The existence of a corporate bank account is one of the necessary requirements for conducting business activities in any state. The choice of reliable jurisdiction and trusted bank for keeping funds of the company allows not only to secure the assets and minimize the risks of loss or illegal withdrawal, but also to cut the expenses on bank services. Besides, opening a bank account in the specific jurisdiction allows the company to connect with the existing payment systems (SEPA, CHAPS etc.), which simplifies the process of receiving funds from counter parties.

At the same time, opening a personal bank account and receipt of a debit or credit card allows a person or a sole practitioner to minimize the risks of impossibility of cooperation with foreign clients and paying for foreign goods and services, as well as to freely travel around the world without the threat of sudden block of assets. In conditions of political and economic crises, it is significant for each person to have a stable account with a bank card connected to the internationally recognized payment system.

In order to make the process of opening the bank account speedy, efficient, and comfortable, it is necessary to bear in mind the list of particularities, including the following:

• Jurisdiction of the bank and bank services terms;
• Existence of restrictions for clients who are non-residents;
• The issues of automatic exchange of information about the account with the state of client’s citizenship.