaWONE Global Capability Partner · Austria
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Cases · Capital & assets · Banking, lending & secured finance
Open the first local bank account
Why won't any bank open an account for our new foreign company?
WONE Global prepares the know-your-customer file the bank will actually accept, explains the ownership structure the way compliance teams need to see it, and introduces the company to banks that serve that profile.
Countries in the typical case India · United Arab Emirates
The situation
What is happening
What is at stake
Without an account you cannot pay salaries, receive revenue or prove substance, and every rejection makes the next bank more cautious.
A scenario
Trading company, Indian-ownedMid-sized company · from India · in United Arab Emirates
Its new Dubai company has been refused by two banks because its ownership runs through three countries. Without an account it cannot receive revenue or pay staff.
Where it ends An operating account, and a file that answers the next bank's questions too.
A representative scenario of the work WONE Global coordinates, not a specific client’s matter.
Also asked as “How do we open a business bank account abroad?”“What documents do banks ask foreign-owned companies for?”“A foreign bank has refused to open our corporate account”
The solution
How WONE Global handles it
WONE Global prepares the know-your-customer file the bank will actually accept, explains the ownership structure the way compliance teams need to see it, and introduces the company to banks that serve that profile.
Usually led by Banking and capital, with Setting up and running a company and Anti-bribery, sanctions and compliance.
Step by step, in the scenario
- Day 1WONE Global reviews the ownership chain and the reasons banks gave.
- Week 1A bank-ready file: structure chart, source of funds and documents in the form compliance teams expect.
- Week 2Introductions to banks that serve this profile, with the professional answering questions.
- ThenAccount opened and signatories set; the structure is noted for future banks.
Timings are typical. They depend on the countries, the authorities involved and how quickly documents are available.
Decisions
The decisions involved
- 01Which bank fits the entity, currency and volumes
- 02What know-your-customer evidence the bank will ask for
- 03Who holds signing authority and with what limits
Outcomes
What you receive
- A KYC pack the bank will accept
- An operating account with agreed mandates
- Payment and FX arrangements in place
This is a general guide. Your WONE Global professional confirms the work, timing and fees for your markets before anything starts.
Services
The services involved
One area of expertise usually leads; the others move with it. WONE Global keeps them connected across every country involved.
Who handles it
Banking and capital, market by market
The status of the lead service in the markets that matter for this case. A named WONE Global Partner acts under their own licence; where none is in place yet, WONE Global confirms availability before anything else.
- Indiain the typical case On request Availability confirmed before any work begins Bring a requirement →
- United Arab Emiratesin the typical case On request Availability confirmed before any work begins Bring a requirement →
- Saudi Arabia On request Availability confirmed before any work begins Bring a requirement →
- Singapore On request Availability confirmed before any work begins Bring a requirement →
- United Kingdom On request Availability confirmed before any work begins Bring a requirement →
- United States On request Availability confirmed before any work begins Bring a requirement →
Other markets: WONE Global covers 100 countries. Name yours in the requirement →
Vienna · Austria
Kigali · RwandaWONE Global Capability Partner · Rwanda
Lydie N. Murorunkwere
Lydie is the Founder and Managing Director of ML Corporate Services Ltd and the first Chairperson of the Rwanda Trust Companies Association (RTCA).
Dubai · United Arab EmiratesWONE Global Capability Partner · United Arab Emirates
Dr Hajra Nazir
Dr Hajra Nazir is qualified Professional Doctorate (PD) in Business Advisory & Compliance with prestigious organizations in the field of Corporate Advisory, Business Administration, Law, Commerce, Applied Economics etc.…
Yaoundé · CameroonWONE Global Capability Partner · Cameroon
Kelvin A. Egbe
Attorney specialized in structuring, licensing, control, project permitting, patents, trademarks & Designs registration, venture financing, trade finance, regulatory intelligence & compliance, Financial markets, natural…
Shanghai · ChinaWONE Global Capability Partner · China
Roberto Gilardino
- Contracts and commercial lawNamed lead
- Buying, selling and investingNamed lead
- Anti-bribery, sanctions and complianceNamed lead
Roberto Gilardino is Regional Partner at Horizons, supervising the advisory’s activities in North Asia as well as additional countries (including Mongolia, Malaysia, Indonesia, Pakistan, UAE, Cyprus and Malta).
Luxembourg · LuxembourgWONE Global Capability Partner · Luxembourg
Bruno Abbate
Discover
Where this case connects
The markets, corridors and guides behind this case, and the questions to put to Ask WONE below. Every link opens a page that links back here.
Markets in the typical case
Corridors
Services and subject
Worked examples
How it goes in practice
Researched corridor journeys, and representative scenarios on the same subject. None is a specific client’s matter.
- India ↔ United Arab Emirates · researched journeyAn Indian manufacturer sets up a UAE regional hubRead the journey →
- Europe ↔ India · researched journeyA French company sets up a subsidiary in IndiaRead the journey →
- Corporation · from United Kingdom · in PolandIt is borrowing to acquire a business in Poland.How WONE Global handles it →
Banking, lending & secured finance
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WONE Global Intelligence
Ask about doing business across borders
Ask in your own words. Answers come from WONE Global's checked records, with every source shown, and end with the named Partner who can act. Go deeper on any point, or build a decision file.
UNBOUNDED™ · Global Business Circuit™
Work through India ↔ United Arab Emirates with the leaders doing it.
Bring a live question about this corridor to a small online session of senior business leaders, run by UNBOUNDED™, the ecosystem WONE Global belongs to.
The Global Business Circuit™
One corridor, 60 minutes online, 12 senior business leaders. The leaders' own questions set the agenda; market and professional perspectives join only where the questions call for them.
Sessions involving these markets
26 OctMonSouth Korea ↔ GCC09:30 UTC · 15:00 IST · 60 minutes online12 of 12 placesTake a place 28 OctWedUK ↔ India09:30 UTC · 15:00 IST · 60 minutes online12 of 12 placesTake a place 2 NovMonGCC ↔ Africa09:30 UTC · 15:00 IST · 60 minutes online12 of 12 placesTake a place
No session on this exact corridor is scheduled in the coming weeks. The calendar rolls forward continuously.
WONE Global is one of the six institutions of the UNBOUNDED™ Global Ecosystem. Links open unboundedglobal.com. WONE Global in the ecosystem