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How to Establish an Anonymous Offshore Bank Account

When it comes to offshore business, one of the key parameters that get focused on is confidentiality.

The offshore segment is widely preferred by individuals or investors who want to save tax and doesn’t want the particulars to get revealed.

What goes parallel with an offshore business unit is an offshore bank account that helps them to deal with the business transactions securely.

An anonymous bank account is a type of offshore banking in which the individuals or companies can no longer have an anonymous account in an offshore jurisdiction where there is complete privacy.

Where to Open an Offshore Bank Account?

Most of the offshore jurisdictions have banks that provide utmost confidentiality with an offshore trust. In such cases, the company's actual shareholders are not revealed, and only the registrars of the account are known to the bank.

Here’s a list of the popular offshore business jurisdictions that one can choose from to incorporate an offshore company and open an offshore bank account.

What is an Anonymous Offshore Bank Account?

As stated above, an anonymous bank account is a type of offshore bank account that can be availed. A few characteristics of an anonymous bank account include:

  • Provide the utmost privacy for an account holder
  • Neither name nor identification was used to open an account that was just a numbered bank account

When it comes to opening an anonymous offshore bank account, it can be done through opening an International Business Company (IBC) or even an offshore trust or foundation company.

Application of An Anonymous Offshore Bank Account?

The main purpose of opening an anonymous bank account is not to make operations. It is opened to collect and store large amounts.

Anonymous bank accounts are mostly used to solve private issues such as preservation of inheritance from unethical heirs or partial distribution, protection of funds during the divorce process against applicants, and storage of funds obtained from real estate transactions.

Offshore banking can be used for business tasks such as transferring profits from offshore companies, payment of dividends, and royalties.

If the account holder wants to make a more significant number of settlement transactions, he can open an account with an offshore company.

How to Open an Anonymous Offshore Bank Account?

To open an anonymous offshore bank account, certain specifications are to be addressed:

1.Get a Professional Onboard

Since you plan to deal with an anonymous offshore bank account, it might be difficult to understand the core legal grounds.

It is recommended to proceed ahead with a certified professional expert who can assist you in the complete process.

2.Select an Offshore Jurisdiction

The next move is to choose an offshore jurisdiction where you want to open an offshore bank account.

By taking the steps under the guidance of an expert, you will be better positioned to choose the best jurisdiction according to the business requirements.

3.Set Up an Anonymous Offshore Business Unit

After selecting an offshore destination, an International Business Company (IBC) can be incorporated by submitting the core business papers that include:

  • A duly filled business application form
  • Identity proof of the business shareholders and investors
  • Address proof of the business shareholders and investors
  • Passport-size photos of proof business shareholders and investors
  • Well-drafted business plan
  • Memorandum of association (MOA)
  • Articles of association (AOA)

The complete document set is to be submitted to the specific jurisdiction's government authority and get the required approvals.

4.Open a Corporate Bank Account

The final call is to open an offshore bank account to carry out the banking activities at ease. Ideally, the bank will not be located in a country that has agreed to be part of the OECD Bank Account Info.

To know more, here’s a guide on the Advantages of Offshore Banking that you can have a glance at to know the details in-depth.

We hope that by now, you have got a complete idea of the core grounds of an anonymous offshore bank account and how to proceed ahead with the same.

If you are looking forward to holding an anonymous offshore bank account, then our business experts can help you in the process.

We at Business Setup Worldwide help business investors and individuals to simplify the offshore and onshore business processes. Right from company incorporation to opening a bank account, we take care of the essentials.

If you are looking forward, feel free to discuss with our experts. Contact us today-we’d be glad to assist!

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Business Setup Worldwide is a leading corporate service provider from Dubai that offers company incorporation along with allied services.

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