If you ever ask any business investor to proceed with offshore banking, there are high chances that they will opt for a “Swiss Bank Account”.
The core concept of the Swiss Bank started long back in the 1700s that holds a kindred history of high-end confidentiality and privacy.
These core characteristics of Swiss Bank also infused the doubt of illegal move in the business investors' minds. However, today, offshore bank accounts are used to safeguard business assets and wealth.
In this guide, we will cover the gist of Swiss Offshore Bank Accounts and other relevant factors essential for any investor to know before proceeding ahead.
By the end of this article, you will get to know the core steps to be followed when opening an offshore bank account in Switzerland.
A History of Swiss Offshore Banking
Switzerland holds a fascinating history of offshore banking that got initiated almost three hundred years back.
In the earlier days, the bank accounts were used as a Cold War Spy Trope used in different activities like stashing high worth of gold or even to hide passports.
In the 1930s, the reputation of Switzerland's offshore bank accounts grew more robust as transparency was shared across.
This made an offshore bank account a valuable offshore tax-haven tool and is widely used for business transactions by investors and owners.
The Modern Concept of Offshore Swiss Bank Account
As stated, the modern concept of offshore banking has been modified and holds a different perspective in people's minds. Today, an offshore bank is widely used for the following purposes:
- To safeguard the financial assets and wealth
- Secure properties under the international banking laws
- An individual who wants to protect the finance from ex-spouse or business rivals
- Someone who seeks for diversification of assets and wealth
- A business investor who wants to expand business internationally with tax-exemption benefits
How to Open a Swiss Offshore Bank Account?
An offshore bank in Switzerland is regulated under the Swiss Banking Code, the supreme governing body that sets the guidelines for all financial transactions in Switzerland. Any foreign investor can start an offshore Swiss bank account by following strict proceedings that include:
1.Join hands with an expert
This is one of the most innovative ways you can proceed ahead as it saves time and carry out the relevant activities at a faster pace.
It is because they are professional experts and have got relevant connections quickly. Simultaneously, the banks prefer opening accounts for the clients through partners as they hold a high sense of trust.
2.Figure out a relevant bank suiting your business needs
In the next step, you have to finalize the bank that suits your business requirements. When it comes to Swiss bank, make sure you have an in-depth discussion with your business advisor as they will have a better hold on the banks available.
3.Submit your essential company documents
The next step that is on the list is submitting the essential documents. The complete list includes:
- A request form
- Draft association article
- Information regarding the firm and its investors
- Letter from the Representative
- Verification of Transfer Payment
- A copy of the official incorporation notice
- Notarized Municipal Incorporation Act
- Bank Confirmation stating that the required share capital is in the account
- Agree to conduct forms signed by the Directors suggested
- Claimant Statement
- Official completed application form detailing the documentation and notarized signature of the company's representative.
4.Obtain the respective approval
All the documents have to be submitted to the bank authorities, who will inspect them. If the need suffices, approvals will be issued.
On the contrary, if the documents get rejected, cross-check the same with your business advisor.
5.Proceed ahead with internal deposit
The next move is to deposit the initial amount preferred by the bank to open an offshore account.
After depositing the same, the account gets active, and business transactions can be commenced accordingly within a short span.
Opening an offshore bank account in Switzerland is one of the prestigious and safest moves you can make today.
The tax-haven jurisdiction has strengthened its roots today when it comes to the offshoring industry to grab the undivided attention of international investors.
If you want to open your offshore bank account in the tax haven jurisdiction, it is recommended to proceed with an expert.
At Business Setup Worldwide, we take care of the company formation proceedings for our clients. Be it onshore or offshore company setup or banking activities, our advisors, are well-experienced and has been helping numerous clients round-the-clock to open their accounts.
If you feel to discuss the same with our experts, feel free to contact us today-we’d be glad to assist!