Most rejections are avoidable. Here are the actual reasons non-resident company applications fail at banks and EMIs.
Bank and EMI rejection rates for non-resident company applications are high — often 30–50% for founders going it alone. Most rejections are preventable and stem from a small set of recurring issues that can be addressed before application.
Missing apostilles, expired passports, mismatched names, or absent UBO declarations.
The company is registered in a restricted country, or the business activity is on the institution's restricted list.
'Consulting' or 'trading' without specifics. Banks need to understand your revenue model.
Applications within 3 months of formation with no website, contracts, or invoices.
Directors or UBOs from countries on the institution's internal high-risk list.
Nomadic Go reviews your entity and documentation before submission, identifying and resolving rejection triggers. We then submit to the most suitable institution for your profile.
No formal shared database exists across EMIs. However, CIFAS in the UK tracks fraud flags, and SARS (suspicious activity reports) can affect future applications.
Terms like 'consulting', 'trading', or 'investment' without specifics fail compliance screening. Replace these with your actual model: 'B2B SaaS tool for project management teams, subscription revenue from EU and US customers, no physical goods or cash involved.'
Yes. Some banks maintain internal restricted nationality lists for directors or UBOs that can trigger automatic declines regardless of the entity's documentation quality. This is typically addressed by applying to EMIs with broader acceptance (Wise, Airwallex) rather than traditional banks.
Wait at least 3 months, fix the identified issue (documentation, business description, or entity type), and apply to a different institution rather than reapplying to the one that rejected you. Sequential rejections from the same institution in a short period are almost always unsuccessful.
Yes. Entities under 3 months old face the highest rejection rates, particularly at traditional banks. EMIs (Wise, Airwallex) are more tolerant of new entities. If possible, delay your primary bank application until you have 1-2 months of company age and some trading evidence.