Opening bank accounts

Opening bank accounts

To open an account is almost a necessity for an offshore or onshore company; it is a duty in some jurisdictions.

If an offshore company is not established merely because of holding shares in other companies, there will be incoming and outgoing invoice payments. Even a holding company should at least once a year receive dividends from gains on the shares it is holding. When making a decision where to establish the company, a proper choice of bank should be taken into consideration.

Some of the banks situated in onshore jurisdictions logically refuse offshore companies as clients. It is a very problematic issue to open an account for an offshore company in a domestic banks without letting the bank know who the real owner of the company is and who has access to the account; and eventually, for whom a payment card will be issued.

Offshore accounts are designed for both legal entities and natural persons. We assist our clients in choosing a proper foreign bank, choosing the account denomination currency/currencies, and we provide our clients with the whole process of account opening.

Our banking partners are only sound and verified banks with many years experience in the field of private, retail and corporate banking.

We cooperate only with banks fully adhering to the principles of discretion and banking secrecy, having a high-quality client service. We point out that the institute of banking secrecy is minimally adhered to in majority of the EU Member States. It can be said that banking secrecy almost does not exist. Countries having a long-standing tradition of banking secrecy are made to sign various treaties on the exchange of information about foreign entities accounts, we therefore do not advise our clients to open accounts in some countries.

Every offshore bank verifies its future clients and their income source, and requires submitting various documents according to the relevant legislation. Usually required documents include notarised passports, ID cards or driving licenses, and bank account certificates.

The process of account opening can be long – without adequate preparation, the time from submitting the application to opening can be prolonged up to several weeks

You can have a credit card (e.g. Mastercard or Visa) issued to your account and make payments and transactions in millions of shops or make withdrawals from ATMs everywhere in the world.

The main pros of an offshore account:

  • Owning a larger amount of monetary means on a current account in home country may lead to trouble – you can be picked out by criminals, which can lead to kidnapping, theft or blackmail.

  • In case of bankruptcy and distrainable debtor’s assets, an offshore account is protected from bailiffs and creditors from the home country.

  • In case of divorce or other issues with common assets, an offshore account is secured against your spouse.

  • Your assets will not be taxed in case of levying one-off property tax on deposits (rate of 10% to 30% is being discussed) – as proposed by IMF and Bundesbank.

  • Diversification of monetary means outside the European banking sector is recommended. The sector is directed towards a banking union that envisages saving banks at the expense of depositors.

  • Simple currency conversion, e.g. between USD, EUR, GBP, CAD, AUD.

  • The account can be open also remotely, there is no need to pay a visit to a “brick and mortar” branch of the bank.

  • Excellent staff in offshore banks, fine-quality internet banking and other services.

  • An option to open a broker account along with the current account and manage own portfolio of investments, and/or to have your account administered by professionals. Revenue from trading operations is not taxed.

  • An option to interconnect the account with E-commerce and receive payments for goods and services online, save monetary means in a safe offshore bank.

 

More information is available when meeting our representative in person.

Contact us