International Desk

Opening of Accounts

Resident Companies (Local Currency)

Minimum documentation required (of the company)

• Application for Business Deposit Accounts and DBA (Agreement)
• Signature Cards (2 originals)
• General Resolution (Requires corporate seal and certification of the President in the event that the Secretary is a signatory)
• Certificate in respect of illegal betting or gaming via the Internet (must be signed by all persons using the account)
• Privacy Policy (must be initialled on all sheets in the same manner as required by the General Resolution)
• Articles of Association
• Certificate of Incorporation from the State Department
• IRS letter confirming Employer Social Security

Minimum documentation required (of the proxies and signatories)

• Valid photo ID of the authorised signatories (Drivers Licence or Passport and Social Security)
• Certification of the owner and/or shareholder

Currency

US Dollar (USD)

Person responsible for the receipt of documents and supplementation of the file

• Account Manager

Time (days) in which the account is operational*

• Up to 5 working days

Is a local proxy required?

• NO

Does the signature of the opening contract require physical presence? If the answer is NO, what are the alternatives?

• NO
• It is possible to send the originals by e-mail and the originals should be sent by registered post or "courier"

Other requirements/restrictions

• NO

Resident Companies (Foreign Currency)

Minimum documentation required (of the company)

Not applicable

Minimum documentation required (of the proxies and signatories)

Not applicable

Currency

Not applicable

Person responsible for the receipt of documents and supplementation of the file

Not applicable

Time (days) in which the account is operational*

• Not applicable

Is a local proxy required

Not applicable

Does the signature of the opening contract require physical presence? If the answer is NO, what are the alternatives?

Not applicable

Other requirements/restrictions

Not applicable

NON-Resident Companies

Minimum documentation required (of the company)

• Copy of the Articles of Association (with apostille) and Articles of Association or Bylaws
• Copy of the Certificate of Incorporation
• Certificate of "Good Standing"
• Updated list of Subscribers of Shares (register of shareholders)
• Copy of the Board resolution appointing the directors and their powers
• Board resolution authorising the opening of an account with Banco Santander Puerto Rico
• Copy of the Commercial Registration or equivalent
• Copy of Company Tax Registration (tax identification number)
• Copies of the licences required to operate the business in the home country
• Audited annual accounts of the last 2 (two) years
• Bank Account Statements of the last 6 (six) months issued by Banks that provide bank details
• Bank reference letters
     They should mention the following:
  
  • Date of opening of the account
  • Account Management
• Legal Opinion of the Lawyer of Santander in the country (if it is a law firm/law company it must be apostilled) confirming:
  
  • that the company is duly incorporated in the home country;
  • that the account signatories have the authority to agree this banking service
  • Limitations (if applicable)
• Corporate Resolution (if applicable)
• General Resolution signed by the Company Secretary
• Certified Resolution to apply for Wire Transfers

Minimum documentation required (of the company)

• Certification of Owners/Shareholders/Beneficiaries
• Funds Transfer Agreement
• Agreement to Authenticate an Application for Wire Transfer (if applicable)
• Alternative Security Procedure Agreement (optional)
• Form to be filled by the client with information in respect of: target account, detailed history of the company/group, number of employees, length of experience in the industry of the owners, profile of the account with monthly frequency and amounts, list of suppliers, major customers, donors (NGOs) or other: (include addresses and telephone numbers), etc.

Minimum documentation required (of the proxies and signatories)

• Valid readable photo ID of the authorised signatories (Passport and Identity Document)
• Certification of the owner and/or shareholder

Currency

US Dollar (USD)

Person responsible for the receipt of documents and supplementation of the file

Foreign Account Manager

Time (days) in which the account is operational*

Least 10 working days

Does the signature of the opening contract require physical presence? If the answer is NO, what are the alternatives?

• NO
• It is possible to send the originals by e-mail and the originals should be sent by registered post or "courier"

Other requirements/restrictions

• The client must be resident outside the US and Territories
• The client must be referred by a subsidiary of Santander
• The Santander unit officer referring the account must sign the IC Form (Know Your Client Questionnaire) updating it every year.