Company industry: Online gaming
Company jurisdiction: Israel
Shareholders: 4 Individuals from Israel.
Banking needs: To receive payment from brands they market – SWIFT EURO, USD
Banking difficulties in Israel
- Their bank in Tel Aviv closed their account due to their industry risk category – online gaming
While their bank account was opened, the bank postpones in incoming in USD. They had to explain to the US intermediator bank again and again for any payment.
- They came to us asking for assistance to open business bank account in Europe with SWIFT EUR, USD and SEPA and also a financial institution that understand their business model so their account will be approved easily.
- We face those issues with Israelis banks quite often in recent couple of years.
- We assisted them to open account in Europe under their Israeli company – no need to form a new company in a EU jurisdiction.
In that way, the company has an account in Europe where all incoming from operators send to and then, company can easily send the money back to it’s Israeli bank account under the same company name so its internal transfer –no questions asked.
They had to have a only view option to their accountant in Israel.
- We assisted them to approach an EMI’s in Europe
What were the steps:
- Identify their needs and current difficulties.
- Collect company shareholder’s information from open sources – company registry. Translate the extract into English.
- Filling in the information in the financial institutions applications/ Corporate Questionnaire.
- Work with the bank to ensure application is full for smooth account opening.
- financial institution approved the application and open the company an account with the required services.
Case study Summery:
It took to open the account from first contact to us until bank approved the application about 18 days.