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Our company offers introduction services for opening corporate bank accounts with Rietumu Bank in Latvia.

About the Bank

This bank is the fourth largest bank by assets and third by profitability in Latvia. It offers a full range of banking and financial services to both domestic and international customers.

The bank was established in 1990. It has branches in Latvia, France, Czech Republic, Russia, Kazakhstan, Belarus, Romania and Ukraine.

Currently the bank has over EUR 1.6 billion in assets.

Banking Secrecy and Tax Treaties

Latvian authorities has no direct access to bank information. Court order is required to get such access.

Latvia has double tax treaties with 41 countries including Canada, UK, US and most EU countries. Such wide net of treaties creates valuable opportunities for international tax planning.

As a member of European Union Latvia exchanges information with other EU countries in accordance with the EU Savings Tax Directive. All Latvian banks must report to the Latvian tax authorities interest earned by individuals, who are residents of other EU countries. That information is passed to the tax authorities of those countries.

EU Savings Tax Directive is not applicable to the interest paid to legal entities, such as corporations, limited liability companies, trusts and foundations. Thus no information about legal entities is passed to the tax authorities.

Required Corporate Documents

Our company prepares all required corporate documents in accordance with the bank requirements.

Required Personal Documents

The bank requires the following personal documents from each account signatory:

• A copy of the valid passport or European Union country national identity card notarized and legalized with Apostille

• Evidence of residential address (an original utility bill, bank statement or credit card statement less than 3 months old with individual’s name and residential address).

Specimen Signature Card signed by the signatories must also be notarized and legalized with Apostille.

Personal Visit

Our clients, who use the bank introduction services are not required to visit the bank in person.

Initial Deposit

No initial deposit is required.

Minimum Balance

No minimum balance is required.

Online Banking

The bank offers advanced online banking including:

• Access to account balances and account transactions

• Transfer money between accounts in the same bank

• International wire transfer payments.

Clients have access to their accounts 24/7.

Debit and Credit Cards

The bank offers debit cards Visa Electron and Maestro. Debit cards are linked to the clients bank accounts. As a result, clients have the following advantages:

• 24/7 access to funds in any place of the world

• worldwide acceptance for any online or in store purchases

• worldwide cash withdraw.

There are no credit limit and security deposit for debit cards. As soon as a client has a positive balance on his corporate account, he may use the card.

The bank also provides business credit cards Visa, Mastercard and American Express. Security deposit is required. The bank grants a credit limit equal to the security deposit.

Time Required

The bank usually opens a corporate account in one week after receiving completed application forms, corporate and personal documents and verification of clients personal documents and business information.

The bank opens accounts the same day to all clients, who visit its offices in person.

Currencies

The bank opens multi currency accounts, which allow to operate in all major currencies through one bank account.

Bank Fees

Bank Account Fees:

• Maintenance fee payable monthly: free of charge if average balance of account per month is more than 10 000 EUR; otherwise EUR 50

• International wire transfer fee

  • Inward payments: free of charge

  • Outward payments:

    • payment in USD: USD 15

    • payment in EUR: EUR 10

    • payment in GBP: EUR 20

    • payment in other major currencies: EUR 10

• Fee for the issue of a bank draft: 1 %, min LVL 6 (US$12)

• Cheque book: EUR 5

• Internet banking:

  • Registration – EUR 50 (one time fee)

  • Issue of digital certificate – EUR 25 (one time fee)

  • Monthly fee – EUR 8.

• Bank's fee for opening a current account: EUR 100 (one time fee).

Debit Card Fees:

• Issue fee: free of charge

• Annual fee: EUR 35

• Cash withdrawal: 2 %, min EUR 3.

Credit Card Fees:

• Issue fee: free of charge

• Annual fee: EUR 30

• Cash withdrawal: 2 %, min EUR 3.

Feedback of Our Clients

Our company introduces its clients to the bank and constantly monitors clients experience with the bank's services.

The bank's new client acceptance rate is around 90%. About 10% of applications are declined due to inability clients to provide required personal documents legalized with Apostille or nature of clients businesses.

Our clients, who use this bank have moderate level of satisfaction with the bank's services. Several clients have reported that banks employees were rude and had no wiliness to help them in some situations. However, none of our clients has reported problems with the major bank services, such as Internet banking, credit and debit cards.