Offshore Bank Account » assets

Who can open a Offshore bank Account

peter — Mon, 26 Oct 2009 09:14:00 +0000

Any businessman/woman’s choice is to trade with an accredited bank of international standards. Seychelles International Business Company, is not left out in this, on top, it does business with banks located in Seychelles. And that is the option they give to individuals or firms who would want to trade with them. They have the best working relationship with these banks, especially Barclays bank, which they consider as having unmatched expertise, name and global reach as well as being dedicated to offering offshore bank account deals to all customers.

There are some guidelines that control offshore bank account formation in Seychelles:

First, all clients are required to give informative personal and business details concerning the owners and controllers of the offshore account. The actual beneficial owners and signatories must be well known by the banks through their certified passport copies, copies of second photo ID, bankers and/or professional references, detailed business descriptions, and cash flow possibilities. Data provided by nominee shareholders or directors may not auger well with the banks even though that is a good option.

Second, forming an offshore bank account will never be possible on anonymous grounds. The law requires all clients to be known personally by the banks no matter the nature of their business dealings.

Third, there is guaranteed confidentiality on all finances details shared between the client and the bank. This secrecy is considered the core of offshore business deals. The only time such details may be given out is when Seychelles courts rules. The rulings however do not just happen except on very serious grounds and after very stern investigations have been carried out by Seychelles government. No foreign party, government can be given access to these confidential information according to the Seychelles rules with the punishment given in case of divulgence being severe financial and criminal.

Forth, foreign offshore bank accounts are allowed so long as it is in convenient locations tax wise such as in countries that are close to Seychelles. It is also possible to open accounts, as many offshore companies do, independently in locations and banks they are familiar with. It is also possible to have your offshore account in another financial centre such as United Kingdom or Switzerland. The company is also able to introduce you to a bank in your location for example Europe depending on your profile. Formal requirements needed by the banks can be catered for by the IBC documentation certified by notary and legalized apostille. Up to this point the requirements are basically the profiles of the controller and owners of the company and business and area of operation.

Fifth, an introduction fee is required to open an offshore bank account. The fee is used by the company to introduce you to the bank. The banks will prefer clients introduced to them by IBCs even though surrender of this fee does not guarantee one success in account opening. In cases of failure or success, the bank will issue a formal letter detailing the unfolding circumstances. Costs of obtaining credit cards, debit cards, opening further bank accounts and other transactions are paid for separately.

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What is a Offshore Bank Account, never heard of this before?

peter — Fri, 23 Oct 2009 09:12:11 +0000

This term shouldn’t make you confused of the accounting services offered by such banks. It’s a term that simply used to refer to bank accounts opened outside ones jurisdiction or country.

The banks in which this accounts are opened are called offshore banks. In the current world, the emergence of globalization theme has made many business individuals or groups to adapt this investment system. Many international traders prefer investing in the banks outside their native countries. This is especially triggered by terms of investment in different countries. Some terms always attract investors while some do not. If a country of origin’s bank attracts less interest rate on investment, a business person may make decide to invest elsewhere. In addition to this some corporations invest in other countries for the purpose of tax evasion from the mother state. The aim of many banking sectors being about 12% storage and 88% bookkeeping, some minor countries give a room for offshore banking expecting to make no profit from the account opened offshore.

Reasons for opening an Offshore Account

Individual or business corporations may open offshore bank account because of the following reasons:
? Political and economic stability may force a businessman open an offshore account in an economically and politically stable nation. This is used as an important measure against the unexpected collapse of home banks.
? Some business individuals or group prefer opening accounts in countries where they travel much for business deals. For example, the Europeans who trade in Asian countries such as Japan may choose to have an offshore account in Japan.
? Electronic banking has also encourages people to open offshore accounts. This is because; through an electronic banking system a trader will not need to travel in order to make deposits or withdrawal. This is automatically done using electronic money transfer.
? Assured security of the offshore accounts trigger many to open them. This is because of the protection offered by the international banking insurers. The business corporations have warranted cover for their businesses.
? The main reason that makes many corporations prefer offshore banking is the higher rates of interest. The interest accrued from the offshore accounting is higher than the out put that goes to the offshore banks in terms of tax and service charges.
? Offshore accounts also provide financial privacy that is needed by large business corporations. Some business corporations do not want their competitors know their financial status. This makes such to venture into offshore banking system.

How to open an Offshore Bank Account

Opening an offshore bank account is simple. You only need to fly to the country where you plan to open the account. Give your official identification documents that will act as a proof for your country of origin. After this you will be required to have a hire a re-selling firm that will give a valid reason for you need to open the offshore account. Finally, you will be required to have a lawyer who will give you an expertise advice on offshore bank account and how to open yours.

Offshore Bank Account; Guidelines and procedure

peter — Wed, 21 Oct 2009 09:08:25 +0000

The International business world undoubtedly needs a quality Offshore Bank Account provider. However, first getting the prerequisite conditions to qualify for the account and getting the best account are all together intricate. But if you check keenly, international standardized guidelines for this accounts, it will make your work easier. Seychelles, Belize and British Virgin Islands have one of the best Offshore Bank Account options in the world. In Seychelles for example, there are general procedures and guidelines that would be prudent upon us to share:

1. Due Diligence

To have an Offshore Bank Account it is incumbent upon the bank to have all the account holder’s personal facts and information. The nitty gritties about the business venture will also be required to be handed down. Who the offshore company beneficiaries are, controllers and owners of the company or IBC, account signatories among other things; will be required by the offshore bank. The scope of all furnished documents, from financial forecasts, passport information, ID facts to all the business description details will make the body of detailed information work.

The use of representatives and other proxies are common with certain businesses, but with these banks, the real owners of the business must be ascertained before the account opening exercise is even considered.

2. Anonymous Accounts

The term “anonymous accounts” does not exist in the Offshore Banks vocabulary. The entire fraternity of offshore banks are required under law to get all the due diligence information on their clients. With no exceptions whatsoever, the clients’ details must be checked even when an intermediary was used to get to the bank.

3. Banking Secrecy

Confidentiality and secrecy are considered sacred in the offshore banking circles especially in Seychelles. Only by a court ruling can a client’s personal information be divulged. This of course will follow a very comprehensive and sometimes protracted criminal and legal process. When the names and other information are given it will mean the court case was very serious bordering on national security or public interest issues.

Giving out confidential information to any foreign power or party is strictly disallowed. And if a bank breaches the confidentiality, stern punishment and legal recriminations will definitely, as stipulated by law, be taken against such.

4. Foreign Accounts

With the Offshore Bank Account, many company owners prefer to open such accounts with banks that are far away from the business location especially for tax reasons and undue government scrutiny. With an impressive and up to speed client profile such an offshore account can be opened easily.

5. Offshore Merchant Account

Still with the Offshore Bank Account, most clients now want to also use credit cards. This is made possible by the offshore merchant account; and this is particularly important for online businesses.

With all this information, it must sink on you that the Offshore Bank Account can work well if you get a bank that is keen and strict on the aforementioned guidelines. Without a doubt your business will be safeguarded only in keeping to the guidelines.

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