Situation
The client had incorporated an SL in Andorra and spent 3 months unable to open an account: Andbank and MoraBanc refused due to the absence of a local credit history and difficulty verifying the beneficial owner (a non-Andorran resident with a Ukrainian passport).
Solution
Our lawyers prepared a full compliance package to Andorran standards: apostilled KYC, detailed business plan, UBO declaration, reference letters, registry extracts, legal memorandum. Direct engagement of our Andorra representative with the bank’s compliance officer unblocked the process.
Result
The account was opened at Creand (Andorra) within 3 weeks. The client received an IBAN and began operations.
