Ever since the offshore legislation was passed in 1994, Seychelles has been one of the highly targeted destinations for offshore company incorporation. Seychelles is considered one of the world's most flourishing and fastest-growing offshore jurisdictions.
An accessible location that has contributed globally to company formations has been one of Africa's core financial centers. Also, Seychelles is a tax haven, so the country can provide the investors with a tax-efficient system to conduct their operations.
A tax-haven jurisdiction with high top bank secrecy has not signed any bilateral agreement of the automatic exchange of financial account data. English and French are the main recognized languages while conducting business.
Moreover, Seychelles is a tax-free country for individuals and businesses to start an offshore business and open an offshore bank account for those who are not residents of the island. Seychelles offshore company formation can be done remotely without much hassle.
What is an Offshore Bank Account?
An offshore bank account is required after an offshore company has been incorporated in any popular offshore destinations. For example, if you are a resident of the UK conducting business in your country with a bank in the US, you are using offshore banking.
Business investors can open offshore bank account online to get started immediately after the incorporation of their offshore company.
Seychelles Offshore Banking
Seychelles have been one of the growing destinations that have been widely preferred when it comes to offshore banking.
The tax-haven jurisdiction provides complete flexibility to the business owners who have incorporated their offshore business unit in Seychelles or any other offshore business jurisdiction.
Ideally, any business owner to proceed with the banking process after setting up an offshore company in Seychelles.
Why Open an Offshore Account?
Opening an offshore bank account is a perfect diversification plan that gives you much-needed access to foreign banking systems that are much more allied with accessible practices. Here are a few advantages of opening an offshore bank account.
- Offshore bank accounts give greater access to financial and banking services typically not available to domestic banks
- Protect your assets from predators by having a separate foreign banking law to shield you from malicious practices
- Avoid your name and details to be easily related to your account by using an offshore business to hold the account
- Protect your wealth from political, domestic, or economic fluctuations by diversifying your assets across jurisdictions and accounts
- Some offshore banks are 100% liquid, which means they keep all of their assets on hand and do not loan out your money
Why Open an Offshore Bank Account in Seychelles?
As stated earlier, holding an offshore bank account provides numerous benefits to the business owners in carrying out international transactions. Yet, there are few reasons that one should proceed with Seychelles.
- Seychelles has enhanced its banking system
- Provides a competitive environment for the business investors
- Seychelles offshore banks are controlled by the Central Bank of Seychelles, which is entirely responsible for the guideline of all financial activity within Seychelles
- Seychelles has proven to be a popular jurisdiction amongst many investors, with zero percent taxation offered to all investors. Learn about the reasons why Seychelles offshore is a tax haven on our website.
To know more about the benefits that you can avail, have a look at the Advantages of Offshore Banking.
How to Open a Business Bank Account in Seychelles?
Coming to the implementation part, one can open an offshore bank account in Seychelles by following the below steps:
- Get in touch with a certified business expert who can help you open an offshore bank account in a hassle-free way. Business experts are well-versed with the best-performing banks and can help you to select the one suiting your business needs from the list of offshore banks in Seychelles.
- In the next move, you need to submit the complete set of documents required for verification. The documents might differ from bank to bank; however, the broad set of papers include:
- A duly filled bank account application form
- Identity and address proof of business shareholders and directors
- Passport size photos of business shareholders and directors
- Certificate of incorporation
- Memorandum of association (MOA)
- Articles of association (AOA)
- A minimum deposit of $10,000 within four weeks (might differ from bank to bank)
Any other documents required by the bank (might differ from bank to bank)
All the documents must be translated into the English language, and the owner is not obliged to travel to Seychelles to set up a corporate bank account.
- The documents mentioned above are to be submitted to the bank officials who will scrutinize the papers and provides the approval to proceed ahead.
- Once the approval has been granted, the bank account gets opened. If it is not, you need to cross-check with your advisor and get the errors rectified.
So, by now, you have got an idea regarding opening an offshore bank account in Seychelles. It is recommended to consult a certified expert who can understand your business needs and cater to the same accordingly to open an account with ease.
Business Setup Worldwide is a platform to assist you set up an offshore company in Seychelles. With company incorporation, we also help in opening an offshore bank account. Our other services include:
- Business registration
- Business license
- Accounting and bookkeeping
- Corporate secretary
- Intellectual property
Once you decide to open a company in Seychelles, contact us to get started with hassle-free offshore company incorporation with an offshore bank account.