Offshore Banking

Offshore Bank Accounts

Offshore Bank Account; Guidelines and procedure

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

Click in the menu for Offshore Banking for the different jurisdictions where we can open real offshore bank accounts, or make use of the contact form below to request more information for your offshore banking needs.

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