As the name suggests, the account introduction fee is payable for a professional service rendered by us, whereby we introduce the client to a particular bank. Please note that the bank account introduction fee, as quoted in our fees schedule, is not a “success fee” payable for a bank account opening. Payment of this fee does not guarantee the opening of the account!
A bank introduction means exactly that – we will introduce You to a suitable bank as a potential client. Many banks feel more comfortable accepting new clients through licensed professional intermediaries (like us). We will provide You with a full set of account opening forms and a set of samples and instructions of how to correctly complete those forms. We will also formally introduce You to a competent customer services manager directly in the bank. Certainly, we will provide You with the corporate documentation for Your new company, prepared according to the banks’ documentary requirements.
However, we can not and we do not guarantee that the account will be opened! The success of a bank account opening for an offshore company mostly depends on the background information of the beneficial owner of the company, his personal profile and the pattern of his business. This is something that we can not influence. Every bank has its internal client acceptance guidelines (which change often), and banks routinely reject new clients based on a multitude of subjective considerations.
While we apply our best effort and our considerable experience to determine in advance whether a particular client might be accepted by a particular bank, this does not in any way guarantee the success of the account opening.
The bank introduction service is completed when any one of the following happens:
– the bank issues a formal letter (under the banks’ letterhead), addressed to the new applicant, advising that the account has been opened and indicating the account numbers;
– the bank issues a similar formal letter, advising that it has reviewed the application and has refused to open an account;
– the Client stops communicating with Titoff Realty.
All further works and actions that we might be asked to perform in relation to the new bank account (such as handling correspondence and payments to and from the bank, arranging for further financial services, obtaining credit and debit cards, arranging remote banking facilities, opening further accounts, etc) are billable separately, either on time-spent basis or under separate arrangement. In particular, we can provide a full bank account management service.