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Taras Miroshnychenko

Head of International Corporate Law and Fintech Practice

A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

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Opening Accounts for High-Risk Businesses

Taras Miroshnychenko
Head of International Corporate Law and Fintech Practice

A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

Contact now

When it comes to high-risk activities, such as certain industries or businesses, opening accounts can be a challenging process. This article aims to provide you with essential information and guidance on how to navigate the account-opening procedures for high-risk businesses. We will discuss the criteria for classifying a business as high-risk, the potential claims against beneficiaries from tax authorities, and the steps involved in opening both a bank account and a payment system account for such businesses. Additionally, we will explore the process of obtaining a merchant account for high-risk activities. Let’s delve into the details!

Criteria for Classifying a Business as High-Risk Activity

Before opening an account for a high-risk business, it is crucial to understand the criteria that determine its classification. Here are some factors that contribute to a business being considered high-risk:

  • High chargeback or fraud rates associated with the industry
  • Involvement in industries prone to money laundering, such as gambling or adult entertainment
  • Operates in sectors with a higher likelihood of legal or regulatory challenges, such as cryptocurrency or online pharmacies
  • Businesses in the early stages without a proven track record

Claims Against the Beneficiaries of the Company from Tax Authorities

Businesses engaged in high-risk activities may face increased scrutiny from tax authorities. It is essential to be aware of potential claims and ensure compliance. Here are some measures to consider:

  • Maintain meticulous financial records and ensure accurate reporting of income and expenses
  • Engage professional accountants or tax advisors experienced in dealing with high-risk businesses
  • Stay updated with tax regulations and comply with all reporting requirements
  • Consider establishing strong internal controls and implementing robust compliance procedures

Opening an Account for High-Risk Business in a Bank

Opening a bank account for a high-risk business requires careful consideration and preparation. Here are some key steps to follow:

  • Research and identify banks that are open to providing services to high-risk businesses
  • Prepare a comprehensive business plan that highlights the potential profitability and risk management strategies of your venture
  • Ensure your company’s legal structure and registration documents are in order
  • Provide transparency by disclosing all relevant information about your business activities, including any licenses or permits required
  • Be prepared for additional due diligence procedures, such as providing personal and business financial statements, proof of identity, and source of funds

Opening an Account for High-Risk Business in the Payment System

For businesses operating in high-risk sectors, establishing a reliable payment system account is crucial. Consider the following steps:

  • Research payment service providers that cater to high-risk businesses
  • Verify their reputation, reliability, and compliance with industry standards
  • Ensure the payment system supports your business model and provides necessary features such as fraud detection and chargeback management
  • Gather the required documentation, including business registration documents, identification proofs, and financial statements
  • Comply with the payment system’s terms and conditions, including any restrictions or limitations that apply to high-risk activities

Solving the Issue with a Merchant Account for a High-Risk Business

Obtaining a merchant account for high-risk activities can be complex. Here’s a step-by-step guide to help you navigate this process:

  • Identify reputable merchant service providers that specialize in high-risk industries
  • Evaluate their fees, transaction processing capabilities, and available security measures
  • Prepare a detailed business plan that showcases risk mitigation strategies and revenue projections
  • Be transparent about your business operations and compliance measures
  • Submit the necessary documents, including business licenses, financial statements, and processing history, if applicable
  • Collaborate closely with the merchant service provider throughout the underwriting process, providing any requested additional information or clarifications


Opening accounts for high-risk businesses involves specific challenges, but with careful planning and adherence to compliance measures, it is possible to overcome them. By understanding the criteria for classifying high-risk activities, addressing potential claims from tax authorities, and following the step-by-step process for opening bank accounts, payment system accounts, and merchant accounts, you can navigate the complexities of the financial landscape and ensure smooth operations for your high-risk business.

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