Open a Corporate Bank Account in Latvia with Access to Investment Services

A corporate bank account in Latvia can be your access to premier banking, rewarding investment solutions, and lucrative fiduciary services. 

We can recommend one of the reliable European banks headquartered in Latvia and invite you to consider our offer of consistent specialist guidance and help in setting up your company’s bank account. 

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The European bank we recommend 

Our experts with decades of consulting services advocate a distinguished Latvian bank known for its steady business success, quality products, technical innovations, environmental friendliness, and customer convenience. 

It has earned several prestigious regional and international awards for its expertise and best practices. 

The bank offers a full range of modern banking services, including investment, credit, fiduciary, and other popular financial solutions. 

This is one of the few full service financial and credit institutions in Europe where companies incorporated in Russia, Kazakhstan, Belarus, Ukraine, and other Eastern European countries can open an account. 

It is one of the most experienced private banks in the European Union, specifically customized to the business needs of high net worth businessmen, their families, and companies.

It was established in 1993 in Latvia and has a network of branches in Riga, London, Moscow, and Kyiv. 

The Bank offers a wide range of services – from family business and wealth management to providing services of long term investment solutions for large corporations. Besides, it is an active supporter of initiatives aimed at the preservation of cultural and artistic legacies and nature for future generations. 

Important: You are welcome to contact us for expert assistance to start using the bank services as soon as possible. 

Benefits available to corporate clients of the recommended Latvian bank  

The bank recommended by us maintains its corporate culture based on such values as professionalism, trustworthiness, consistency, reliability, honesty, openness. It provides a scope of value-added banking solutions with a focus on customer needs and expectations of high net worth individuals and their companies. 

This bank’s customers always express appreciation of the available benefits, including the following ones:

• individual approach
• opportunity to open an account remotely
• internet and mobile banking
• Mastercard payment cards
• staff fluent in Latvian, Russian, English
• guaranteed refund of accounts deposits and funds up to EUR 100,000 (and in  some cases – up to EUR 200,000)

extended range of banking and investment products

• financial solutions customized to the individual needs and on individual terms
• comprehensive confidentiality
• bank offices in London, Moscow, and Kiev

Guaranteed deposits 

In the event of the bank’s liquidation or bankruptcy, as well as in some other adverse circumstances, the bank’s client will be entitled to the guaranteed compensation for the deposits. Herewith, such unfortunate events requiring the initiation of the guaranteed return procedure are very unlikely to occur. 

The Financial and Capital Market Commission (FKTK) monitors the bank’s activities, so information about our recommended Latvian bank is available in the Financial Institutions Licensing Register maintained by the FKTK. 

As the world suffers from the pandemic, economic downturns, and political disruption this year, it is clear that the next phase of global life is rather insecure, and companies have to use every chance to be better prepared for the new global paradigm shift. 

That is why it is good to know that in an emergency or dismal situation, in case the deposits with this bank become inaccessible for a client, there is still a guarantee that up to EUR 100,000 will be paid back by the Deposit Guarantee Fund. This is the maximum amount of the guaranteed refund. In addition to the maximum guaranteed compensation in the amount of EUR 100,000, in certain situations, as mentioned in Article 4 of the Deposit Guarantee Law of the Republic of Latvia, the protection of deposits up to EUR 200,000 is also guaranteed. 

Restrictions set for corporate clients of the recommended Latvian bank  

Since all Latvian banks have to comply with FATCA, special attention is paid in Latvia to companies and individual clients who are tax residents of the USA. Information on their Latvian bank accounts is submitted by banks to the Latvian tax authorities and, after some further processing in compliance with the rules on the personal data privacy, it is forwarded to the US tax authorities. 

Please note: For details of other restrictions and requirements set for certain customer categories (e.g., PEP and others), please contact our experts. 

Steps to be taken to open a business account in Latvia with the recommended bank 

To open a business account with the recommended Latvian bank, you will need to do some background work. It will include collecting documents, filling out a questionnaire, and undergoing identification. 

The client has an opportunity to open and hold one or several business current accounts at a time, including the temporary and other types of corporate accounts. 

Please note: The terms and conditions of opening each type of business accounts differ, so please ask us for more information on the bank’s requirements to maintain the minimum account balance, the first deposit, etc.  

Remote banking 

Remote banking is very popular with clients of the recommended Latvian bank. They can promptly receive information about the state of their accounts, have access to different products, and independently perform various financial operations at a distance. 

This can be done via the internet bank application or by submitting electronic orders to a personal banker. All channels of communication with the bank are securely protected.

Internet banking

The bank offers a convenient and secure communication channel for managing financial resources, making transactions and operations (banking, investment, fiduciary) remotely. The Digipass device (a mobile application) is specially designed to protect data for accessing the internet banking platform.

The main operating principle is to generate a unique single-use password for authorization in the system. Besides, the bank controls the authenticity of passwords.

Telephone banking

Telephone banking allows you to make transactions by giving orders to the banker over the phone. To identify a client, the banker will need to issue and verify a special password for access to the phone service.

Besides, it is possible to give orders to the bank by sending email notifications. Such operations are also encrypted with the DigiPass or special software.

Cross-currency operations and transactions in the current, investment, or precious metals accounts are fast, safe, and convenient when performed via telephone banking. It is also possible to manage the investment portfolio over the phone in case of the custody service contract.

Payment operations

With your business account at our recommended Latvian bank, you can quickly and advantageously conduct local and international payment transactions in different currencies. Payments to any country in the world are processed very quickly (in a few hours), thanks to the use of electronic systems SWIFT or SEPA Credit Transfer.

The Latvian bank is directly connected to the TARGET 2 international payment system. 

