Help with opening corporate, safeguarding, correspondent accounts
Should your company have business, safeguarding or correspondent accounts?
A conventional business usually gets by with a few general, operating and settlement accounts. Once your company adds services such as money transfers, cross-financing of projects or other operations with the funds of clients or third parties, specialised accounts may become necessary.
In many countries the regulator expects more than a licence: it also wants specialised accounts in place, such as business, safeguarding and correspondent accounts. They keep finances segregated, give control over funds and bring in algorithms that keep money safe and reduce the risks for your business clients.
Our experts at Nimius Advisory help you work out which account types you need, and can go on to help you open them with the relevant financial institutions.
The account types explained
Corporate
The standard digital banking cell for a company, where its money sits, income and investments included. Companies usually run several of them to keep their funds better organised.
Safeguarding
An account set aside for client money. Regulators often insist on one so that financial transactions between users stay transparent and reliable.
Correspondent
An account that a bank or fintech company keeps with another institution of the same kind. Through it you can make international transactions with conversion between fiat currencies, within strict regulatory requirements and regional laws.
What corporate, safeguarding and correspondent accounts give you
Above all, they let you obtain the regulator’s approval to work in your chosen sector in the country where your company is registered. They also open the door to extra financial services, such as transferring funds, financing start-ups and more.
With business, safeguarding and correspondent accounts in place, you can also:
- Carry out B2B, C2B and C2C transactions
- Keep funds in separate cells and run your accounts well
- Track the state of your budget more closely and reduce risk
- Plan ahead, grow the company and put money into projects
- Earn commission on transactions, other dealings with money and more
Your company may need one of these account types or several, depending on its line of work. Given what banks and financial institutions usually ask for, opening them is genuinely complicated. You need not worry about it, though: the experts at Nimius Advisory handle the main routine work for you.
Opening corporate, safeguarding and correspondent accounts: what we do
The package covers:
- A close look at your company and its particular features
- Expert advice
- Gathering the documents
- Getting the account application ready
- Support at every step
- More efficient account management
- The legal work that goes with it
What we charge depends on several things, including how urgent the project is and how complex the work. Each case is therefore priced individually.
Opening accounts with us, step by step
We offer the best model of working together, one that takes minimal effort and resources from you:
- Stage 1
Getting to know your business
First we study how your company operates, so that we can choose the account types your business needs.
- Stage 2
Advice and a plan
We show you several ways to set up the new accounts and advise on how to organise them, then agree an action plan with you.
- Stage 3
Documents and details
We draw up the list of documents needed for the next steps, all of them concerning your company, its transactions and what it does.
- Stage 4
Signing the agreement
An agreement makes our cooperation formal and sets out whether you are engaging our experts or delegating the project to us. You make the first payment, and we hand over the corporate documents we have prepared.
- Stage 5
Support and legal help
We file the requests to open the specialised accounts, see them through and deal with any other legal questions.
- Stage 6
Finishing the account setup
We review what the work has achieved. Once it is complete, you make the final payment and receive all the documents that go with it.
Need corporate, safeguarding and correspondent accounts for your company, opened quickly and without effort on your part?
Get in touch with a Nimius Advisory manager for full advice on the subject.