Bank account set-up
Generally, all new businesses need a bank account. There are a number of internationally recognised banks licensed to operate in Gibraltar most of which provide a full range of banking services. Before setting up a bank account for their new customers, Gibraltar banks undertake customer due diligence, which is part of the anti-money laundering regime and is a key requirement of the legislation in Gibraltar. “Know your client� procedures, in other words, identification of customers and their source of funds, help to ensure that the banks know who they are dealing with, thereby protecting themselves by identifying the beneficial owners and obtaining information on the intended purpose and nature of the proposed bank account. You should not under-estimate the time it will take to establish a business bank account and the earlier you start to communicate with the bank, the better. This is particularly important if you intend to have direct payment arrangements set up to enable your employees to be paid directly by bank transfer from the outset of business.
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PwC