Almost without exception, entities need bank accounts if they are to do business. So naturally, the vast majority of those who incorporate offshore will need to open a bank account for their company sooner or later.
Most people are intrigued by offshore banking but do not have a good understanding of it. Many simply accept the distortions they read or hear about offshore banking as some form of clandestine activity and that it's either too risky, illegal, immoral or unethical.
All offshore banks are regulated in one form or another within their jurisdiction and the regulations are usually less restrictive and more protective of depositors’ rights than onshore jurisdictions. Less restrictive regulations abroad allow foreign banks more freedom in locating the best investments worldwide. allowing them to pass on and share their profits with their customers. This is not without risk, though, for depositor's insurance applies only in a limited number of offshore jurisdictions.
Banking offshore may providing tax benefits by reducing your exposure to paying less tax for interest profits earned outside your home country, protection of your assets, estate planning, confidentiality, and the chance to take advantage of doing business overseas from a zero tax jurisdiction with near hermetic confidentiality. (For tax advice always consult your lawyer and accountant. No two situations are identical.
Increased Complexity
The spread of terrorism and money laundering have caused international monetary authorities to review the relationship between offshore banks and their clients. These acts have provoked fear and mistrust in banks worldwide so acceptance of your offshore company as a client is no longer guaranteed. This makes arranging your company's banking today no longer a simple task as banks now put in place "Recommendations to Combat Money Laundering" , internal "know your customer" guidelines, due diligence procedures, "suspicious activity indicators" and even technology that attempts to detect "unusual" account activity.
What used to be legal and straightforward is now full of obstacles. Offshore Banking remains legal but it is no longer straightforward., we have to remember that the stringent requirements are here to stay -- so learn to live with them and we can help.
Our bank introduction service ensures that the bank account opening paperwork are in compliance with the bank’s Know Your Client' (KYC) requirements (e.g.: proof of identity, proof of address, source of funds etc.) and required company (e.g.: Certificate of Incorporation, Bank Resolution etc.) and supporting (e.g.: banker’s references) documents are in perfect order, conforming to standards used by major legal firms.
Available Jurisdictions
We have professional business relationships with banks in Switzerland, the Isle of Man, Jersey and the Seychelles. These banks offer internet banking for global access and account management as well as Visa/Cirrus debit cards for worldwide ATM withdrawals. An account specialist will be assigned to each request to ensure we understand your business and needs so that an appropriate bank is recommended. We strongly believe that it is important to conduct your offshore company as a honest, professional, responsible and therefore a valued business from start of the account opening.
Our bank introduction service starts from US$475. Click here for details of our packages.
If you are a lawyer, accountant , tax advisor or financial consultant and require services for your clients, please contact us for further options and special pricing.
