In this article, we break everything down clearly: how to open an account without delays, unnecessary questions, or stress.
№ 1. Do not take care of the account in advance
The most obvious mistake is trying to open a bank account after launching the business. In practice, we often encounter clients who urgently need an operational account because they are about to sign contracts and receive payments within days. Yet the legal entity has already existed for months, and no steps toward account opening have been taken. In reality, the process can take 2 to 6 weeks or more, during which all deals are put on hold. Our firm always recommends preparing the bank account immediately after company incorporation.
№ 2. Preparation of documents
It’s not enough to simply upload the articles of association and registration certificate — banks expect a complete compliance profile. This includes a business summary, organizational chart, list of beneficiaries, business model, contracts, sources of funds, and sometimes even the personal tax history of key individuals. What matters is not just the presence of documents, but their logic and consistency. We structure everything the way a compliance officer is used to seeing it, and when reviewing documents, we put ourselves in the shoes of the bank’s compliance team.
Opening a corporate account with a payment institution is a serious and comprehensive process. First and foremost, it’s important to understand: it’s not the payment institution that needs to open an account for you — you need the account.
Legal entities with complex ownership chains are an immediate red flag for any financial institution. If the structure includes trusts, offshore entities, or nominees, everything must be clearly justified and transparent. Ideally, the bank should see who actually controls the company and how these individuals are connected to its operations. We help “clean up” the structure and present it in a clear and comprehensible way.
Saying “We are a consulting company” is not enough. The bank needs a clear understanding of how exactly the company makes money, who its target audience is, and what types of transactions are expected. The absence of a business plan, website pitch, or presentation deck is a common reason for rejection.
It’s also important to note that during the compliance review process, banks often request additional documents, updates to existing ones, or ask to complete endless questionnaires. It’s not uncommon for them to require notarization, apostilles, or translations of specific documents into other languages.
Timely responses to such requests are crucial — this process is in your best interest and directly affects the success and speed of account approval.
№ 3. Weak beneficiary profile
Even if your business is flawless, a payment institution will still examine the backgrounds of the founders. Criminal records, offshore history, or a lack of professional experience — all of these factors can work against you. Every beneficiary of the legal entity must provide credible proof of income.
If the institution requests a CV for a director or beneficiary, it should clearly reflect professional experience and qualifications — leaving no room for doubts about their expertise or competence. That said, it’s not all doom and gloom. Even complex cases can be handled properly through explanations, supporting documents, and evidence of funds.
Take note: today, nearly every payment institution requires personal KYC verification for both company directors and beneficiaries using one of the widely recognized identity verification services when applying for a corporate account.
№ 4. A properly prepared website
For a payment institution, a company’s website is the first window into understanding your business. If the site looks like a generic template — lacking contact details, a clear description of services, or legal policies — it sends a strong signal of inauthenticity.
It is crucial that the website matches the stated business activity and is regularly updated. Our legal team conducts a comprehensive audit of every client’s website. After the review, we provide a detailed list of shortcomings and actionable recommendations for improvement or optimization.
We’ve repeatedly encountered cases where banks raise questions specifically about the business model and functionality presented on the website. In practice, making changes to a website often takes more than a day of work, which can significantly delay the account opening process.
№ 5. Clearly explain what the legal entity, for which the account is being opened, actually does.
Payment institutions dislike vague descriptions — no one wants to service a “pig in a poke.” If a company’s profile says “research, analysis, technologies” but doesn’t mention any specific products or services, questions will arise immediately. A legal entity must have a clearly defined business activity, examples of deals, and a transparent revenue structure. On our side, through direct communication and tailored correspondence with our partner managers, we help craft a business activity description that is acceptable to the payment institution and raises no unnecessary concerns.
Lately, representatives of payment institutions have openly asked our lawyers to stop sugarcoating and clearly state all areas of the client’s operations. This may slightly increase the account’s commission rate by a fraction of a percent — but it significantly improves the chances of successful account opening and saves a lot of time.
№ 6. Justification of the need for an account in a specific country.
Payment institutions want to understand why specifically their jurisdiction. If you’re applying in Lithuania but all counterparties are in Brazil — a logical explanation is needed. And this is not hypothetical, but real-life cases. When a client comes to us with a company registered in Hong Kong, EU residency, and asks to open an operational account in a bank in Mauritius — the immediate question is: “What for?” The exact same question will be one of the first raised during the review of such an application.
Explanations that help the payment institution understand your motives may include: place of incorporation, director’s residency, client base, currency zone, regulatory requirement. We formulate a convincing reason for opening an account in a specific country.
