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Set Up Fees: For setting up Corporate Bank Accounts with our recommended banks in Latvia, we charge an introduction and documentation processing fee of US$700. For setting up Corporate Bank Accounts with other banks in Latvia, we charge a set up fee of US$1000. If you know of a particular bank that you would like to set up an account at, you simply notify us and we can assist you in setting it up . * Time frames for setting up accounts with banks other than our recommended banks may take longer due to additional documentation that may be required. Latvia is part of the Baltic Region, in Eastern Europe. Latvia is the most stable country in the Baltic States, with the largest banking center in Eastern Europe. Latvia enforces strict bank secrecy laws, and provides 100% anonymous international banking services. There are approximately 20 international banks in Latvia. We have relationships with a variety of international banks in Latvia through which we open corporate accounts for our clients. However, we mainly open corporate accounts for our clients through our primary correspondent bank, with whom we have an excellent working relationship. Our primary correspondent bank is a 10 year old medium sized international bank with seven branches spread throughout Latvia and three representative offices in Russia, Ukraine, and Kazakhstan. The bank as a whole administers over US$500 million in deposits, making it one of the largest banks in Latvia in terms of assets, and one of the largest banks in the Baltic Region. The main offices of the bank are located in Riga, Latvia. Our primary correspondent bank has an excellent reputation and it is very advanced technologically for internet banking transactions. All accounts are multi-currency accounts which can receive or send funds in any currency through the banks online banking service. All of our clients are handled by the Private Banking Department of our primary correspondent bank. An English speaking customer service staff is available 24 hours a day to attend to clients via telephone or email. Internet access to your corporate bank account is offered through our primary correspondent bank, as well as through most of the other banks in Latvia. Latvian banks use the utmost in internet security technology so your banking information is 100% secure and confidential. All transactions can be executed online, 24 hours a day, 7 days a week using the internet banking services of our primary correspondent bank. The internet banking services are offered in English, Latvian, and Russian languages. Using the internet banking service, you can access up to the minute account statements, make currency conversions in any currency, and execute wire transfers to any third party. Our primary correspondent bank offers secured credit cards (Visa, MasterCard or American Express). Our firm charges a processing fee of US$100 for assisting in setting up of secured credit cards. Secured credit cards are only available to individuals or corporations that have a 6 month credit history with the bank (you can begin a credit history by opening a bank account). The cards can be issued with the individuals name only, or corporations name only, or both. Secured credit cards are issued after the bank reviews the credit history and approves of the individual or corporate secured credit card. Secured
credit cards require that the client place a security deposit
in the amount of the credit limit chosen. The security deposit
is frozen in the bank account until the card is closed, yet earns
interest at the same time. As the credit card is used, the bank
will debit the entire monthly balance of the credit card charges
from the remaining corporate bank account balance automatically
at the end of the month. If there are not enough funds in the
account to cover the entire balance of credit card charges, then
annual interest will be charged.
Through our primary correspondent bank, debit cards are available for individual or corporate bank accounts in Latvia. Debit cards allow you to access your funds through the Maestro / Cirrus system at ATM's worldwide. The bank does not impose any daily ATM cash withdrawal limit restrictions, so you can withdraw as much money as your account has in it at any time. For cash withdrawals, you simply enter your card into any Maestro / Cirrus participating ATM (there are millions of them around the world), enter your pin, select withdrawal from savings, enter the amount of money you wish to withdraw, and the ATM hands you your cash - it's that simple! There are two types of debit cards available: Maestro/Cirrus International Debit Card: This type of debit card can be issued for a person (individual) or corporate entity (corporation, foundation, trust, etc.). It can be used for purchases, or for ATM withdrawals at all Maestro / Cirrus participating ATM's around the globe.
This
debit card system works as follows: Your company opens
a corporate bank account. Each employee (or commissioned agent,
etc.) is provided with a debit card that is linked to your company's
account. Through the banks internet banking system, you can electronically
transfer any specified amount of funds from your company's account
to each employee's debit card account.
Our primary correspondent bank currently offers the time deposits starting at US$1000, and interest is paid monthly, quarterly, semi-annually, or annually depending on the amount of the deposit and the type of deposit you choose. *Note:
Interest rates published on this site are subject to change without
notice. We do not guarantee the accuracy of these rates as the
bank may change rates without notification. Quoted rates may vary
depending on the LIBOR (London InterBank Offering Rate) and may
be subject to minimum deposits and/or minimum balance requirements
and/or certain terms for CD's.
Our primary correspondent bank offers savings accounts with the following features: -
Set Up Fee is US$700.00 -
Account Set Up Fee: $700.00 **
Acceptable deposits are cash, checks (personal or bank certified
checks), international money orders, travelers checks, or wire
transfers in any currency. Unacceptable deposits are double endorsed
checks, foreign items/thrift withdrawal orders, returned checks,
and checks referring to more than one account number.
For set up of Corporate Bank Accounts in Latvia, we require that the client provide us with the following documentation: A. Color Photocopy of passport for each signatory. The photocopy of passport should be IN COLOR and should show the photo of the person, signature, personal details, should be clear and legible, and MUST BE NOTARIZED. B. One (1) Financial Reference Letter. The financial reference letter can be from any bank, brokerage firm, or credit union. The letter should be on the financial institutions letterhead, and should include the signature of an official, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in, however, we have provided an example for your reference. C. Signed Account Applications. If you wish to be the signatory on the account, then you must sign the bank account applications. As account signatory, you will have the power to execute all types of banking functions with your corporate bank account. *
Documentation requirements are subject to change without notice. For those clients that prefer to remain 100% anonymous without revealing their personal names to the bank, we offer nominee signatory services for additional confidentiality. In this case, we will provide one of the nominee directors as signatory for your corporate account. We will provide you with the online access codes so you can operate your account by yourself. We charge a US$1000 (or 1%, which ever is higher) annual administration fee for nominee signatory services. Below we have included bank account set up procedures for our primary correspondent bank (Please note that set up procedures may be different if dealing with other banks): A. Submit an Online Application - Click on "Order Now", and complete an online application, then hit "submit". B. Submit Payment - Payment can be made by Bank Wire Transfer, Western Union Money Transfer, E-Gold, USD Check, or USD International Money Order. C. Receive Documents - Once we receive payment, we will forward you the corporate documents and account applications for your signature (account applications are only included if you wish to be signatory on the account). You should sign the account applications where indicated, and forward them back to us along with the required documentation. D. Account is Set Up - When we receive the signed applications and required documentation, the account applications will be completed with the corporate information, and forwarded to the bank. The account number will generally be provided within 7 to 10 business days from the date the documents are submitted to the bank. E. Begin Using Account - Once the bank issues the account number, you will receive the complete account protocol for making deposits, executing wire transfers, contact information of the bank, online access codes, etc. Order Now or Contact Us Today!! |
