Bank is not accepting my business plan, what to do?

[dor]

They want a business plan from me so they can open a bank account.


I gave them my online affiliate marketing business plan, roughly 3 pages of Word Document, they did not accept it.


My current revenue is ~5000 to 7000 GBP per month


and expense ~1500 GBP per month


What do they want from me?


How did you get your company's bank account then?


Why is it so hard?


Am I doing something wrong?

 

[JohnLocke]

Do you mind to share what bank and country you try to open an bank account with?

 

[Zqq]

Did you ask the bank for an explanation why they refused your business plan?

 

[dor]

loyalbank st vincent


Business Plan.


a. Please provide us with the outstanding business plan; the document provided is just the signed Business Plan Guide, Kindly advise the customer to base his OWN Business Plan using the guide and not to forget to include the “Declaration/Commitment” sentence stated at the end of the guide.


I followed their guidance and answered all questions, and they say that I just signed their business guide.


Could you show me examples of business plans that are acceptable for banks?


Do they want 20 pages with graphics good looking plan or what?


And why have I to convince them so hard and jump through hoops and loops in order to give them MY MONEY?


I am not asking for a loan or anything....


GUIDE FOR BUSINESS DESCRIPTION PLAN COMPLETION


1. EXECUTIVE SUMMARY, PRESENTATION OF THE UBO & PURPOSE OF THE ACCOUNT


 Short presentation of the company, of its primary business, and purpose of the account.


 Profile of the UBO/Account Holder, outline their business experience, and include their academic and


professional background.


 State the origin of funds used to finance the business


2. DETAILED BUSINESS PRESENTATION


 What products or services does the company provide? Please be specific, and describe the existing or estimated


business cash flow and supply chain.


 Who is your target audience and markets? How are you planning to market your products and/or services?


 Who are the main partners payments will be received from? We require their company names, website (if


applicable).Where there is no website then exact address of the business partner, contact person’s name, mobile


phone, email address and a short description of their business activity


 Please list the main parties to which payments will be made from the LBL account of the Company. We need their


company names, website (if applicable). Where website is not available then exact address, contact person’s


name, mobile phone, email address and a short description of their business


 Address of the Company`s head quarters


 How many full time employees does your company employ?


 Contact phone number (mobile is preferred), Fax number if available, Corporate email address


 Website address of the company


3. FINANCIAL ESTIMATIONS


 What is the estimated turnover for the 1st/2nd/3rd year? First year is mandatory.


 What is your forecasted revenue and expense for the first business year?


 Estimated number of yearly and monthly transactions.


4. FUTURE PLANS


 What are the plans and forecasts for the future (projects, products, services, new markets, etc)


Declaration/Commitment


Company shall declare that all its business will be free from money laundering and terrorist financing, gambling, gaming, adult


entertainment as well as other criminal activities and any other business activity prohibited by Loyal Bank policy. Company accepts that


Loyal Bank will report to the local authorities any financial activity or account behavior related to the above range of activities.


Special regulatory requirements:


- Where specific business licenses or permits are required to meet industry regulatory requirements, copies of those licenses or


permits are to be submitted with the application.


- Where your company represents or accepts third party funds for investment on their behalf, copies of your internal due


diligence and Know Your Customer procedures, anti-money laundering and anti- terrorist financing policies and procedures


should also be attached.


- Where you have investment agreement with your customers, a sample of it is requested.


Date …. /.…/… ……………………………………………………….


Account Holder`s Signature

 

[JohnLocke]

Well all banks have to comply to international KYC, DD regulations and money laundering policies on top of Patriot Act and other international agreements.


However, I don't see why they will want to refuse the account opening in your case. You can find several Cyprus banks that won't have any issues opening a bank account for your business. The same goes for other International banks in other offshore jurisdictions.

 

[RapidFinancial]

Did you do a search online for "business plans for banks"?


Banks make everything difficult, especially these days. It wasn't always like that, but of course in foreign countries or on islands, etc. it's even harder, b/c they don't usually run businesses in a smooth efficient manner.


Where are you from?


Didn't they assign you an account manager?


Michelle