Why Banking Is the Hardest Part
If you ask any international entrepreneur what the most frustrating part of global business formation is, the answer is almost universally: banking. Across every jurisdiction Hyperform operates in, banking is cited as the #1 pain point. This is not a coincidence.
Since the Financial Action Task Force (FATF) tightened global anti-money laundering standards and the EU introduced its 6th Anti-Money Laundering Directive, banks worldwide have dramatically increased their due diligence requirements. The result: longer timelines, more document requests, more rejections, and a general reluctance to onboard newly formed entities without established banking relationships.
The irony is that you need a bank account to operate your business, but banks are increasingly reluctant to serve newly formed businesses. Breaking this catch-22 requires either deep banking relationships (which Hyperform maintains across all 15 jurisdictions) or a thorough understanding of what each bank wants to see.
Master Difficulty Table
| Jurisdiction | Difficulty | Timeline | In-Person? | Min. Deposit | Top Banks |
|---|---|---|---|---|---|
| UAE (Dubai) | Moderate | 2-6 weeks | Yes | AED 50K-250K | Emirates NBD, Mashreq, RAKBANK, Wio |
| Singapore | Moderate | 2-4 weeks | Yes | S$1,000-10,000 | DBS, OCBC, UOB |
| US (Non-Resident) | Hard | 2-8 weeks | Varies | $0-5,000 | Mercury, Relay, Chase, Wise Business |
| UK | Easy | 1-2 weeks | No | None | Tide, Revolut Business, HSBC, Barclays |
| Hong Kong | Hard | 4-8 weeks | Yes | HKD 50K+ | HSBC, Hang Seng, Standard Chartered |
| Switzerland | Very Hard | 4-12 weeks | Yes | CHF 100K-1M+ | UBS, Credit Suisse, Julius Baer |
| Netherlands | Moderate | 2-4 weeks | Varies | None-EUR 10K | ABN AMRO, ING, Bunq |
| Ireland | Moderate | 2-4 weeks | Varies | None | AIB, Bank of Ireland, Revolut |
| Estonia | Easy | 1-5 days | No | None | LHV, Wise Business |
| Portugal | Moderate | 2-4 weeks | Yes | EUR 250-5,000 | Millennium BCP, Novo Banco |
| Saudi Arabia | Hard | 4-8 weeks | Yes | SAR 100K+ | Al Rajhi, SAMBA, Riyad Bank |
| Delaware/Wyoming | Hard | 2-8 weeks | Varies | $0-5,000 | Mercury, Relay, Chase |
| BVI | Moderate | 2-6 weeks | Varies | $10K-50K | VP Bank, FirstCaribbean, Scotiabank |
| Vietnam | Hard | 4-8 weeks | Yes | VND varies | Vietcombank, HSBC Vietnam, ACB |
Universal Document Checklist
While each bank has specific requirements, the following documents are requested by virtually every bank worldwide.
- Certificate of Incorporation (or equivalent formation document)
- Memorandum and Articles of Association (or Operating Agreement for US LLCs)
- Board resolution authorizing the account opening and designating signatories
- Passport copies of all directors, shareholders owning 25%+, and ultimate beneficial owners
- Proof of residential address for all signatories (utility bill or bank statement, less than 3 months old)
- Proof of registered business address
- Business plan or description of activities -- expected turnover, client base, transaction types
- Source of funds documentation -- personal bank statements (6 months), tax returns, or evidence of legitimate income
- Bank reference letter from your existing bank (not always required, but significantly helps)
- Tax identification number (EIN, VAT number, etc.)
Preparation Tip
Prepare all documents before approaching any bank. Incomplete applications are the #1 cause of delays and rejections. Have certified/notarized copies ready. For non-English documents, have certified translations prepared. Hyperform prepares complete banking packages for every client, ensuring first-attempt success rates well above industry average.
UAE Banking
UAE banking has improved significantly since 2022, but it remains the most commonly cited frustration for international entrepreneurs setting up in Dubai. The key challenge: banks want to see substance before they give you an account, but you need an account to demonstrate substance.
Recommended Banks
- Emirates NBD -- the largest bank. Conservative but reliable. Best for Mainland companies with established business.
- Mashreq -- more startup-friendly, digital-first approach. Faster onboarding than ENB.
- RAKBANK -- strong for SMEs and Free Zone companies. Competitive rates.
- Wio Bank -- fully digital, fastest opening (sometimes same-day). Limited to specific free zones.
- DIFC-based banks -- Standard Chartered DIFC, Emirates NBD Capital for DIFC entities.
Tips
- Apply to 2-3 banks simultaneously. One rejection does not affect others.
