Is it possible to open an account all on your own?
Such cases are not rare, but still exceptional. It may happen when bankers already know the customer and the corporate structure involves no nominee directors or shareholders (there is no need to send them bank forms for signing).
As a matter of fact, banks prefer to open accounts via mediation of local lawyers or professional introducers accredited with their bank. It is company services providers who possess information on the company and its owners. They will provide you with the necessary documents, as well as with written or oral references. Introducers therefore assume a considerable amount of responsibility for performing a due diligence procedure, which implies a thorough check of the client’s business for its compliance with legal requirements.
Every large bank usually has certain branches, which specialise in working with foreign customers. When opening an account on your own, 90% of your success depends on whether you have gone to the right branch. It is important that your application is handled by an officer who can bridge a language and mentality gap between a customer and the bank. It would be ideal if that employee was a former resident of your country. However grand and well-established you company may appear in your home country, bank officers might be totally unaware of the real situation in a foreign country and may refuse your application on a purely formal basis. In order to avoid refusal, it is strongly recommended to approach professional introducers who know the right branch and the right people to put your application through.