BSW has a tie-up with banks in countries across the globe, and this enables us to complement your offshore company incorporation with offshore bank account opening assistance in the country of your choice. With over a decade of experience and expertise in the field, we can help you with the most efficient and cost-effective way to open your offshore bank account.
Why go for an offshore bank account?
Offshore banking implies banking with a financial institution outside your domicile.
People opt for offshore banking for the following reasons:
1. Asset Protection
An offshore bank account puts your wealth out of the reach of the government, creditors and jurisdictional institutions.
2. Risk Diversification
Asset diversification can be taken to the next level through geographic diversification. Putting your money into offshore bank accounts is an expedient way to diversify. Plus, there’s an optional added advantage of multi-currency storage, which further diversifies your portfolio.
What to look for when choosing an offshore bank?
Here are the key aspects you should look into before selecting your offshore bank:
- Bank service conditions (e.g., minimum deposit, charges, liquidity, etc.)
- Provision of remote bank account opening
- Economic and political stability of the jurisdiction
- Privacy and banking regulations
- Financial offerings by the bank
BSW has tie-ups with banks at all the major offshore locations across the globe.
* Bank account cannot be opened remotely for the banks in the locations
Consider the following questions before choosing an offshore bank account:
- Do you need to open the bank account remotely, or don’t mind visiting the bank in person?
- What is the minimum deposit required?
- Do you need a multi-currency account?
- Do you need online banking facility?
How to open an offshore bank account?
It is advisable to get your offshore bank account opened through a consultant that may carry out most of the formalities for you and ensure that the due diligence is in place. Moreover, approaching the bank through a trusted party helps with the speed and fulfilment of the process.
An offshore bank account can be opened through these 4 steps:
- Choose a banking jurisdiction in line with your corporate strategy and banking requirements
- Submit the documents required for the bank account, whether in-person or online
- Once the KYC and account creation completes, you may deposit money into the offshore account
- Make note of the reporting requirements, if any
Documents Required to Open an Offshore Bank Account
There are no hard-and-fast generalizations about what documents are needed to set up an offshore bank account. These may vary according to the jurisdiction and business activity.
However, the following documents are needed by most banks.
- Certified passport copy of the shareholders
- Certified and recent proof of address (for instance, utility bill)
- Bank reference letter from your current bank
Might be required, depending on the jurisdiction:
- Proof of income/Source of funds
- Professional reference letter (issued by an accountant or lawyer)
Might be required for a corporate bank account:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Resolution of First Director
- Share Certificate(s)
- Certificate of Good Standing
- Business plan
How to make withdrawals from an offshore bank account?
Offshore banks usually offer a variety of ways to withdraw funds:
1. Debit Card
Many offshore banks issue a debit card with access to the funds from anywhere across the world. There might be a small transactional fee involved for every time the card is used.
2. Cheque Book
Certain offshore banks offer cheques, but this medium is often not preferred by bank account holders because confidentiality is often called for in offshore accounts, and also since cheques drawn on foreign accounts may not always be accepted locally.
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.