If you’ve recently tried to open a business bank account, you know the struggle is real. What used to be a straightforward process has become a maze of compliance requirements, documentation demands, and increasingly cautious banks. But here’s the good news: not all jurisdictions are equal, and some remain surprisingly accessible in 2025.
Let’s talk about where the doors are still open, where they’re slamming shut, and what alternatives exist when traditional banking feels impossible.
Why banking has become harder
Before we dive into specific jurisdictions, it’s worth understanding why opening bank accounts has become such a headache. Global regulations, such as the Common Reporting Standard (CRS) and FATCA, have compelled banks to be highly vigilant about who they onboard. Add anti-money laundering requirements to the mix, and you’ll see why banks are asking for everything short of your childhood photos.
The reality is that banks now face hefty penalties for compliance failures. Their solution? Be ultra-selective about clients. This means more paperwork, longer wait times, and higher rejection rates, especially for international businesses without a major local presence or attractive inflow of funds.
UAE banking system
The UAE has positioned itself as remarkably accessible for both residents and non-residents looking to open bank accounts. What makes the Emirates special is the streamlined process backed by government support for business growth.
Non-residents face more scrutiny, with banks requesting most Clients to secure an Emirates ID before opening an account. While non-residents need to visit banks in person and provide comprehensive documentation to meet anti-money laundering requirements, the process remains manageable, albeit long. Standard processing times typically range from 6 to 8 business weeks after the required documentation is submitted.
The UAE’s appeal goes beyond speed. The country offers political stability, zero personal income tax, and an increasingly sophisticated banking infrastructure. For businesses operating in or expanding to the Middle East, the UAE provides a practical gateway, free from the legendary bureaucracy of other regions.
Banking in Switzerland
Switzerland’s banking reputation precedes it, but here’s what many don’t realise: in 2025, most charge an account opening fee (around US$5,000) and a minimum deposit/balance.
For non-residents seeking premium banking services in Switzerland, a minimum deposit of USD 1 million is typically required. Many established Swiss banks that accept non-residents require minimum balances starting from CHF 10,000 for residents.
What you are really paying for is Switzerland’s legendary stability, robust privacy framework (within legal bounds), and access to sophisticated wealth management services. The process for overseas applicants is time-consuming and documentation-heavy, with banks requiring extensive information about employment history and income sources.
But if you have legitimate business operations and can meet the requirements, Swiss banks offer unparalleled security and global credibility. It’s not the easiest option, but it remains viable for businesses with substantial operations or assets.
Caribbean banking
Caribbean jurisdictions have traditionally offered easier banking access, though they’ve tightened standards in recent years. Islands such as the Cayman Islands, Bahamas, and British Virgin Islands continue to attract international businesses.
The appeal? Lower minimum deposits compared to Switzerland or the UAE, and simpler incorporation processes. Caribbean banks typically require less operational substance than Asian financial centres, making them attractive for holding companies and international trading businesses. The downside? Some of the Caribbean countries are still negatively perceived by the government across the globe.
Here is where things get interesting. Singapore and Hong Kong, once the go-to destinations for international banking, have significantly tightened their requirements. The magic word causing all this change? Substance.
Economic substance rules now require businesses in Asia to demonstrate real economic activity beyond just being shell entities, including adequate staffing and physical presence. This isn’t just a regulatory theatre. Banks want to see actual operations, not just mailboxes and a registered address.
What does this mean practically? If you’re incorporating in Singapore or Hong Kong, you need to show:
Real office space, not just a virtual office or mail forwarding address. Actual employees working locally, not just nominee directors. Genuine business activities conducted from that jurisdiction. Substantial revenue generation tied to local operations.
The days of setting up a Singapore company from your laptop in Bali and expecting smooth banking are over. Banks are scrutinising business models closely, asking detailed questions about your operations, client base, and why you need banking in their jurisdiction.
This shift reflects global pressure on these financial centres to crack down on tax optimisation structures without genuine economic activity. Both jurisdictions want legitimate businesses, but not empty shells exploiting their reputation.
Alternative solutions that work
When traditional banking feels impossible, modern alternatives have stepped up dramatically. These are legitimate solutions that many businesses use as their primary banking infrastructure.
Electronic Money Institutions (EMIs) and Payment Service Providers (PSP)
EMIs like Revolut Business, Payoneer, Airwallex, Wise or Stripe have become game-changers. They offer multi-currency accounts, international payment capabilities, and significantly easier onboarding than traditional banks.
Digital banks
Neobanks have exploded globally. These fully licensed digital banks offer real bank accounts with modern interfaces and reasonable requirements. Many focus specifically on international businesses that traditional banks reject. They understand remote teams, cross-border operations, and digital business models because they are specifically designed for that.
Making the right choice for your business
Choosing where to go for a bank isn’t just about the ease of opening an account. Consider your business model, where your clients are located, what currencies you deal with, and your long-term compliance comfort level.
The UAE offers accessibility and speed for businesses operating in or expanding to the Middle East. Switzerland offers unmatched stability and prestige, provided you have sufficient capital. Caribbean options are well-suited for specific structures, although they require careful consideration of jurisdictional factors.
If Singapore or Hong Kong appeals to you, be prepared to demonstrate real substance. These aren’t impossible markets, just more demanding ones. The investment in proper setup pays dividends in credibility and access to Asian markets.
And don’t overlook digital alternatives. They’ve matured significantly and often provide better service at lower costs than traditional banks for international operations.
Partner with an expert
Navigating international banking in 2025 requires current knowledge and strategic thinking. What worked last year might not work today. What sounds simple online often involves complex compliance considerations in practice.
At C2Z Advisory, we help businesses navigate these exact challenges daily. We understand which banks are actually accepting applications, what documentation satisfies their requirements, and which alternatives make sense for your specific situation.
Whether you’re launching a new venture or expanding existing operations internationally, having experienced advisors makes the difference between months of frustration and a smooth account opening process.
Ready to unlock the right banking solution for your business? Let’s discuss your specific needs and develop a tailored strategy that meets your needs.
