Opening an escrow bank account may be a convenient solution for foreign entities operating in Israel who, for reasons of internal business policy, prefer not to open a “regular” bank account for the company (usually operational difficulties for signatories).

Using this mechanism of escrow bank account allows high operational flexibility since the authorized signatory that are located in Israel, are available and have the ability to respond on the spot. The primary need for these accounts is to transfer salary payments to beneficiaries (employees, tax authorities, etc.).

Thanks to an experienced, courteous and professional team that is familiar with the field and knows the players in the business, we successfully assist our clients quickly and efficiently where others struggle.

According to legal definitions, the ownership of the escrow account and the ability to act in his name belong to our firm’s partners, but the sole beneficiary is the client, and every payment from this account is approved by the client’s authorized signatories or their delegates.

Shimony – House of Finance provides services for opening and managing escrow bank accounts for its clients, both in local and in foreign currency accounts.