Can you open a bank account in the Czech Republic and Europe without going there?

When people start doing business internationally, those from other countries often need to open a bank account, especially in the Czech Republic. This is something many business owners have to think about.

Here are the main things to consider and ways to handle it if you’re a foreign business trying to get into the European market.

The challenges of opening an account from afar:

1. Visiting in person and paperwork: A big challenge is that banks often want you to be there in person to sign papers and hand in original documents. One solution is giving the power to someone else through a notarized document.

2. Verification and a local phone number: Sometimes, you need a local phone number to get messages for activating your account and using online banking. A person you trust in the Czech Republic can help with this.

3. Good document quality: It’s super important to give clear and good-quality scanned copies of your documents. These are what the bank will use to open your account remotely.

4. Meeting the bank’s document rules: Before you send your papers, you have to make sure they meet all the specific rules of the bank you’ve chosen.

5. Filling out the application correctly: If there are mistakes in your forms, the bank might say no to opening your account. So, you’ve got to give the right information.

6. The visa status of the company director: When you’re opening accounts, showing that the person in charge has a connection to the country where your business is based is crucial. Banks like it more when the director has a visa, like residency or permanent registration in that country, such as the Czech Republic.

If the director is a citizen of the Czech Republic, that’s good for the relationship with the bank. It lowers the risk of issues and makes it less likely to have frequent checks on the business.

What NAWI Company offers:

NAWI Company has solutions for opening accounts in European banks from afar. We help get the right documents ready, fill out the bank forms, and support you through all the steps with the bank. Thanks to our experience and knowledge, Ukrainian business owners can open accounts in Czech and European banks without too much trouble, all while staying in their own country.