Bank accounts in Austria

Austria is a reliable jurisdiction in terms of doing business and making payments. Therefore, business people looking for options for the comfortable and safe closing of international transactions should pay attention to Austria, including opening a bank account. In addition to a reliable reputation, the country also offers many other benefits in this aspect.

Jurisdiction advantages

Opening a bank account in Austria has many benefits:

• a wide range of banking services and high standards of banking service;
• stable economy and banking system
• developed Internet-banking;
• confidentiality of the account opening process and client data;

The Austrian banking system is one of the oldest and most developed European banking systems, with a long-standing rule that clients' interests are above all. Unfortunately, this approach and the confidentiality of services also determine the high costs associated with opening and maintaining a bank account.

Procedure for opening an account in Austrian foreign banks

Opening a new account in an Austrian bank is quite simple and does not take much time, provided that the rules of the banking legislation and the rules of the selected bank. To open an account in Austrian foreign banks, legal entities should submit duly made copies and originals of the constituent and registration documents, identification data of managers, founders, and beneficiaries, and a detailed description of the legal entity's activities together with a business plan. In addition, bank officials pay special attention to the issue of confirming the legality of the origin of funds.

Individuals provide duly certified copies and originals of identification documents, documents confirming the residence address, and the legality of income received.

Additional data and documents may also be required at the discretion of the local bank officials. The main task in submitting and reviewing documents to open an account in Austrian foreign banks is to give the bank officials the impression of the applicant's trustworthiness. Prifinance lawyers will be happy to advise on the numerous nuances of the procedure as well as to accompany the process to achieve the expected result - from the beginning to the end.

How Prifinance lawyers can help

Provided that you comply with the local legislation and the requirements of the selected banks. Prifinance lawyers are ready to apply many years of experience in the process of opening a new bank account in Austria, namely:

• consider options of banks that improve the chances of opening an account;
• prepare a list of information and documents required by Austrian banking institutions as well as local government authorities;
• conduct the necessary negotiations;conduct the necessary negotiations;provide comprehensive legal support to deal with subsequent issues before and after opening an account in Austria.

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