Seychelles is an accessible offshore location with one of the largest company formation markets globally. It is one of the main financial centres in Africa and a country with top bank secrecy for countries that have not signed any bilateral agreement of automatic exchange of financial account data. Moreover, Seychelles is a tax-free country for individuals and businesses who are not residents of the island.
After setting up an offshore company in Seychelles, a company can open an offshore bank account. But first, let us understand what offshore banking is.
Offshore banking refers to the use of banking facilities in a foreign jurisdiction, where the individual resides out of the jurisdiction where the bank is located. For example – if you are a UK person with a bank in the US, then you are using offshore banking.
There are many offshore jurisdictions where banks are safer, most monetarily sound and exist in a country that has a sturdier economic outlook. Hence setting up an offshore bank account for both individuals and the company is recommended.
Why you Need an Offshore Bank 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
How to Open a Business Bank Account in Seychelles?
Opening a corporate bank account in Seychelles requires complete attention on the company documents solicited by the financial institutions in Seychelles. The documents required under this are –
- Certified copy of the passport of the owner, director, and shareholders
- Residential address from utility bills, or bank statement
- A minimum deposit of $10,000 within four weeks
All the documents must be translated into the English language, and the owner is not obliged to travel to Seychelles for setting up a corporate bank account.
Why Open a Seychelles Offshore Account?
Seychelles has enhanced its banking system greatly over the last few decades and has changed into a reputable and consistent jurisdiction for offshore bank account opening. With a highly advanced banking system, the country offers a competitive environment for offshore investors who wish to set up a Seychelles bank account.
All Seychelles offshore banks are controlled by the Central Bank of Seychelles, which is completely responsible for the guideline of all financial activity within Seychelles. With zero percent taxation offered to all investors, Seychelles has proven to be a popular jurisdiction amongst many investors.
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
Should you decide you open a company in Seychelles, then our consultants are here to help you. Contact us today – we’d be happy to assist you.