Elpaso is a UK-based payment system (PS) that offers remote account opening for clients. Virtual IBANs and e-wallets are also available. The PS supports SEPA and SWIFT transfers.
Elpaso is a licensed payment system serving citizens of more than thirty EEA countries.
Account Opening
The service fee for account opening through Sowana is €300.
Corporate and personal accounts are available for opening.
The payment system only opens accounts for companies registered in the EU/EEA and Hong Kong (preferably without nominee structures).
Accounts can also be opened for IT and internet-related businesses. A company website is mandatory.
Elpaso does not serve politically exposed persons (PEPs) within the ownership structure, individuals on sanction lists, companies registered in offshore jurisdictions (except Cyprus), or companies with PO Box addresses.
Fees
Personal accounts are opened free of charge. The fee for opening a corporate account is €500.
The account opening fee includes assignment of a personal IBAN in euros.
The PS has no physical branches. Account management is done via online banking.
Transfer Fees
Account maintenance fees:
- Individuals – free of charge, if the account balance is up to €100,000;
- Companies – from €50 per month, depending on the average monthly account balance.
Incoming and outgoing payments within the Elpaso system are free of charge.
Note that the system only supports incoming payments in euros. Outgoing payments can be made in multiple currencies.
More detailed information about Elpaso’s fees can be found here.
Account Opening Requirements
To open an account, certain preparation is required. This involves compiling and submitting the necessary documents. The preparation time depends on the client. Account opening takes between 5 to 10 business days from the date of document submission.
The PS may request additional information or documents, which could extend the processing time. Applications may be rejected without explanation.
Staff communicate in English and Russian. Card issuance is planned.
Required Documentation
Originals of all incorporation documents are required. Additionally, you must provide:
- an extract from the company register (not older than 6 months);
- ownership structure diagram and registry declarations for each ownership level;
- documents confirming business activity and source of funds;
- if applicable, a bank statement from another bank for the past 6 months;
- proof of current business address (lease agreement, utility bill, or phone bill, not older than 3 months);
- company and shareholder identification numbers (if any);
- company website.
Documents required from the client relationship manager:
- original national ID;
- original passport;
- original tax ID code;
- selfie with passport;
- original utility bill (gas or electricity, not older than 3 months) for address confirmation.
Documents required from the company’s beneficial owner:
- original national ID;
- original passport;
- original tax ID code;
- selfie with passport;
- original utility bill (gas or electricity, not older than 3 months) for address confirmation.
You must also provide documents confirming the source of income (assets) of the beneficial owner. This package may include:
- employment certificate and bank statement confirming salary;
- tax declarations;
- documents confirming inheritance;
- documents confirming fund transfers and account balances;
- documents confirming the sale of movable or immovable property.
If the beneficial owner is a company founder, company-related documents, account statements, tax declarations, and documents confirming dividend payments must be submitted.
If the beneficial owner is a sole proprietor, an extract from the registry, tax declarations, and bank statements are required.
You may also need:
- a bank certificate confirming the deposit and documents verifying the source of funds;
- other documents verifying income sources.
The payment system may request additional documents/information during the application process.
Account Opening Process
A visit to the office is necessary for filling out the questionnaire and verifying documents of the company, director, and shareholder. The documents are then sent to the payment system for approval, after which the account is opened. Personal visit is not required. The payment system’s website is elpaso.co.uk.
For detailed information about opening an account in Elpaso, please contact us. We will answer your questions and assist with opening an account in Elpaso or another PS of your choice.
Call us via messenger: +372 552 00 78
Email us: info@sowana.ee
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