Lawyer Opened Capital Account without Signature

[inector]

Hey, opening a company now with a lawyer, and he recently sent me IBAN for capital contribution account, and asks me to deposit the capital.

Which is fine, but weird part is I only gave him the company name (that I want) & my passport, that's it, never gave him my signature on anything

It's in Switzerland, so the transfer is 54K euros, which is high

I don't even have access to the account where I will be sending funds...

Is it normal that he opened account just like that? Should I ask for some account proof?

 

[JohnLocke]

I received a bank statement from those who set up one of our companies in Switzerland. It was about the same amount. But I also sat with them when I made the transfer, so I was sure everything was done correctly.

Have you asked your lawyer for a bank statement or something similar, or told them that you don't feel completely comfortable transferring so much money?

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[CyprusLawyer101]

Is the director provided from their side?
is there a chance that he will recieve the capital in their clients' account for further reimbursement upon finalization of the incorp process?

 

[JohnnyDoe]

The lawyer should open an account for the company and you should send the money to the company, not to the lawyer. If that's what he did, it's perfectly normal.

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[EliasIT]

JohnnyDoe said:
The lawyer should open an account for the company and you should send the money to the company, not to the lawyer. If that's what he did, it's perfectly normal.
Click to expand...

How it works in most countries where share capital has to be paid in!

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[inector]

JohnLocke said:
Have you asked your lawyer for a bank statement or something similar
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Great to know that it could be requested, will do.

CyprusLawyer101 said:
Is the director provided from their side?
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Yes, he is, and the money is for capital contribution only.

JohnnyDoe said:
The lawyer should open an account for the company and you should send the money to the company
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Could he open a capital contribution account with the proposed company name, yet he is the owner of the account?

JohnLocke said:
received a bank statement from those who set up one of our companies in Switzerland
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Was the account with your personal details or the lawyer? Cause for me, lawyer didn't put any of my details, only his.

Last edited: Nov 28, 2023

 

[Martin Everson]

inector said:
Hey, opening a company now with a lawyer, and he recently sent me IBAN for capital contribution account, and asks me to deposit the capital.
Click to expand...

Ok. Just check he is really a lawyer and in Switzerland if you found him over the internet.

inector said:
Which is fine, but weird part is I only gave him the company name (that I want) & my passport, that's it, never gave him my signature on anything
Click to expand...

That's normal its only a Capital Deposit Account. Money can only go in and then out to new founded company. Its opened on behalf of client or can be opened directly by client in minutes like with UBS here. Important to note is its useless for anything but moving funds from shareholders into it and then funds out to newly formed company account. It is not a business account for transactions but for one specific purpose only.

inector said:
I don't even have access to the account where I will be sending funds...
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Totally normal if your lawyer is handling it.

inector said:
Is it normal that he opened account just like that?
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Yes they are simple and quick to open with minimum due diligence due to their nature.

inector said:
Should I ask for some account proof?
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Yes

Biggest thing is to make sure the person is a lawyer in Switzerland.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.