3:28 p.m. - 2010-05-17
How to,Offshore Business Bank Account
Offshore Banking
How one can easily open a offshore bank account without visiting the bank of the desired offshore jurisdiction. To open a real offshore bank account does not mean that you have to visit the country of where the offshore bank is located nor do you need to visit the bank and see them face to face.
No in today's Internet world everything can be handled online / through the Internet.
The most offshore banks have the same requirements some are very difficult to open the bank account with while others it is very easy, most often it depends on the business one is into and how much volume will go through the bank account on a annual basis.
Most of the Offshore Banks require the following in order to open a bank account:
- Bank Reference letter or reference letter from a lawyer or certified accountants
- copy of passport
- utility bill not older than 3 months, sometimes this has to be translated to Egnlish
For corporate offshore bank accounts one will as well have to provide the following documents:
- All corporate documents with apostille
- Company Certificate with apostille
- All corporate documents translated to English
The above are the basic requirements and what is what satisfy most of the Offshore Banks, actually offshore banking is included by most of the many banks out there, this means when you open a bank account with one of the offshore banks, you will have some advanced Internet Banking available, as long with multi currency bank accounts and everything in English, so there is no need to worry that you have to learn the native language of the offshore jurisdiction where you want to open the bank account.
Most of the Offshore Banks have as well a SWIFT code and if they are located in Europe for instant in Cyprus they will have as well a IBAN account number which make it way faster and cheaper for your clients to pay their invoices or transfer money in general to your bank account.
Offshore Banking is covering a lot more, for instant many investors worldwide are using offshore bank accounts for anonymous bank transfers while they are in the process to take over competing companies/business, other use them for simple investments in currency or even for stock investments.
When you decide to open a offshore bank account regardless with which Offshore Bank you should carefully look at where this bank is located and most important how strong they are and what their history is, in the time of the economical recession as in what we are still in, it is important to not open a bank account with a offshore bank which don't have millions or even billions of working capital, therefore we most often recommend to go with offshore banks located in Offshore Jurisdictions but which also are located in the most other parts of the world. Some Offshore Agencies will try to fool you into offshore banking by offering virtual accounts, keep your hands off of this, it is simply not worth it, first of all it is way to expansive, secondly you have no guarantees for your money. Finally most of those Virtual Bank Accounts are not hold by a real Offshore Bank but by a company which may or may not be located in a offshore jurisdiction, this company will route the money around after they took their cut of the cake. What a serious business will want is defiantly real offshore banking with real offshore banks, well established and recognized.
When considering any Offshore Banking solution it is very important also to make sure what the fees are to send and receive money on your offshore account, some banks charge ridiculous high fees while others dont.
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