The available variety of payment instruments allows the clients to choose any payment mode that suits them best.

Cross-currency operations

The bank in Latvia performs cross-currency operations with a wide range of purposes – from routine transfers to contractors’ accounts, account replenishment, fiduciary transactions, FOREX market trading, and trading in other platforms, etc.

The bank offers its customers an individual currency exchange rate in case of conversion of amounts exceeding EUR 100 000 (or equivalent). The following major currencies are available for conversion: EUR, GBP, USD, JPY, CHF, KZT, DKK, PLN, NOK, RUB, SEK, TRY, BYN, CNY, and others.

Payment cards 

Since 2001, the Latvian bank has been cooperating with MasterCard. In different years it was among the first banks in the Baltic States to start issuing prestigious payment cards of different systems – VISA, MasterCard, and American Express. 

The following business payment cards of the Latvian bank are available for business clients:

• Mastercard Business;
• Mastercard Business Gold;
• Mastercard World Business.

Business accounts menu

Companies are offered to open a multi-currency business account with the Latvian bank. This solution will allow you to have access to funds in dollars, euros, and other currencies at any time, as well as almost instantly perform the necessary cross-currency financial operations.

To divide the cash flows, as well as funds for different purposes, we recommend opening several additional settlement accounts at once. In this way, you can easily administer and monitor financial operations.

Escrow accounts can be opened for more secure business and trade activities: the bank provides a guarantee that it will monitor the fulfillment of the buyer’s and seller’s obligations set out in the trilateral agreement.

Main accounts for business clients:

•  multicurrency settlement accounts
•  additional settlement
•  investment
•  precious metals account
•  transaction account
•  card account
•  account for trading on stock exchanges and other platforms

 Tariffs

Please note: Tariffs are subject to change. For more details, please email us or check with a specialist in the chat.

Investment and trade finance services for legal entities

The Baltic bank recommended by us offers a wide range of investment, fiduciary, and other financial services: 

1. SHORT-TERM INVESTMENTS:

•  Term deposits, including short-term deposits (for example, for 33 days)
•  Fiduciary deposits 
•  Deposits 
•  Cash and liquidity management for companies. 

2. MIDDLE-TERM INVESTMENTS:

•  Private offering of bonds (e.g. non-bank lending in Estonia)
•  Low-Risk Bonds (e.g. non-bank loans in Estonia)
•  Business bonds (e.g., leasing of construction and industrial equipment in Latvia,  aircraft maintenance, real estate development in Estonia)
•  Subordinated investments
•  Individual asset management
•  Standard investment strategies. 

3. ALTERNATIVE INVESTMENTS

• Co-financing of business projects (e.g., development of a wind energy park)
• Co-financing transactions (for example, real estate development in France)
• Private Equity. 

4. Brokerage services (including individual ones).

5. Access to trading platforms (24 hours in knock).

6. Precious metal account (gold and others), offers for purchase of gold bullions and their safe storage, as well as offers to buy the gold out. Accounting is carried out in troy ounces. The precious metal account allows to carry out payment transactions with contractors in an ordinary way, similar to conventional current account payment settlements. Precious metals in the account are also protected by a deposit guarantee.

7. Investment funds.

8. Structured financial products.

9. Custody services for financial instruments (with strict observance of Latvian and EU regulations, which establish requirements for separate custody of client assets). 

To start rendering investment services, the Latvian bank shall study the documents provided by the client and assign one of the following statuses (categories) to the client:

• Retail client
• Professional client (who possesses the experience, knowledge, and expertise to make his own investment decision; with the equity capital from EUR 2 million, net turnover from EUR 40 million or currency on the balance sheet (asset and liability) from EUR 20 million)
• Eligible counterparty (a licensed dealer – investment firm, credit institution, insurance company, management company, investment fund, etc.). 

If the bank becomes aware that the Client no longer fits the category into which he was originally categorized, the bank may decide to change the Client’s category.

Procedure for opening accounts for legal entities in Latvia 

To become a client of the Latvian bank and open a business current or investment account, you need to fill out an application form and collect the required documents. 

The main considerations that companies need to take into account to open an account with this bank are as follows:

• The company’s business activity should be clear to the bank
• Financial reports in the country of the company’s incorporation need to be submitted annually 
• The company needs to be physically located in the company in the country of incorporation (office, employees, etc.). 

The bank does not require to make a deposit when opening an account. However, the Bank may specify it after assessing the client’s case and the risk of business activity of his enterprise. In this case, the minimum deposit can be from 10,000 EUR and above.

How to open accounts for legal entities in Latvia

1. Send a request for the professional service of opening a business account with this Baltic bank to our e-mail info@qwealthreport.com.

2. Pay the fee starting from 3 999 EUR for our expert services. You can choose any form of payment: SWIFT, SEPA, payment card, WebMoney, PayPal, Western Union.

3. Fill out your application form and collect the documents. 

How to open a business account in Latvia remotely?

This Latvian bank signs a service agreement only after consideration of all documents of the company and identification of the client’s executives. The portfolio of documents needs to include the following ones: 

• a standard set of incorporation documents
• personal identification documents of the client’s authorized representatives, beneficiaries, leadership, and signatories
• financial statements and other documents for opening various accounts. 

Identification and verification may occur in a variety of ways, including a banker’s trip to meet the applicant in another country. Everything is agreed upon individually. It is possible to certify the copies of documents by a notary or with an electronic signature issued by the bank. 

The remote account opening in Latvia is allowed to everyone except politically exposed persons (PEP). In the case of applications from a PEP, an in-person interview with a bank employee is mandatory. 

You can email us a request for our expert services of opening a business account with this recommended Latvian bank, and we will reply with our prompt feedback.