Newly incorporated companies often struggle to open a bank account until they’ve completed all required filings with the Registry of Beneficial Ownership — even though they technically have five months from incorporation to do so.
More and more financial institutions are now treating beneficial ownership information as a key part of their due-diligence process. That means existing companies shouldn’t delay filing, nor should they overlook the need to keep their beneficial ownership details current.
Consider this your heads-up!
