Wednesday, November 24, 2010

The List of Requirements to Open Overseas Bank Accounts

Cathay Bank in Chinatown, Massachusetts, Unite...Image via Wikipedia

Clients should understand that opening offshore corporate accounts is not a simple process, and it may appear to be onerous, bureaucratic and time consuming. All I can say is: don't despair! You'll get there in the end!

Banks are under enormous pressure to conduct detailed and ongoing due diligence on offshore clients. In most circumstances to open the account you will need:

· A reference from your existing bankers

· Certified copy of passports of all signatories, officers and owners

· Proof of residence of all signatories, officers and owners (typically a utility bill)

· Business plan and cash flow forecasts, with supporting documentation, if available

· Documentary evidence of source of funds to be deposited

The business plan is especially important. The bank can be expected to verify this and will then monitor the account on an ongoing basis to ensure that the business activity is consistent with the profile. Documentary evidence of specific transactions (for example copies of invoices or contracts) may be requested, especially in the case of large transactions (such as real estate business). It is always advisable to notify the bank in advance of unusual transactions or sudden changes in volume, or of changes to the core business which may occur over time.

Please understand that due diligence procedures are part of global business today. If your banker sees a well-administered company and has a good two-way channel of communication with its management, that will help build the foundations of an excellent and flexible business relationship with your bank.

To receive the best advice on where to open an overseas bank account for your business development in 2011 please visit


Alexandra Listerman
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Wednesday, November 17, 2010

Most important leadership qualities of Project Managers

I agree that listening is really important. Listening is really about not making any assumptions on the best way to solve problems without really understanding what the problems are and what has caused them. A solution that doesn’t deal with the cause of the problem is pointless, and only by listening deeply to team members and stakeholders can you truly understand how to best organize everything and achieve a successful result.
Obviously this listening occurs when you are doing your initial analysis, but it should also occur all through the project when team members are describing the issues they are experiencing. Another good listening exercise that I like to perform at the beginning of projects is asking each team member (individually, if possible) what has worked and hasn’t worked on past projects. This gives me an idea of how they like to work, and later on when the project commences, I try to keep their feedback in mind when I am organizing tasks for each member, and communicating with them.
A few more things that I think help:


1) Weekly meetings of representatives from all stakeholder groups. These meetings help everyone understand first hand where the project is and any problems that team members are experiencing.
2) Weekly e-mail status reports detailing successes and problems that every single stakeholder involved in the project is responsible for reading. This differs from the meeting because it targets a much wider audience–the bosses of team members, the project sponsor, and any concerned party.
3) A centralized project plan that shows order of tasks, dependencies, and resources; it should be clear to any team member and any stakeholder how changes in the project plan affect the project.

Conflict Management:

1) Clearly defined roles and responsibilities that are explained to the team and agreed upon at the beginning of the project. This helps to mitigate most of the, “I don’t know I was supposed to do that,” or “I though you were going to do that,” sort of stuff.
2) A clear change management/conflict resolution methodology that everyone understands at the beginning of the project: how are disagreements within the team handled? Who decides when agreement can’t be reached? This is absolutely necessary to prevent the project from being derailed over small but significant disagreements.
3) Temperature checks: Every week or couple of weeks during your weekly meeting ask team members how they think the project is doing, and what, if anything, can be done to make things go more smoothly; Do they need more communication or less? Do they need more control (management) or less? Do you as a project manager need to assist them in attaining resources or authority? Tweak your management tactics accordingly.
I guess that the central theme for my projects is communication. I try to create an environment where 1) everyone understands what they are supposed to do, 2) what other team members are supposed to do, and 3) what is going on with the project at all times. All of the problems I have ever had on projects stem from those three things not being clear.

Friday, November 5, 2010

Humor of the to get promotion?

People who do lots of work...
make lots of mistakes

People who do less work...
make less mistakes

People who do no work...
make no mistakes

People who make no mistakes...
gets promoted

That's why I spend most of my time
sending e-mails & playing games at work

Now its time to get that promotion.......