Customer request
Our company received a request from the client who wanted to open a foreign bank account for a charitable foundation registered in Ukraine. The purpose of opening a foreign bank account was the possibility to receive payments from foreign investors in US dollars and euros.
Proposed solutions
Our experts analysed the structure of the Charitable Foundation and its activities in Ukraine and abroad.The peculiarity of this request was the need for the client to accept payments from foreign investors - individuals to the charitable foundation's account in a foreign bank. According to our practice, opening an account for a charitable foundation in a foreign bank is an individual and complicated process. For any bank, an important factor in making a decision to open an account is the ability to identify the payer (sender of the payment), and therefore, the bank will not accept anonymous donations to the charity's account.
In addition, according to the rules of foreign banks, the non-commercial activities of a charitable foundation fall into the "high risk" category, which requires additional compliance checks of the client. The client was offered several solutions: opening an account in an American payment system to receive payments in US dollars and opening an account in a Lithuanian payment system to receive payments from Europe in euros.
Result obtained by the client
Maira Consult helped the client successfully pass an extended compliance check and open an account without travelling abroad. Within a week, the charitable foundation opened corporate accounts in the US and Lithuanian payment systems. As a result, the client received two practical options for receiving payments in US dollars and euros.