№ 7. Budget formation
We always give advice on budget planning for all aspects of your business in our articles, and the process of opening an operating account is no exception.
An account is not a one-time payment. In addition to the opening fee, there are monthly expenses, a deposit or minimum balance, separate tariffs for SWIFT, SEPA, currency exchange. Companies often do not take this into account, and the bill becomes a burden. At the first stage of opening a corporate account with our help, we provide preliminary approximate tariffs for your company, and after starting full-fledged work on the application, we receive clear individual tariffs from the payment system. If they do not suit you, you can always notify us in advance and wait for the budget to be formed, or try to choose another option among dozens of our partners.
№ 8. Misunderstanding of the payment institution’s fee structure
Each bank or EMI has its own tariff maze. Many people open an account and then pay 3% for each transaction without even suspecting it. It is important to compare not only the opening price, but also the tariff policy for your type of activity. We select a payment institution with tariffs that are beneficial specifically for your case. You can ask us any questions about tariffs and the possibilities of reducing them at any stage of cooperation.
КBank and EMI fees are not limited to just account opening. In reality, there are five key cost levels, each influenced by:
- Type of client (high-risk / mid-risk / low-risk, jurisdiction, business sector)
- Type of account (operational, multi-currency, with SEPA/SWIFT, with or without IBAN)
- Transaction currency (EUR is cheaper, USD is more expensive, others — even more complex)
- Volume and geography of transactions (local ≠ international; regular ≠ occasional)
- Service model (self-service via app vs dedicated account manager)
At Manimama Law Firm, we always analyze the full fee structure of the bank or EMI before submitting an application. We tailor the solution to the client’s specific business model: how many transactions per month, which countries are involved, what currencies are used, whether SWIFT is needed, and whether a multi-currency card is planned. This approach ensures not only that the account is opened — but that it is also cost-effective to use.
№ 9. Getting a bank account with incorrect features and services
This mistake flows directly from the previous two. Sometimes an account gets opened, but… it doesn’t support multi-currency operations, mass payouts, or SWIFT. The company then loses weeks fixing the issue or ends up having to open an additional account.
We Agree — the situation is far from ideal. That’s exactly why we’ve spent a great deal of time building a network of reliable partners who can offer accounts with any features you may need. All you have to do is discuss your potential requirements with our legal team — either during the consultation or at any stage of cooperation.
№ 10. Choosing a payment institution only for a short period of time
Often, a bank account is opened solely for the purpose of depositing share capital — and a month later, it gets frozen due to lack of activity. Payment institutions expect the account to be used regularly, with predictable cash flows.
You might respond that your only goal was to deposit the share capital and that you weren’t aware of the requirements regarding minimum turnover and account activity. In such cases, we always clarify your initial needs and intended use of the corporate account. If you specifically need a bank account for depositing share capital, we will select a banking partner where this process can be completed smoothly.
Keep in mind that many payment institutions will request a business plan or estimated account turnover. Submitting this information in advance helps confirm your intention to use the account long-term. If your plans are limited to the near future, just say so — but be prepared for a cooler response from the payment provider. After all, everyone in the financial industry is focused on building long-term business relationships.
№ 11. Proper level of preparedness for communication with the bank.
After submitting the application, the level of responsibility doesn’t decrease — in fact, it often increases. If a company fails to respond to requests, delays document submission, or gives inconsistent explanations, it’s a direct path to rejection. We take over communication with the bank or prepare the client for each inquiry: response templates, arguments, supporting documents — whenever possible.
However, it’s crucial to have someone on your side who can promptly respond to our requests and those of the payment institution, provide accurate explanations or documents, and monitor their preparation internally. Typically, the larger the client’s business, the more responsible the communication process.
Having an in-house legal department is a major advantage. We can’t know all the internal processes within your company, but a specialist on your team can convey that information quickly and clearly.
You may ask: “If we have such a specialist, why can’t they just open the account themselves?” Our answer remains the same — the process of opening a corporate account is complex and time-consuming, requiring constant oversight and timely reactions. And we bring years of experience in doing exactly that.
A corporate account is not just an IBAN, it is the foundation of trust in your business
Mistakes in the account opening process are costly — in time, money, and reputation. But every one of them can be avoided if you have the right partner: one who thinks like a bank, acts strategically, and protects your interests like a lawyer.
Manimama Law Firm is more than just account opening support. We analyze your company’s structure, adapt the documents, prepare you for communication with the bank, and select a solution that will work for you — today, tomorrow, and as you scale.
Open your account once — the right way. With us.
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Manimama Law Firm provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.
