What to Prepare Before Meeting a Monaco Bank

Before Your Bank Meeting: Master Checklist

This checklist helps you prepare thoroughly for your bank meeting. Good preparation signals professionalism and increases approval likelihood.

2 Weeks Before: Initial Planning

Select Your Bank

Research options:

• Identify 2–3 banks offering business accounts in Monaco
• Check their fees and services
• Ask other entrepreneurs for recommendations
• Consider bank location and hours convenience

Contact the bank:

• Call or email the business department
• Request a business account opening appointment
• Ask about their specific document requirements
• Ask about timeline and approval process
• Request a pre-meeting checklist (if available)
• Confirm the appointment date and time
• Ask: who will you meet with? (relationship manager, account officer, etc.)

Gather Initial Documents

Company formation documents:

• Original articles of association
• RCI extract (must be current, within 3 months)
• Get RCI extract if you don't have it yet (1–2 day turnaround)
• Beneficial owner declaration (signed, original)
• Board resolution or manager authorization letter

Personal identification:

• Passport or national ID (all signatories)
• Recent utility bill or proof of personal address
• Have 2–3 copies of each

Business information:

• Start drafting business plan (2–3 pages)
• Outline your business model
• Prepare financial projections
• List your main products/services
• Identify your target market

Create Your Business Plan Draft

Sections to include:

1. Executive Summary (1 paragraph)

   • What does your company do?
   • Who are your customers?
   • Why are you qualified to run this business?

2. Business Model (1 page)

   • How do you make money?
   • What are your products/services?
   • How do you deliver them?
   • What's your competitive advantage?

3. Market and Customers (1 paragraph)

   • Who are your customers?
   • What problem do you solve?
   • Market size and opportunity
   • Why will customers buy from you?

4. Financial Projections (1 page)

   • Monthly revenue forecast (Year 1)
   • Annual forecast (Years 2–3)
   • Major operating expenses
   • Break-even point
   • Cash flow summary

5. Use of Funds (1 paragraph)

   • Why you need the business account
   • Any financing needs
   • How funds will be used

1 Week Before: Document Organization

Organize Physical Documents

Create document packet:

• Use a clear folder or document organizer
• Tab dividers by category:
  • Tab 1: Company Formation
  • Tab 2: Beneficial Owner & Governance
  • Tab 3: Identification Documents
  • Tab 4: Business Information
  • Tab 5: Address & Premises

Include:

• Articles of association (original + 2–3 certified copies)
• RCI extract (current copy)
• Beneficial owner declaration (original + copy)
• Board resolution or authorization letter
• ID copies for all authorized signatories
• Proof of personal address (all signatories)
• Business plan (printed, 3 copies)
• Financial projections
• Company address documentation (lease, confirmation, etc.)

Prepare Digital Versions

• Scan all documents to PDF
• Create organized folder on USB or cloud storage
• Have printed copies ready

Finalize Business Plan

Make it professional:

• Type in clear format (1.5 spacing)
• Use simple, professional language
• Avoid jargon; explain clearly
• Include page numbers
• Proofread for spelling/grammar errors
• Print 3 copies

Key points to hit:

• Clear, compelling description of your business
• Realistic financial projections
• Evidence you've thought this through
• Professional presentation

Create Supplementary Documents

Prepare answers to likely questions:

Document 1: Activity Description (1 page)

• Detailed description of what your company does
• Products/services offered
• How you'll deliver them
• Why you chose this business
• Your background in this area

Document 2: Financial Summary (1 page)

• Revenue forecast (Year 1 monthly, Years 2–3 annual)
• Expense breakdown (major categories)
• Break-even analysis
• Starting capital
• Planned use of business account

Document 3: Company Information Card (1 page, reference during meeting)

• Company name
• Legal form (SARL, SAM, SURL, etc.)
• Activity sector
• Expected revenue range (Year 1)
• Number of employees (if any)
• Your role/title
• Contact information

3 Days Before: Final Preparation

Review Everything

Go through documents:

• Check all documents are legible and complete
• Confirm RCI extract is current (within 3 months)
• Verify all IDs are not expired
• Ensure all documents are signed/dated as required
• Check no pages are missing

Review business plan:

• Read through your business plan
• Ensure you can discuss it confidently
• Check financials for accuracy
• Practice your 2–3 minute elevator pitch

Prepare Your Presentation

Mental preparation:

• Know your business inside and out
• Be ready to explain your business model clearly
• Anticipate questions (why this business? Why now? Market size? Competition?)
• Prepare answers to "tell me about yourself" (briefly, relevant to business)
• Think about your competitive advantage

Practice your pitch (2–3 minutes):

• Company name and what you do
• Why you started this business
• Who your customers are
• How you make money
• Your background/qualifications
• Timeline to revenue/profitability

Arrange Logistics

Day-of logistics:

• Confirm the appointment time with the bank
• Plan travel time (arrive 10 minutes early)
• Identify where to park (if relevant)
• Confirm meeting location and contact person's name
• Prepare a nice folder or portfolio to carry documents

What to bring:

• Original documents (articles, RCI, beneficial owner declaration)
• 2–3 certified copies of key documents
• ID documents for all signatories
• Printed business plan (3 copies)
• Pen (for signing)
• Small notebook for notes
• Phone (bring charger if meeting is long)

Day Before: Last-Minute Check

Final Document Review

• All documents organized and in folders
• No pages missing
• Legible copies of everything
• RCI extract is definitely current
• All IDs valid and not expired
• Articles match RCI extract information
• Beneficial owner declaration properly completed

