Open Corporate Account

HOW CAN I OPEN A CORPORATE ACCOUNT?

A corporate account is any type of account which is in the name of a corporate entity and not of a person. Examples are accounts for all types of companies, LLPs, LLCs, Trusts or Foundations etc.

To open a corporate account with us you will need to send us the documents below:

  • Please complete, print and sign one copy of the Account Opening Form
    To download it you will need to have Adobe Acrobat Reader installed on your computer: If you do not have Adobe Acrobat Reader, you can download it FREE here.
  • To open a corporate account there are certain company documents we need. Please send us all of the following documents. (For specialist structures such as Trusts or Foundations different types of documents are needed so please contact us for full details of what is required.)
  1. A notarised copy of the company Certificate of Incorporation
  2. A notarised copy of the company Certificate of Good Standing
  3. A notarised copy of the company Memorandum and Articles of Association/Formation/Operating Agreement
  4. Notarised Share Certificate, if applicable.
  5. A signed business plan of the company on the company's headed paper
  6. The Resolution of the Board of Directors/Minutes of the Meeting of Managers of the company authorising the opening of an account with Loyal Bank and conferring authority on the person who will operate the account on behalf of the company (this is the "Authorised Person")
  7. Specimen signature form
  8. Notarised Copies of passport or other acceptable ID (the page with photo and signature) for the Authorised Person, any Additional Authorised Persons, all Directors/Officers and Beneficial Owners. A notarised copy of a current Driver's License is also required for anybody who is a USA or Canadian citizen. Please also give us your Social security number.
  9. Notarised copy, or an original Utility Bill or a recent (less than three months old) Bank Statement of the Authorised Person as a proof of address for the Authorised Person, for Additional Authorised Persons (if any), for each of the Directors/Officers and for all of the Beneficial Owners.
  10. Bank References addressed to Loyal Bank for the Authorised Person and Additional Authorised Persons (if any) as well as for all Directors/Officers/Beneficial Owners. The bank Reference should be less than three months old (please tell us at once if you cannot meet this requirement as we know that in some countries this is difficult).
  11. Bearer Share Declaration (if the company has elected to have Bearer shares rather than Registered shares). Bearer shares have certain restrictions as to transferability and the availability of original share certificates: please contact us for full details on Bearer shares restrictions.
  12. Declaration of Trust if the company has Corporate Shareholder(s)
  13. Power of Attorney if the company has Corporate Director(s)
  14. A copy of the Certificate of Good Standing of Corporate Shareholder(s)/Director(s)
  15. A notarised/verified copy of passport or other acceptable ID (the page with photo and signature), a notarised or verified copy of a Utility Bill or document showing proof of address, and Bank References addressed to Loyal Bank for the nominee Director/Shareholder if it is a physical person.
  16. Complete our FATCA Declaration Form. This form must be fully completed by all applicants (Corporate Entity, Private Individuals) regardless of Nationality and or Citizenship to facilitate the Bank’s obligation under FATCA. To learn about FATCA please click here.
  17. If the nominee is a company and not a physical person, a full set of complete and verified company documents must be submitted, with evidence of ultimate ownership of the nominee company, its directors and its shareholders, as well as complete notarised or verified passport or ID, proof of address and bank reference.

 

Please courier copies of the signed forms and the supporting documents to the address below. Our preferred courier is DHL.

We can double check and pre-approve your application before you send us the courier package of original documents. Simply scan all of the documents and email them to us at . We will let you know if everything is correct before you send the originals by courier.

For security reasons there is a size limit of 6 MB (including all attachments) for all incoming emails. Therefore, e-mails exceeding this limit might not get through to us so please break down large files into separate e-mails not exceeding 6 MB each.

 

Address

LOYAL BANK LIMITED
HEAD OFFICE

Cedar Hill Crest
Villa, Kingstown
St. Vincent and the Grenadines

Telephone : +1 784 485 6705

If the account opening documents provided by you are incomplete or not clear we may have to contact you to request further information and revised documents, so please make sure we have all your latest contact details especially your email address and a phone number you always use.

Once we have received your documents and approved your account application we will issue your initial Internet Access Code (5 digits). This will be sent to the e-mail address you gave us when you applied to open the account. For security reasons your Account Number (12 digits) and Customer ID (8 digits) will be sent to you in a separate e-mail.

First deposit to cover bank charges for a corporate account

 

First deposit to cover bank charges for a corporate account with MasterCard debit card

To activate your account, and receive your bank card, you need to make an initial transfer into your account to cover the following amounts:

  • Account opening fee covering the bank card and the LB DIGIPASS Application. 
  • An additional sum of USD/EUR 50 (in the currency of your account), to cover correspondent bank charges and incoming transfer fee.
  • Courier fee if your banking package is to be sent by courier (Regular airmailing of the banking packages is included in the account opening fee but we recommend the use of courier service especially outside of Europe.)
  • The account opening fee for multicurrency accounts and the related bank card issuance fees. 
  • Security reserve (blocked amount)

For relevant fees, please click here.

 

First deposit to cover bank charges for a corporate account with a MasterCard Platinum debit card

To activate your account, and receive your bank card, you need to make an initial transfer to cover the total of the following amounts:

  • Account opening fee covering the bank card and the LB DIGIPASS Application.
  • An additional sum of USD/EUR 50 (in the currency of your account), to cover correspondent bank charges and incoming transfer fee.
  • Account opening fee of multicurrency accounts and the related bank card issuance fees. 
  • Security reserve (blocked amount)
  • Minimum deposit for Platinum Card: USD/EUR 5,000.

 For the relevant fees please click here.

Your bank card will be sent to the mailing address given by you on the application form.  You can then set your own bank card PIN code using NetBank. Depending on your location, the package will arrive within 1-2 weeks after dispatch.

Your bank card will be sent to you “inactive”. You can easily activate it in NetBank or by contacting our Customer Services team:

Email:

Call: + 36 1 383 0853

Skype: loyalbankcustomerservice

For security reasons, when you contact Loyal Bank please only use your Customer ID, and not your account number. Please note that we will never ask you for your card or LB DIGIPASS Application PIN.

Changes to a Corporate Account

If you need to change or update the data relating to your Corporate Account, please log-in to NetBank and request the additional service/feature you need. Should you need any additional assistance, our Customer Services team would be delighted to help you. (Typical changes to your corporate account may be: asking to receive bank statements, requesting a EUR/USD card, opening a multi-currency account, or updating the personal details of the Authorised Person.)

Please mail any original documents to the addresses below:

 

Address

LOYAL BANK LIMITED
HEAD OFFICE

Cedar Hill Crest Villa
P.O. Box 1825
Kingstown VC0100
St. Vincent and the Grenadines
West Indies

We will confirm your new details or account service by email within ten banking days of receipt of your documents.

Please note, that by signing any documents downloaded from NetBank or provided by us, you agree with the provisions of the Bank's Business Rules and Regulations and are aware of the terms and conditions outlined in the Bank Account Conditions.