Nowadays, it is impossible to fully participate in the modern economy without having a bank account; it's regarded as an essential part of every successful person's life. Single market legislation guarantees that banks can operate throughout the European Union without any limits. The ability to offer cross-border services helps EU residents, and non-EU residents, open bank accounts for various purposes.

There are more than 7000 banks and other credit institutions in the European Union. By the end of 2016, more than 2.8 million people were employed in the EU banking sector. EU residents and non-residents tend to open different types of bank accounts. It is possible to divide bank accounts into five types: savings accounts, money market accounts, current accounts, retirement accounts and certificate of deposit accounts.

Savings accounts are considered to be the best accounts for your savings. Current accounts provide customers with the ability to deposit cheques, pay bills and make withdrawals. Debit cards are a primary form of payment for this type of account. Current accounts are used by the majority of customers and they are suitable for anyone who needs to pay in deposits and has a balance of under 5,000 EUR. A money market account will be useful for someone with a usual balance of between 5,000 and 10,000 EUR. This type of account is a great option if you want to park cash. Certificate of deposit accounts are not very popular. In most cases, they are used to hold money that you don't need to spend, as by locking up the funds you can earn more interest. Finally, retirement accounts are good for saving for your future, and they offer some tax advantages.

A major advantage of having an EU bank account is that you don't need to live in the European Union to have an account here. Of course, if you carry out your transactions in euros, you can save money on exchange fees. Security is also a strong incentive to open a bank account in the EU. European banks usually offer state-of-the-art services, including a large network of bank machines operating 24/7 and safe online banking. The cost of opening an account is usually very low. In some cases, you can get a free credit card, usually a Visa or MasterCard.

Today, many non-EU residents are granted permission to travel freely, either for leisure or work purposes, and to open bank accounts within the EU, just like EU residents. However, it is still necessary to understand the procedural requirements and to clarify certain issues that, at first glance, may seem slightly challenging for a non-EU resident. Some of these issues are related to banking in general, while some apply specifically to opening a corporate bank account in an EU state.

The first issue is location. It is highly advisable to choose the country in which you will open your bank account wisely, basing your choice not only on your preferences, but your purposes in opening the account. Generally, non-EU residents find opening a corporate bank account in the EU to be very beneficial, primarily because of the high-quality services offered by the well-regulated European system. Banks across the European Union are eager to support businesses and welcoming to new clients, and it is common policy to offer flexibility and attractive discounts.

In order to simplify the application process and make it faster and more convenient, most EU banks allow you to fill in the application form online. Usually, the time frame for receiving an answer on the application ranges from just a couple of hours (in some rare cases just 30-40 minutes can be enough) to five working days, depending on the nature of the request. However, you should take into consideration the fact that non-EU residents may be charged an additional fee for opening a corporate or other type of bank account, depending on the terms and conditions of the bank.

In terms of the challenges that may arise for a non-EU resident in opening a corporate bank account in the European Union, the only constant is the translation, and, as it is often called, legalisation, of all the necessary documents. Bear in mind that the set of required documents may vary slightly from country to country, which may from time to time pose an inconvenience. As standard, a non-EU resident looking to open a corporate bank account within the European Union will need to provide: the company's incorporation documents, authorisation documents (e.g. powers of attorney), beneficial ownership documents, IDs, etc. To return to an earlier point, it is vital to keep in mind that the EU has multiple official languages, and all documents must be translated and verified in accordance with EU law.

As you can see, opening a bank account in the European Union offers many advantages for EU residents and non-EU residents alike, and is a great opportunity to gain a foothold in the European business environment.

The total population of Yemen is 28,915,284 people. The people of Yemen speak the Arabic language. Yemen's linguistic diversity is nearly homogeneous according to a fractionation scale, which is 0.008 for Yemen. The average age is about 18.6 years. Life expectancy in Yemen is 64. Female fertility rate in Yemen is 4.4. About 15% of Yemen's population is obese. Ethnic diversity is nearly uniform according to a fractionation scale, which is 0 for Yemen. Details of the language, religion, age, gender distribution and advancement of the people of Yemen can be found in the sections below, as well as the section on education in the country.

Population
In Yemen, the population density is 54 people per square kilometer (140 per square mile). Based on these statistics, this country is considered sparsely populated. The total population of Yemen is 28,915,284 people. Yemen has approximately 273,000 foreign immigrants. Immigrants in Yemen account for 0.2 percent of the total number of immigrants worldwide. Immigrants in Yemen account for 1.3 percent of the total number of immigrants worldwide. Yemen's ethnic diversity is nearly uniform according to an ethnicity-based fractionation scale. Ethnic Fractionation (EF) deals with the number, size, socioeconomic distribution, and geographic location of diverse cultural groups, usually within a state or some other demarcated area. Specific cultural characteristics can refer to language, skin color, religion, ethnicity, customs and traditions, history, or other distinctive criteria, alone or in combination. These characteristics are often used for social exclusion and power monopolization. The index of ethnic fractionation in Yemen is 0. This means that people living in Yemen are somewhat fractionated. EF is usually measured as 1 minus the Herfindahl concentration index of ethnolinguistic group proportions, which reflects the probability that two randomly drawn individuals from the population belong to different groups. The theoretical maximum of EF of 1 means that each person belongs to a different group. Below are statistics of Yemen on average age and gender distribution at different ages.

Old
The average age is about 18.6 years. The average age for men is 18.5 and the average age for women is 18.7.

Gender
The sex ratio, or number of males per female (estimated at birth), is 1.05. It can be further broken down into the following categories: sex ratio below 15 - 1.04; sex ratio from 15 to 64 - 1.03; sex ratio over 64 - 0.92; Overall sex ratio - 1.03. The overall sex ratio differs from the sex ratio estimated at birth. This is because some newborns are included in the sex ratio estimated at birth, but die within the first few weeks of life and are not included in the overall sex ratio.

This section provides more details on our packaged offerings, including tax planning and business structure solutions. The most popular trading scenario with EU registered companies is the VAT triangulation system. Triangulation rules are specifically designed to make cross-border trade easier, so EU businesses don't have to register for a VAT number in every EU member state they ship goods to. Another common practice is to set up trusts in tax havens. However, not many clients are aware of the benefits that trusts established in the UK can bring.