Open Non-Resident Corporate Bank Accounts in Latvia Remotely

Corporate accounts in Latvia can be set up by non-residents remotely. This is a favorable circumstance and good news for potential clients concerned with the European banks’ reluctance to approve applications from foreign companies. 

For example, Latvia banks are amongst the few European banks that do accept applications from CIS nationals and open their business accounts. 

If you are going to take advantage of this opportunity in Latvia, you should choose the right bank well in advance and be aware of its strengths, limitations, and requirements.

 Let us share with you our experts’ advice regarding a reputable Latvia bank and its rules and requirements for remote applications. If you find it relevant, you are welcome to contact us for further guidance and order our bespoke fee-based professional services. 

The bank in Latvia recommended by our consultants for setting up non-resident corporate accounts is focused on the clients’ banking convenience and safety. Its distinctive feature and key to success is its flexibility in meeting customer expectations and needs by offering advanced financial instruments, digital solutions, as well as a well-established risk management framework.  

The way it integrates the most advanced IT products with conventional banking services is one of its obvious strengths. Thanks to this synergy approach, the bank provides its clients with the top quality e-banking platform and tools. 

Please note: Our experts will explain in detail all potential benefits that your company will gain as a holder of a corporate account with the recommended Latvia bank. They will help you fill in all the required documents and counsel you on the terms of cooperation with the bank. To enjoy this service, please email us your request.

What are the advantages of opening corporate bank accounts in Latvia?

The recommended bank opens corporate accounts not only for Latvia residents but also for foreign customers. A multi-currency account that can be run online from anywhere in the world will be set and ready in a matter of minutes after the permission is given. This is very convenient for international businesses, especially with consideration of the current challenges of the COVID-19 pandemic and worldwide travel restrictions.

All corporate clients appreciate the following advantages of corporate accounts with this recommended bank in Latvia:

• multi-currency accounts with a scope of essential banking functions 
• possibility of remote account management via internet, telephone-banking
• highly qualified staff fluent in English, Russian, some other languages 
• a special package of services for e-commerce
• Internet acquiring accepting cards of Visa and Mastercard 
• issuance of payment cards such as Mastercard
• investment services 
• rental of safety deposit boxes for valuables
• guaranteed protection of deposits. 

Are deposits on corporate bank accounts in Latvia insured?

The bank in Latvia, with which we recommend to start cooperation, participates in the Deposit Guarantee Scheme. It ensures to a depositor the compensation of up to EUR 100,000 payable from the Latvian Deposit Guarantee Fund in an unforeseen adverse event, when the bank’s pay-out of deposits to depositors may turn out to be impossible for some reasons. 

The total amount payable by the Fund to each depositor shall not exceed the coverage limit of EUR 100,000 for all deposits held by this corporate client with this bank. This limit applies to each individual depositor. The Latvian Deposit Guarantee Law’s provisions cover all terms, as well as exceptions, depositors’ liabilities, and other details of the Latvian Deposit Guarantee scheme, including additional compensation in the amount of up to EUR 200,000 stipulated for some types of deposits, as specified in Section 4 of the Law. 

Are there any corporate account-opening restrictions in Latvia?   

Latvian banks set their rules and procedures with consideration of the EU requirements. The recommended bank in Latvia is part of the European banking system. Therefore, just like others, it has to observe some restrictions in dealing with applicants and potential corporate clients. The clearance procedure includes verification of the submitted documents.

For example, as part of the application process, one needs to fill out the bank forms covering some mandatory questions. For example, the following details thereof can not be left unanswered or unexplained:

• any relation to the U.S.A. (company incorporation, place of birth/residence of an individual involved in the management or legal entity, or a beneficial owner)
• one’s status of a politically exposed person (PEP)
• the PEP status of a family member or some other important individual closely associated with the applicant. 

Which details of the company profile will need to be further explained? 

When filling in the application form for opening a corporate account with any Latvian bank, the client should specify the status and scope of his/her business. 

The following particularly important details need to be explained in case they are relevant to the company:

• public welfare organization
• issuer of bearer shares
• any business relations with Latvia. 

The recommended bank has special offers for clients dealing with the following kinds of activities:

• foreign economic activity
• transport logistics
• customs clearance and freight forwarding
• IT
• e-trade (merchant accounts). 

What corporate bank accounts in Latvia can be opened remotely? 

Whichever bank you choose in Latvia, if you wish to be its corporate client, you will need to fill in the application form and compile the required set of your company’s application documents for opening a specific type of the account. 

Accounts can be opened for Latvian businesses as well as for foreign companies. 

If your company is just being established, you can open a multi-currency account with the main currency in EUR with this bank in Latvia.  

Types of corporate accounts: 

• multi-currency current account
• deposit account
• payment card account
• investment account
• merchant account. 

If you apply to the recommended bank, the current account is automatically opened as a multi-currency account with EUR as the main currency. If you plan to work with other currencies, they should be mentioned in your application. A separate sub-account will be opened for each of them. 

Transfers can be made both within the European Union and worldwide. In a payment order when making payments within the EU it is required to specify the account numbers in IBAN format and SWIFT code of the beneficiary bank. If the payment is in RUB, the recipient’s INN is to be specified. Be sure to specify the bank code in SWIFT, ABA, CHIPS (USA), or other formats.  In cases of international outbound payment transfers, the recipient’s identification data (registration number, legal address, personal code) will also be required. 

The remote opening of a corporate account is a great advantage and convenience. However, there are some nuances one needs to know about the application form, certification of copies of documents, and other details required by the bank chosen by you.