Personal Preparation

• Get adequate sleep night before
• Plan professional attire
• Avoid very casual clothing
• Business casual minimum (dress like you're meeting a client)

Information to Memorize

You should be able to recite:

• Your company name and registration date
• Your RCI registration number
• Your business activity (in 1–2 sentences)
• Your revenue forecast for Year 1
• Capital amount (if applicable)
• Number of employees (if any)
• Why you're opening this account (operational funding)

Day of Meeting: During the Appointment

Arrival and Setup (First 5 minutes)

When you arrive:

• Arrive 10 minutes early
• Turn off phone or silence it
• Greet the relationship manager/account officer professionally
• Shake hands firmly
• Take a seat

The Meeting Flow (45–90 minutes)

Opening (5 minutes):

• Small talk (weather, thank them for time, etc.)
• Confirm they have time for the meeting
• Pull out your documents

Document Review (10–15 minutes):

• Bank will likely review articles and RCI
• They may ask clarifying questions about documents
• Point out key sections if they ask
• Don't rush them; let them review

Business Discussion (15–20 minutes):

• Bank asks: "Tell me about your business"
• This is your moment: Use your prepared 2–3 minute pitch
• Bank may ask: Why this business? Competition? Markets? Revenue expectations?
• Stay positive and confident: You've thought this through
• Have your business plan ready to reference

Questions About You (10 minutes):

• "What's your background?"
• "Why did you start this business?"
• "Do you have experience in this sector?"
• Be honest and relevant: Connect your experience to your business

Account Details Discussion (10 minutes):

• Bank discusses account features and fees
• Number of signatories
• Signatory rules (any signature or joint?)
• Access methods (online, cheques, cards, etc.)
• Any concerns or special needs

Questions About Banking (optional):

• Your questions about the account
• Financing needs (ask if they offer business loans)
• Any concerns about fees or features

Documents to Sign (10–15 minutes)

What you'll sign:

• Account opening agreement
• Online banking terms
• Signatory authorization
• Possibly beneficial owner confirmation
• Possibly a business classification form
• Read before signing (you can ask to take home to review if needed, though unusual)

Closing (5 minutes)

• Bank confirms next steps
• Timeline for account activation
• When you'll receive account number
• When cheques/cards will arrive
• Contact info if you have questions
• Thank them for their time

Answering Common Bank Questions

"Tell me about your business"

Good answer: "We provide [product/service] to [target customers]. This solves [specific problem]. We make money by [revenue model]. I've worked in this industry for [X years/have relevant background]. We're targeting €X in revenue Year 1 with €X in profitability."

Bad answer: Vague description, unclear revenue model, no sense of viability

"Why are you starting this business now?"

Good answer: "There's a clear market opportunity because [market insight]. I've [relevant experience]. We can launch quickly and reach profitability within [timeframe]."

Bad answer: "I need a job" or "It just seemed like a good idea"

"What about competition?"

Good answer: "There are existing competitors, but we differentiate by [competitive advantage: unique service, lower cost, better quality, etc.]. Our target market is [specific segment] where we can compete effectively."

Bad answer: "There's no competition" (unrealistic) or not understanding who competes

"How much revenue do you expect?"

Good answer: "We're projecting €X revenue in Year 1, based on [pricing] × [expected customers]. This assumes conservative market penetration of [%]."

Bad answer: Unrealistic projections ("We'll be millionaires in 6 months") or no clear basis

"Why do you need a business account?"

Good answer: "To operate the business operationally and maintain proper accounting. We'll process customer invoices, pay suppliers, manage payroll [if applicable], and maintain required financial records."

Bad answer: Vague answer or no clear business use

After the Meeting

Immediate Follow-Up

Within 24 hours:

• Send thank-you email to relationship manager
• Confirm receipt of any documents promised
• Ask any follow-up questions that arose
• Keep tone professional and brief

Timeline confirmation:

• Ask when to expect account number
• Confirm when you'll receive cheques/cards
• Ask how to reach them with questions

Awaiting Approval

If you don't hear within stated timeline:

• Call to check status
• Ask what additional info they might need
• Be patient (processing can take 1–2 weeks)

If they request additional documents:

• Respond promptly
• Provide exactly what they ask for
• Don't delay

Account Activation

Once approved:

• Receive account number and details
• Set up online banking
• Review the account agreement carefully
• Confirm all features you discussed are in place
• Order cheques if needed
• Begin using account

What to Avoid in Your Bank Meeting

Don't...

• ...be unprepared (have documents ready)
• ...be vague about your business (know your model)
• ...exaggerate projections (be realistic)
• ...avoid questions (answer directly and honestly)
• ...speak negatively about other banks
• ...appear desperate for the account
• ...go in without business plan
• ...discuss personal financial issues (keep it professional)
• ...rush through documents (let bank review carefully)
• ...bring too many people (1–2 signatories max)

Tips for Success

• Professional appearance: Dress like you're serious about business
• Confidence: You've researched and planned—show it
• Honesty: Banks appreciate realistic assessments more than overpromising
• Organization: Having everything organized signals competence
• Clear communication: Explain your business in simple terms
• Ask questions: Shows you're engaged and thinking ahead
• Follow-up: Thank them and respond promptly to their requests
• Patience: Banks have processes; respect their timeline

Note: This page is an informational resource based on official Monaco sources and does not replace professional banking, accounting, legal, or financial advice.