Offshore Banking Explained

Notice* If you are considering opening an offshore bank account, please read this information first.

Offshore companies are a legal, sensible way for individuals and business owners to do business. An offshore company can be used to help provide for your family, conduct worldwide business in private and much more.

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Avoid Online Resale Agents

Many offshore service providers that are found online are simply resale agents who offer offshore companies coupled with offshore bank accounts at a cheap price to attract new clients. What these agents do not tell you is that after you have purchased an offshore company there is a long, complex list of other steps that need to be taken before you can begin trading and open and operate your corporate bank account.

We are approached by clients every day who have purchased an offshore company elsewhere only to find they are not able to open a bank account through their existing service provider. In any industry, including offshore finance, there are good, reputable banks and there are poor ones. There are websites online that pose as banks yet are not and yet, can look extremely inviting and professional.

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Use Recognized International Banks

However, there are international banks who specifically cater for genuine offshore clients whether corporate or individually, and these banks are well established, profitable and secure institutions that provide a professional service to their clients on an international basis and in a multitude of languages. These are the banks that we deal with. There is nothing illegal in having an offshore bank account.

Before you go ahead, please take a look at some of the main aspects involved:

• Offshore companies and offshore bank accounts are perfectly legal. In fact, some politicians also own and operate offshore bank accounts.
• You may want to consider having your company documents certified by a notary in the country of incorporation, as most reputable banks will request this.
• Company documents may need to receive a Commonwealth Apostille seal to confirm international authenticity. This is a process we can manage for you.
• If documentation is correctly prepared, bank accounts can usually be opened remotely without travelling.
• You may need tax advice from an experienced professional familiar with offshore structures. While we cannot provide tax advice, we can refer you to specialists.
• Never purchase an offshore company “off the shelf” as you cannot know its full history or liabilities.
• Some jurisdictions require in-person bank visits, such as the UAE.
• Consider your company structure carefully before incorporation. Nominee directors and shareholders can provide additional privacy and protection.
• If you take income from an offshore company, it must be declared in the country where you are tax resident.
• Minimum bank deposits vary significantly, ranging from zero to $100,000 or more depending on the bank.

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Create Your Offshore Company Correctly and Safely

As you can see there are many complex aspects involved in the process. This is why you should use a trusted corporate service provider such as ourselves to manage the entire procedure.

Do not take unnecessary risks with your money. Allow us to create your offshore company and banking structure in the correct and verified way.

We are experts in opening offshore bank accounts for clients. We ensure everything is structured correctly from the beginning, enabling your offshore company to operate effectively while minimising risk.

If you are considering starting an offshore company, forming a trust, or opening an offshore bank account, feel free to get in touch and take full control of your financial future.

SWP Group and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only and should not be relied upon for tax, legal or accounting advice. Please consult your own professional advisors before engaging in any transaction.