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Setting up a Bank Account for your Crypto Business

Updated on Sunday 16th September 2018

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When opening a blockchain company or one that specializes in virtual currencies, investors will also need to consider setting up a bank account for the crypto business. Having a corporate bank account for a cryptocurrency business has a set of advantages, not only for the internal transaction management but also for public perception. 

Bank requirements vary from one jurisdiction to another and the overall digital currency acceptance rate can be high in some locations while in other jurisdictions it may present higher regulatory standards. Because the requirements and regulations vary according to location, we recommend that you reach out to one of our offshore company formation agents when you wish to know more about bank account set up in a certain offshore location.

Opening a bank account for a cryptocurrency business

Setting up a bank account for a crypto business is important because when payments are processed through a recognized bank, the company will be perceived as more attractive by clients.

Bank account registration for a crypto business can be accomplished once a business is registered. Some countries offer good business solutions for bank account creation for newly incorporate cryptocurrency businesses. One of our agents who specialize in offshore bank account set up can give you more details about each of these jurisdictions. 

Steps for opening a bank account for a crypto business

The list below includes the main steps crypto business owners have to accomplish for bank account creation:
  1. prepare the company documents: it is common for banks to request the company’s constitutive documents as well as information about the directors.
  2. present details on the company: proof of business, information about the company’s targeted clients as well as details about the business plan may be needed.
  3. obtain the pre-approval: entrepreneurs can submit the documents described above in a pre-approval meeting in order to secure the future creation of the bank account.
  4. complete the bank account set up: once the creation of the bank account is approved by the bank, the applicant will submit any other relevant documents, as requested; the final step s to secure the bank account details, such as internet banking preferences and others.

For more detailed information as well as complete assistance during this phase, please do not hesitate to contact our offshore company formation agents.


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