The word “Swiss Banking” is one of the most common terms that has been used for a decade ago. It is often projected that any individual who holds a Swiss Bank Account holds a high prestige.
Since ages, Switzerland is regarded as the “ground of financial secrecy” and has been continuously proving itself as one of the largest destinations for offshore banking.
This guide outlines the particular points that are essential for an investor to know who plans to start an offshore bank.
The Offshore Banking Scenario in Switzerland
Started in the eighteenth century, offshore banking in Switzerland has grown to the next level through merchant trade. The banking industry in Switzerland is known for its high-end confidentiality.
According to the resources, the Swiss bank secrecy was codified in the year 1934, and it holds specific laws to protect the assets of the persons who are seeking to evade taxes, hide assets.
In the year 2018, it is estimated by the Swiss Bankers Association (SBA) that the Swiss bank held a count of US$6.5 trillion in assets (25% of cross-border assets).
Another highlight is that Switzerland has constantly been ranking in the top three states on the Financial Secrecy Index.
Offshore banking is one of the booming industries that have been widely accepted by global business investors and owners.
An offshore bank account is often located outside the country of residence and the legal system. Here’s a guide to the advantages of offshore banking, which will help you to understand the benefits that you can avail of.
Financial Services Offered by Swiss Offshore Banks
Well, it is essential to understand the various services that a Swiss bank provides an individual after opening a bank account. Few of them are highlighted below:
- Multi-currency accounts and business transaction
- Flexibility to invest in the global market
- Flexibility to invest in precious metals
- Certificate of Deposit (CD)
- Interest-bearing accounts
- Internet Banking facility
- High-end confidentiality
The Swiss Offshore Bank provides the flexibility to the individuals to proceed ahead with:
- Swiss Personal Bank Account
- Swiss Corporate Bank Account
How to Open a Swiss Offshore Bank Account?
To proceed ahead with Swiss Offshore Bank Account, one must go through the following process:
1.Select a Business Consultant
The first task is to select a certified business consultant who is well-aware of the process and can help you to open a bank account.
2.Provide the Relevant Business Proofs
You need to hold the essential set of documents which includes:
- Identity proof
- Address proof
- Utility Bill
- Income proof
- Passport size photographs
3.Submission and Verification of the Documents Submitted
The above documents are to be submitted to the business advisor, which in-turn will get verified by the relevant authorities.
4.Open a Bank Account
Last but not least, upon verification, the Swiss offshore bank account will be opened accordingly.
In short, now you hold an idea regarding the opening of a Swiss offshore bank account. However, it is to be noted that the process involves legal regulations that need to be met accordingly.
Most of the business owners and investors prefer to proceed ahead with the expert’s guidance to avoid any confusion. Here’s a guide on the Core Reasons for Hiring an Offshore Consultant.
Business Setup Worldwide is one of the top business consultants in UAE who has been helping business clients across the world to establish their business ideas into reality.
Our advisors are well-versed with the offshore bank account proceedings and can assist you in the process of opening one.
If you are looking forward to opening a Swiss offshore bank account, feel free to have a word with our experts.
Contact us today-we’d be glad to assist.