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How to Start an Offshore Bank Account?

People today are highly inclined to create wealth and save it smartly to generate more revenue through reinvestment. The process of hiding wealth is not possible because tax avoidance is illegal in almost all parts of the world.

The point I am trying to make is that it can be difficult to protect your assets and wealth unless, of course, you opt to create an offshore bank account. Today, possibly the best way to save your money, guard your assets and grow your wealth is undoubtedly offshore banking.

The idea of establishing an offshore firm has steadily evolved among foreign investors and wealthy individuals. The popular offshore locations, like onshore jurisdictions, also demand the existence of an offshore company bank account.

It turns out to be feasible according to the set criteria if the business owner opts along with the incorporation process for the offshore banking operation. Opening an offshore bank account in an offshore location provides business professionals with many privileges.

What is an Offshore Bank Account?

An offshore bank account can be defined only as: “a bank account held by a person or company in a jurisdiction that is different than their residential jurisdiction.”

Licensed offshore banks are limited to accepting deposits and lending money to outlets outside the country where they are physically situated.

What are the Documents Required to Open an Offshore Bank Account?

The documents required to open an offshore bank account include:

  • A duly filled application bank account form
  • Passport-size photo of the shareholders and directors
  • Identity proof of the shareholders and directors
  • Address proof of the shareholders and directors
  • Utility bill
  • Certificate of incorporation
  • Letter of reference for bank
  • Professional reference
  • Concrete proof of profits

There are multiple factors to look out for when opening an offshore bank account to get an overall idea about how this particular offshore service can help you with the business you are running.

Why Start an Offshore Bank Account?

The core benefits of an offshore bank account are:

1.Secure and Protect Your Capital

  • As a business owner or investor, you can eventually travel to several locations.
  • The ability to hold the bank account in one location is a significant advantage.
  • Asset protection is guaranteed
  • Ease of Fund Access
  • Highly personalized service
  • Numerous services such as online transfer, ATM, or even telephone banking are available.
  • Appointment of a relationship manager to attend to your needs
  • Save Tax on Deposits
  • Opportunities for Foreign Investment
  • Diversified Currency
  • Availability of Foreign Exchange Facilities

Factors to be considered before Opening an Offshore Bank Account

Few factors that are to be kept in mind before opening an offshore bank account include:

  • Minimum requisite deposit
  • Legality process
  • Remote Banking Option
  • Tax and Interest Rates
  • Privacy and Safety

Are you wondering how to start an offshore bank account? Well, the process is just below.

How to Open an Offshore Bank Account?

The procedure of setting up an offshore bank account involves the below four steps -

  • Pick from the list of banks at various offshore locations your preferred bank.
  • Provide us with your necessary details and supporting documents that the selected bank requires.
  • Complete the necessary verification procedures for Know-your-Client (KYC) and bank.
  • The bank account is ready for external use, together with other facilities chosen after successful bank notification.

Documents Required to Open a Bank Account in Offshore Jurisdiction

Documents required for a Corporate Offshore Bank Account

  • Passport copy
  • Utility bill copy
  • Reference Letter by Bank
  • Professional reference

Notarized set of company documents include

  • Memorandum of Association
  • Articles of Association
  • Incorporation Certificate
  • Register of Director
  • Register of Members/ Shareholders
  • Company structure outline
  • Complete company plan

Documents needed for a Personal Offshore Bank Account

  • Passport copy
  • Utility bill
  • Letter of reference for bank
  • Professional reference
  • Concrete proof of profits

One of the best decisions an investor can take is to get started with offshore banking due to the various benefits it comes with; along with that, it is always helpful to consider opening an offshore bank account for an offshore company.

In most offshore jurisdictions, it is mandatory to open an offshore bank account for the offshore company to function fully. Offshore company setup is another of the finest business moves you can make to make the most out of your investment.

Our Role

Before starting to make plans about going for any offshore service, you need to have good clarity about the different jurisdictions and benefits they provide. Aligning your business needs with the features of a particular jurisdiction is very important.

To run the process smoothly, most business investors prefer to go ahead with professional experts who have in-depth knowledge of business incorporation. There are various core reasons for hiring a business consultant to avail offshore services.

Business Setup Worldwide is one of the leading consultants to help numerous clients establish their business roots globally. Our business experts have industry experience; contact us today to get started with your offshore investment journey.