- Bring a clear business plan with projected transaction volumes.
- If you have an existing banking relationship elsewhere, bring a reference letter.
- Be prepared for a face-to-face interview at the branch.
Singapore Banking
Singapore's banking system is well-structured for international businesses, but all three major banks require at least one director to visit in person.
Recommended Banks
- DBS -- Singapore's largest bank. Strong digital platform. Good for established businesses.
- OCBC -- more flexible for newer companies. Strong SME banking programs.
- UOB -- competitive rates. Good for companies with Southeast Asian operations.
- Aspire -- digital business banking. Faster onboarding. Limited features vs traditional banks.
Tips
- Schedule bank appointments before your Singapore trip. Walk-ins are not productive.
- Bring a local director (required for account opening at most banks).
- Banks prefer companies with Singapore-connected activities. Explain your Singapore nexus clearly.
US Banking (Non-Residents)
US banking for non-residents has become the single most challenging banking landscape globally, despite the US having the world's largest banking system. The problem is structural: US banks are designed for US residents.
Options
- Mercury -- was the default for non-resident startups. Has significantly tightened approvals since 2024. Many rejections reported.
- Relay -- growing alternative. Requires EIN and US entity. Approval rates vary by business type.
- Wise Business -- not a full bank account but provides US account details, ACH, and multi-currency. Easiest to open.
- Chase / Bank of America -- traditional banks that require in-person visits to US branches. More reliable once opened.
UK Banking
The UK is the easiest major jurisdiction for international entrepreneurs to open a bank account, thanks to its fintech ecosystem.
Recommended Banks
- Tide -- digital business bank. Fast onboarding (often same-day). No in-person visit required. Free basic account.
- Revolut Business -- strong multi-currency capabilities. Good for international businesses.
- HSBC -- traditional bank for more established businesses. Longer process but full-service banking.
- Barclays -- good SME banking. Requires more documentation than fintechs.
Hong Kong Banking
Hong Kong banking has become significantly more difficult since 2020. Banks are cautious and the process is lengthy.
Recommended Approach
- HSBC -- the traditional default. Requires in-person visit, extensive documentation, and patience.
- Hang Seng -- HSBC subsidiary. Sometimes more accessible for smaller companies.
- Airwallex -- digital alternative for multi-currency needs. Faster onboarding.
- Neat -- Hong Kong fintech. Good for businesses with limited HK-sourced revenue.
Timeline: 4-8 weeks minimum. Be prepared for multiple rounds of document requests.
European Banking
Estonia (Easiest in Europe)
Estonia's e-Residency program has made it the easiest EU jurisdiction for digital business banking. LHV Bank offers fully remote account opening for e-Residents. Wise Business provides additional multi-currency functionality. No in-person visit required.
Switzerland (Hardest in Europe)
Swiss banking requires significant assets (typically CHF 100K-1M+ minimum balance) and thorough due diligence. The process takes 4-12 weeks. Reserved for established businesses and HNWI clients.
Netherlands
ABN AMRO and ING serve international businesses. Bunq offers digital-first business banking. Moderate difficulty, 2-4 weeks timeline. Dutch BSN (citizen service number) may be required for directors.
Ireland
AIB and Bank of Ireland serve international businesses. Revolut Business offers faster onboarding. Moderate difficulty. The Irish Personal Public Service Number (PPSN) may be needed.
Portugal
Millennium BCP and Novo Banco are the main options. In-person visit generally required. Portuguese tax number (NIF) is a prerequisite. Moderate difficulty, 2-4 weeks.
Insider Tips for International Banking
- Apply to multiple banks simultaneously. A rejection from one bank does not affect applications at others. Apply to 2-3 banks to maximize your chances.
- Prepare documents before you approach. Incomplete applications get rejected. Have everything certified, notarized, and translated.
- Bring a clear business narrative. Banks want to understand what you do, who your clients are, and how money flows. Prepare a one-page business description.
- Start with easier jurisdictions. Open accounts in the UK or Estonia first. Having an existing banking relationship makes subsequent applications in harder jurisdictions much easier.
- Keep personal and business accounts at the same bank when possible. Banks are more likely to approve business accounts for existing personal clients.
- Use the formation agent's relationships. Banks give priority to applications that come through established intermediaries. This is exactly why Hyperform's guaranteed banking matters.
- Be transparent about everything. Banks reject applications they cannot fully understand. Volunteer information about your business model, source of funds, and expected transaction patterns.
- Maintain minimum balances. Once your account is open, keep a healthy balance. Banks can and do close accounts that remain at zero or show suspicious patterns.