How to Open an Offshore Bank Account

How to Open an Offshore Bank Account

The process of setting up an offshore bank account involves the below 4 steps. We at Business Setup assist our clients from the very initial stages till the end to successful open the bank account.

1 STEP

 

Choose your preferred Bank from the list of the banks at different Offshore locations

2 STEP

 

Provide us your Basic details and supporting documents required by the chosen bank

3 STEP

 

Complete the required Know-your-Client (KYC) and Bank verification procedures

4 STEP

 

Upon successful Bank notification, the bank account is ready for International use along with other facilities opted

Offshore Bank Application

Companies and individuals can apply to open an offshore bank account with banks in different jurisdictions around the world.However, the requirements to open an bank account may vary for banks in different jurisdictions based on the laws of the land.

Remote Application

  • Applicants can apply to open an offshore bank account from the comfort of the home.
  • Submit the filled appliation and required documents.
  • Schedule an online meeting with bank officials to compete the verification.
  • Businesssetup will assist clients in completing the application, submitting right documents and schedule meetings.

Physical Application

  • Applicants need to visit the banks to submit the application & supporting documents.
  • The physical presence is required to complete the KYC and submit the signed documents.
  • Banks in Hong Kong, Singapore require personal visit by the applicants.
  • Businesssetup will assist clients with application, document and schedule the

Documents Required to Open a Bank Account

Offshore corporate

Documents required for a Corporate Offshore Bank Account:

  • Copy of passport
  • Copy of utility bill
  • Bank reference letter
  • Professional reference

Notarized set of company documents that include:

  • Memorandum of Association (MOA)
  • Articles of Association (AOA)
  • Certificate of Incorporation
  • Register of Directors
  • Register of Members/ Shareholders
  • Outline of the company structure
  • Detailed business plan

Documents required for a Personal Offshore Bank Account:

  • Copy of passport
  • Copy of utility bill
  • Bank reference letter
  • Professional reference
  • Concrete proof of income
Personal offshore

Offshore Banking Partners

Our partner banks will provide banking facilities to our clients upon completing the due deligience. Here are some of our partners in various Offshore jurisdictions.

Offshore Jurisdiction Bank Name Minimum Deposit Average Time Remote KYC

Mauritius

State Bank of Mauritius Nil 1 Day Yes

Mauritius

Bank One USD 10,000 2-3 weeks Yes

Mauritius

Mauritius Commercial Bank Nil 1-2 weeks Yes

Mauritius

ABC Banking Corp USD 5,000 3-5 days Yes

Singapore

Citi Bank S$ 50,000 10 - 15 days No

Singapore

OCBC Bank USD 10,000 2 weeks No

Cook Islands

Capital Security Bank USD 20,000 3-5 days Yes

Cayman Islands

EFG Bank USD 5,000 2 weeks Yes

St. Kitts and Nevis

Bank Of Nevis USD 10,000 1 week Yes

Belize

Heritage International Bank USD 3,000 15 to 20 days Yes

Puerto Rico

Euro Pacific Bank USD 500 5-7 days Yes

Switzerland

CIM Bank CHF 1,000 2-3 weeks Yes

Cyprus

Bank of Cyprus EUR 1,000 Case to case No

Turkey

Euro Deniz IBU EUR 1,000 3-5 days Yes

Armenia

UniBank OJSC Nil 3-5 days Yes

Latvia

Rietumu Banka EUR 100,000 2 weeks Yes

Disclaimer

One may choose to open a bank account in the given locations after one's company registration. The user has no obligation to select from the list, and may propose another bank of choice. BSW is not proposing any bank services. An introduction service includes the preparation of the application form and the submission of the file to bank. The acceptance of the same is at the sole discretion of the bank authorities.

Bank account opening application is subject to mandatory due diligence by the bank and clauses under national and international (FATF) standards, in particular to prevent money laundering. The content on this page must not be interpreted as a proposition to waive any due diligence or adherence to standards.