To avoid unfortunate mistakes and inconsistencies in your application form, the unnecessary waste time, or the risk of failure, you should contact us immediately for the fee-based service of facilitation in opening your corporate bank account in Latvia. 

Which payment cards are issued in Latvia?

Corporate clients of Latvian banks can order different bank cards. 

The following cards are available from the recommended bank in Latvia:

• MasterCard Business;
• MasterCard Business Plus;
• MasterCard Corporate;
• Business Virtual. 

The main currency of the payment card account is EUR. 

Other currencies are: USD, RUB, GBP, CHF.  

In which currencies can payments be sent from / received in a corporate bank account in Latvia?

Clients of the recommended bank in Latvia open corporate multi-currency accounts with EUR as the main currency. Besides, it is possible to conduct international payment transactions and keep funds in such accounts in the following currencies: USD, RUB, GBP, CHF, NOK, SEK, JPY, AUD, PLN, CNY, HUF, CZK. 

What are the current tariffs for corporate clients of Latvian banks?

Three types of tariffs are available depending on the client’s jurisdiction:

• Local
• European (EEA)
• International. 

Local tariffs are computed for companies as well as foreign communities that are registered in Latvia and have their activities associated with Latvia. 

When considering an application from some client, the recommended bank checks the applicant for compliance. The client is expected to meet all main parameters plus at least one additional criterion to be eligible to apply local tariffs. 

Main parameters:

• Actual office in Latvia (property or rent)
• Labor contacts with employees, confirmation of payment of salaries and taxes. 

Additional criteria:

• The trade related to Latvia (there are warehouses, local contractors)
• At least 70% of the account activity – money transfers from/to residents
• Part of the holding structure, whose activities comply with the main parameters
• The fixed assets are in Latvia.

Besides, local tariffs are available to legal entities registered in Latvia, but whose activities are not necessarily conducted in the country, providing that two conditions are met simultaneously:

• All direct and indirect beneficiaries are residents of Latvia.
• Representatives of the company with the right of signature are residents of the country. 

If companies are registered and operate in any of the European Economic Area countries and comply with certain conditions, they can qualify for quite attractive EEA tariffs. 

International (foreign) tariffs are designed for all other companies that are not entitled to local or EEA plans. 

Please note: All tariffs quoted below are for your general reference only and are subject to occasional revision by the bank. More specific figures and details can be obtained from our experts on request.

Tariff 1 – EEA

Tariff 2 – International

Which banking services are available for e-commerce companies in Latvia?

The recommended Latvia bank is an acquirer accepting Principal Member Visa and Mastercard cards. This means that it operates without intermediaries, which makes processing much easier and cheaper. 

Advantages of the e-commerce package:

• You are entitled to a personal manager-consultant
• You can log in any time and remotely check your bank balance and information about transactions conducted through the account 
• All digital tools in your e-commerce account area can be adjusted to your needs
• There are tools for compiling and uploading reports
• Processing is available in 32 currencies without any hidden charges or conversion fees
• The online payment form can be adjusted according to your corporate design. 

Access to the online services means your extended opportunities:

•  Multi-currency transactions
•  Safety
•  Tools detecting wrongdoers
•  Technical documents, expert support
•  Automated recurring payment solutions
•  The technology of linking credit card data to the account – following the Token-type model
•  Direct crediting of funds from Forex trading, freelancers, from operations on binary options;
•  Issuance of co-branded cards for client’s customers. 

To activate your e-commerce tools, you just need to submit an application. The service is made available within one day. 

Telephone banking. 

The recommended bank in Latvia offers several remote banking options for its business clients. In addition to Internet banking, there is a service called “Telephone-Bank”. This service assumes direct communication of the client with the bank employee by phone. In this way identification is performed, consultations are provided and certificates are issued.  

How to open a non-resident corporate bank account in Latvia remotely?  

To remotely open a corporate account with the recommended bank Latvia, you need to submit an application and the necessary documents. 

What steps need to be taken to open a non-resident corporate bank account in Latvia? 

1. To open a non-resident corporate account in Latvia, please send us a detailed request for this service at info@qwealthreport.com.

2. Pay the fee for our services. The price starts from 3999 EUR, depending on the scope of services you need us to provide. You can choose to make the payment via a bank transfer, payment card, WebMoney, PayPal, or Western Union.

3. Fill in the form, compile the required set of documents following our guidance.  Submit the package to the bank as advised.

Which requirements are set by the bank for remote applicants wishing to open a non-resident corporate bank account in Latvia?

After receiving your package, the bank employee will assign to you the preliminary IBAN number for your corporate account. As soon as a positive decision is taken by the bank, this account number will become the valid one. 

KYC steps taken by the bank:

• The bank examines the ID documents of all beneficiaries and authorized signatories of your corporate account.
• It arranges a video session with the applicant to check some important details. 

The required package of application documents needs to include:

• the most recent edition of the company’s Incorporation Certificate, Memorandum and Articles of Association, the List of Beneficiaries
• IDs of the company’s top managers and owners
• Documents confirming relation to Latvia (if any) –lease agreements (or transcripts from the document about the private property ownership) for renting the office, warehouses, other facilities, contracts with employees and/or payroll statements, utility bills, agreements with contractors.

How long does it take to remotely open a non-resident corporate bank account in Latvia?

After receiving a full package of documents from the client, the bank considers them within five days. The decision is usually announced within one week. The maximum time for making a decision is 30 business days. 

We look forward to receiving your request for the service of opening a corporate account in Latvia. Please contact us via  e-mail at: info@qwealthreport.com.