An offshore bank account is a must if any company wants to indulge in opening an offshore incorporation.
Often, offshore company formation with bank account is associated with immoral and illegal activities, which has just created an unhealthy stereotype.
The truth is that opting for offshore company with bank account is nothing short of a genuinely smart business move.
Today, there are innumerous benefits of offshore company with bank account. When it comes to a jurisdiction for offshoring, Belize excels as a location for both opening an offshore company, as well as opening an offshore bank account.
The banks in Belize allow offshore company formation from anywhere in the world to create a bank account. Belize is also one of the few places where you can open a bank account remotely. Also, there are several other benefits of opening an offshore bank account in Belize.
What is the Process for Opening Corporate Bank Accounts in Belize?
Choosing A Bank:
The first step would be to select a bank from a massive catalog of international and commercial banks present in Belize. Depending upon the requirements of your business, you can decide which bank to opt for. A few good options would be Belize Bank, Caye International Bank, and Atlantic International Bank.
Complying with the documentation:
After choosing the right bank for you, you can choose to open a bank account offline or online, depending upon the bank's services. You will be generally asked to give information about things like:
- Name of the company
- Name of the shareholders
- Name of the directors
- Capital share
- Type of activity of the business
- Document delivery address
After filling out the forms, you will be asked to present various documents to authenticate the entire process. The document you will be required to submit are:
- Proof of address
- Signed Application form
- Copy of utility bill
- Copy of the certificate of incorporation of the company
- Two reference letters for each member of the bank account
- Certificate of shareholders
- Notarized copy of passports for all Shareholders, Directors, and Signatories to the Company and Account
- Notarized copy of Memorandum and Articles of Association of the Company
- Notarized certificate of good standing and incorporation
- A letter of undertaking
- Copy of all certificates issued against the company
- General terms and conditions, and depository agreement
Apart from this, it is entirely upon the banks' discretion to ask for some other documents to meet their criteria.
An initial deposit will be asked by some banks, depending upon the type of account and their policies. Since this varies from bank to bank, making a deposit might not always be the case, but it is better to be prepared in case a deposit is required. An estimate of the deposit amount for a corporate bank account in Belize would be around $1000.
This entire process can take up to two weeks, which is standard for creating a corporate bank account.
Is Opening a Corporate Offshore Bank Account in Belize Right for You?
Belize excels in the field of offshore banking. The whole point of offshore banking is to improve your financial condition and save money.
During times of recession, political shift, market variations, epidemics, pandemics, etc. Belize has been known to hold its ground firmly.
Here’s a guide to Advantages of offshore company with bank account that one should focus on before investing.
For a business that is entering the international market, such security is a bonus. It's not just the stability that attracts the massive amount of investors to Belize, the privacy that banks are willing to provide is commendable. The majority of the banks in Belize are required to maintain a high reserve requirement.
Almost all Belize banks must keep their liquidity rate above 24%, compared to some banks in North America that have liquidity rates of 3%-5%; it can be said that Belize offers a fantastic liquidity rate.
The low deposit requirement also makes it quite comfortable for investors and business people to open and maintain an offshore bank account in Belize. Again, not having to visit the place physically to get a bank account open is a concept made to work in favor of all the people interested in investing in Belize.
Our whole mission here at Business Setup Worldwide is to make offshoring easier. We provide a wide range of services that will help you with incorporation, banking, compliances, etc. Throughout the process, we will be there to cater to your requirements and needs.
For more information, contact us today-we’d be glad to assist!