Mora Banc Grup SA (Andorra)

Opening an account is free.

Minimum balance for individuals is 500 000 EUR, which must be paid up within 3 months, the period can be increased up to a year if there is an individual agreement with the manager. The minimum balance must be invested in securities.

For the possibility of conducting operational activities legal entities annually need to invest 10% of the annual turnover in securities and keep them in securities. At the same time, the bank can finance (issue a loan) to the company for these 10% to support operating activities.

None.

Using internet banking or through a bank manager.

Account maintenance - 800 EUR/year.

Outgoing payments – 0,3%.

Incoming payments are free.

Currency exchange commission – 0,38%.

More details about the tariffs can be found on the bank's website.

The process of account opening consists of the preparatory period and the account opening itself.

The preparatory period consists of gathering and presentation of the necessary documents by the client. The duration of this preparatory period depends directly on you.

The process of reviewing documents by bank employees and making a decision to open an account takes about 1,5 months from the date of submission of all the necessary documents.

Mora Banc adheres to the principle of “know your customer” and reserves the right to require the customer to provide additional information or documents, which will entail an increase in the period for opening an account. In addition, the bank may refuse to open an account without giving reasons.

Working languages: Russian, English, Catalan, Spanish and French.

Visa.

Investments, asset management, deposits, loans, mortgages, insurance.

Forms for signing are provided by the bank in electronic form.

Documents for the company. The originals of all statutory documents for the company, certified by the apostille are required. If more than a year has elapsed since the date of registration of the company, a Certificate of Good Standing and Certificate of Incumbency under an apostille are required as well.

If the statutory documents do not contain information on the director's powers to act on behalf of the company and to manage the company's accounts, then a power of attorney under an apostille is required on behalf of the company to the director or account manager.

Also the following documents are required:

- business plan;

- examples of documents on the company's activities (contracts, acts, invoices);

- bank statements for the last year, if the company was active, financial statements;

- other documents on the source of the company's income.

Documents for the account holder:

- original of national passport;

- original of foreign passport;

- original of identification code (taxpayer number);

- curriculum vitae;

- original of bank reference;

- original of utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence).

Documents for the beneficiary:

- original of national passport;

- original of foreign passport;

- original of identification code (taxpayer number);

- curriculum vitae;

- original of bank reference;

- original of utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence);

- documents verifying the source of income (wealth) of the beneficial owner. These could be the following:

- employment confirmation letter indicating salary and emoluments, and personal account statement which shows crediting of salary; 

- tax declarations;

- documents confirming the receipt of the inheritance;

- documents confirming the receipt of the funds as a gift, as well as its availability on the accounts;

- documents confirming the sale of the real/movable property;

- if the beneficial owner is a founder of the company – documents on that company, statements from the corporate accounts, tax returns, documents verifying the dividend distribution;

- if the beneficiary owner is a private entrepreneur – extract from the registry, tax declarations on entrepreneur, statements from the bank accounts;

- bank reference letter confirming the deposit in the bank, as well as the documents confirming the source of these funds;

- other documents, reflecting the sources of income.

Documents for nominal director, shareholder and secretary (in case of using nominal service by company):

- set of documents affixed with apostille, which includes copies of: passport, utility bill no older than 3 months and bank reference (if nominal director, shareholder and secretary are natural persons);

- set of statutory documents affixed with apostille, which includes Certificate of Incorporation, Memorandum, Article of Association, Minutes of the director designation (if director is legal entity). Also may require Certificate of Good Standing affixed with apostille, Certificate of Incumbency affixed with apostille and documents on this director, which includes set of documents affixed with apostille: copy of passport, utility bill no older than 3 months and bank reference.

You provide us with the requested documents, as well as a completed questionnaire (sent to the email address), on the basis of which we prepare and send a request to the bank. If the bank makes a positive decision to open an account, the manager appoints the date and time of the video conference for the identification procedure. After that, the attorney and the beneficiary of the company sign the bank forms sent electronically. The entire account opening procedure takes place remotely.

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