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It is possible in most cases to open bank account in local bank for Seychelles IBC. There are some major commercial banks operating in the jurisdiction. The standard set of IBC documentation will usually correspond to all formal requirements of banks since the structure and set-up of the company itself is concerned.

It should be said that sometimes problems arise in opening bank account for company that has issued bearer shares. Sometimes the banks even require to issue corporate resolution that the company will never exercise its option to issue bearer shares. Credit card and electronic banking are available.

Documents for opening bank account in Seychelles

Before opening corporate account for an offshore company, all reputable banks will require very detailed personal and business information from the owners and controllers of the offshore account. For opening corporate bank account in Seychelles, typically some or all of the following documents should be presented:

- Certified copy of Certificate of Incorporation of the Company,

- Copy of the Memorandum and Articles of Association,

- Board Resolution appointing the Directors,

- Board Resolution appointing bank as the Bank of the Company and specifying the authorised signatories of the account,

- Certified copy of Passport for every director, authorised account signatory and beneficial owners. The certification must state "Having seen the individual and the identification document at the same time I certify this is a true copy and the photograph a reasonable likeness". Appropriate certifiers include lawyers, banks, officials from embassies or consulates,

- Notarized proof of residence for every director, authorised signatory and beneficial owners through either an original Bank statement or credit card statement (last 6 months),

- Banker's reference for every director, authorised signatory and beneficial owners,

- Detailed description of the proposed business activity, often supported by documentation such as brochures, copies of contracts, audited accounts, business plans and details of trading partners or investments,

- Proof of residence of all parties, which would typically include an original bank statement or credit card statement,

- The provision of a curriculum vitae,

- Documented evidence relating to source of funds, eg if a million dollars is to be paid into an offshore company's account, the bank will seek to obtain documentary evidence relating to the source of such funds in the form of a bank statement, contract or similar,

- Information relating to the expected annual income or asset base of the offshore company, the number of transactions per month, the geographic spread of the proposed business and the amount of money that will be left on deposit at the bank,

In addition, if the affairs of the offshore company are complex, then enhanced due diligence will be undertaken. It is applied also to business from countries – former members of Council for Mutual Economic Aid, from countries classified as "non co-operative" by the Financial Action Task Force, or from countries associated with the producing and distribution of drugs or corruption.

Banks do not react well to unexplained account activity, so if a company's trading pattern is set to change or a large or unusual transaction is about to occur it always wise to pre-warn the bank and provide relevant documentation.

There are other legislative and regulatory requirements and precedents concerning the duties of directors and trustees, as well as their obligations to exercise effective management and control over a company's or trust's assets and affairs.