Johannesburg · South Africa
WONE Global Partner · South Africa
Kameel Keshav
Corporate finance, M&A, capital markets, strategic advisory and board governance professional.
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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 & Capital Access, with Corporate & Entity Services and Risk, Compliance & Financial Integrity.
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 & Capital Access, 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 →
- South Africa WONE Global Partner Kameel Keshav · CA(SA) · Corporate Finance & Transaction Advisory Brief this Partner →
- Switzerland WONE Global Partner Gianmatteo Terruzzi · Managing Partner Brief this Partner →
- 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 →
Lugano · Switzerland
Vienna · AustriaWONE Global Partner · Austria
Mag. Mario Haider
Galway · Ireland
Kigali · RwandaWONE Global 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).
Pretoria · South AfricaDiscover
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.
Next sessions on this corridor
WONE Global is one of the six institutions of the UNBOUNDED™ Global Ecosystem. Links open unboundedglobal.com. WONE Global in the ecosystem