Accumulative Account is used by the companies in establishment to pay in the initial share capital and set up a private limited company in certain jurisdictions, for example:
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In essence, you can pay in the funds to the Accumulative Account, however, you cannot withdraw (send out) until you register a company and transform this account into a regular current business account.
Here are the steps and main rules of how the Accumulative Account works at OKEO:
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1. Submit the application form for Accumulative Account online: https://join.okeo.com/accumulative |
During the process you will be asked to identify yourself using your mobile device and your passport or government-issued ID. |
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2. Submit the deed of incorporation of your planned business in My OKEO: https://my.okeo.com |
The deed of incorporation of your planned business means articles of association that you need to submit to the registry center in your chosen jurisdiction. We can accept the documents in Lithuanian or English language. If needed, you shall arrange for translation, or contact us to check whether we can arrange for such service for you. If you do not have this document on hand, you can always log in to My OKEO later at https://my.okeo.com/login and supplement this information. |
| 3. Application review. We will respond within 3 business days. |
Usually, the process is quick and smooth. In some cases, we may get back with additional questions about your planned business. If your matter is urgent, let us know and we will try to speed it up for you. |
| 4. After receiving positive response, log in to My OKEO at https://my.okeo.com and confirm the Accumulative Account opening. |
At OKEO, you can make your new business even more yours – by selecting custom IBAN* number for your newly created Account. *IBAN – International Bank Account Number |
| 5. Top up your Accumulative Account with the funds (initial capital) for your company set-up and pay the OKEO invoice. |
The most efficient way to top up your Accumulative Account is to send the SEPA (Euro) transfer to the IBAN Account that has been just opened. More instructions are available directly in My OKEO. You will be asked to pay the invoice that we will send to your registered email address. Pricing terms and conditions can be found here: |
| 6. Obtain the Certificate from OKEO and finalize the registration of your company in the center of registers in the chosen jurisdiction. | Once the funds are received and the invoice is settled, we will send you the electronically signed Accumulative Account Certificate – indicating there the Accumulative Account number (IBAN), purpose and balance. |
| 7. Transform your Accumulative Account into regular business account. |
Once you register your company, send us the registry extract and the confirmation that you wish to open the regular current business account at OKEO. Once it is done, you will be able to enjoy all features of your account (including multicurrency features) and send outgoing payments to settle your business obligations. During that transition process we may have additional questions about your business in order to adhere to the relevant laws and fulfil our KYC* obligations. *KYC – Know Your Client |
Kindly note that:
- The Accumulative Account currency is Euro – meaning you can only top it up with Euro. If you wish to open Accumulative Account in currency other than Euro, contact us to check the options.
- If you are supported by a proxy – e.g. the lawyer who helps you to set up the new company – the proxy can go through the online process of account opening at OKEO. The proxy shall fill in the application form and indicate relevant option (role) during the process. Kindly note that we need to obtain the scan of the Power-of-Attorney during the process. If your jurisdiction is other than Lithuania, the PoA shall be apostilled as required by laws.