Account Opening: A Checklist to Speed Up Your Onboarding Process

1. Master the "Two-Sentence" Business Description

One of the most frequent causes of delays is a vague business description. Compliance officers need to understand exactly what your company does, how it generates revenue, and who your clients are.

A good rule of thumb is the two-sentence test. Can you explain your business model in two simple sentences that a person outside your industry would understand?

• Avoid too vague statements such as "We provide IT services."
• Instead use "We provide a SaaS platform for logistics companies to track shipments in real-time. Our revenue comes from monthly subscription fees paid by these logistics firms."

Ensure this description aligns with the NACE code (industry category) you select during the application. If your application says "manufacturing" but your description suggests "consulting," your application will be paused for manual clarification.

2. Audit Your Online Presence

For digital-first businesses, your website is your storefront. Before applying, ensure your online presence is fully functional and consistent with your application.

• Your website should be live and accessible. "Under construction", generic and obviously non-functioning pages often lead to questions about the company's readiness to conduct business.
• Your online presence should show consistency. If your application states you are a marketing agency, but your website promotes cryptocurrency trading, this discrepancy is a red flag.
• Team visibility helps a lot. Legitimate businesses are run by real people. Ensuring your team, especially management, has updated LinkedIn profiles that link to your company adds a layer of credibility and "substance" that speeds up verification.

3. Prepare Your Corporate Documents

Gathering documents is usually the most time-consuming part of the process for clients. To open a dedicated European IBAN account, you generally need the following four pillars of corporate documentation:

• Certificate of Incorporation which acts as proof that your legal entity exists.
• Memorandum and Articles of Association that describe the rules governing your company.
• Register of Directors that outlines who manages the company.
• Register of Shareholders which provides information on who owns the company.

We generally accept documents in their original language if they are provided in their original digital format. While certification, apostillization, or translation into English may still be required in certain cases, this step can often be waived if your documents are listed on a register that is publicly accessible to our team. Providing links to these official sources instead of certified copies can save days of administrative work, provided the documents are up-to-date (ideally not older than 6 months).

4. Clarify Your Corporate Structure

Complex ownership structures are often used for legitimate tax optimization, but they can slow down onboarding if not explained clearly. If your company is owned by another company (a holding structure), we need to peel back the layers until we identify the ultimate beneficial owners (or UBOs), the natural persons who ultimately own or control more than 25% of the entity.

• Visualizing it helps. If you have a multi-layered structure, consider attaching a simple group structure chart signed by a director.
• If you use nominee directors, be prepared to provide a power of attorney proving who actually makes the decisions.

For a deeper dive into the specific questionnaires you might face, check our FAQ section on why you have to submit a natural or legal person questionnaire.

5. Prepare for Source of Wealth and Source of Funds

For higher-volume accounts or specific industries, you may be asked to prove the legitimacy of your funds. It is vital to understand the difference between the two:

• Source of Funds refers to the origin of the specific money involved in a transaction (e.g., a specific invoice payment or loan disbursement).
• Source of Wealth refers to how the UBOs or the company accumulated their total wealth over time (e.g., previous business exits, inheritance, accumulated profits). A brief description explaining how the source of wealth was generated is always helpful to clarify its contents.

Having audited financial statements, tax returns, or bank statements from other institutions ready can prevent delays here. For a detailed breakdown of what documents we accept, read our article on understanding Source of Wealth and Source of Funds requirements.

6. Verification

Once your documents are submitted, the final step involves identity verification for the account operators. This is a standard procedure across the industry. You can learn more about how to verify your Bankera account and the typical timelines involved in our FAQ on how long it takes to verify an account.

By preparing these elements in advance, you move from being a "file under review" to an active client much faster. Ready to get started? Sign up and complete your application today.