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Almost without exception, entities need bank accounts if they are to do business. So naturally, the vast majority of those who incorporate offshore will need to open a bank account for their company sooner or later.
Most people are intrigued by offshore banking but do not have a good understanding of it. Many simply accept the distortions they read or hear about offshore banking as some form of clandestine activity and that it’s too risky, illegal, immoral or unethical.
All offshore banks are regulated in one form or another within their jurisdiction and the regulations are usually less restrictive and more protective of depositors’’ rights than US law. Less restrictive regulations abroad allow foreign banks more freedom in locating the best investments worldwide. Allowing them to pass on and share their profits with their customers.
Furthermore, banking offshore may have tax benefits by reducing your exposure to paying less tax for interest profits earned outside your home country, protection of your assets, estate planning, confidentiality, and the chance to take advantage of doing business overseas from a zero tax jurisdiction with near hermetic confidentiality.
The spread of terrorism and money laundering have caused international monetary authorities to review the relationship between offshore banks and their clients. These acts have provoked fear and mistrust in banks worldwide so acceptance of your offshore company as a client is no longer guaranteed. This makes arranging your company’s banking today no longer a simple task as banks now put in place “Recommendations to Combat Money Laundering” , internal “know your customer” guidelines, due diligence procedures, “suspicious activity indicators” and even technology that attempts to detect “unusual” account activity.
Offshore Banking is full of legality and no longer simple and straightforward — so get accustomed to this. But we can of great assistance. Contact us today to get the assistance!
Banks trust their prolonged relationship and continuing growing clients. We are one of such clients of several banks. We have sound and professional business relationships with major banks in Canada, England, United States and India.
Our bank introduction service ensures legal formalities and submission of documents to the Banks are in compliance with the bank’s Know Your Client’ (KYC) requirements (e.g.: proof of identity, proof of address, source of funds etc) and required company (e.g.: Certificate of Incorporation, Bank Resolution etc) and supporting (e.g.: banker’s references) documents are in perfect order, conforming to standards used by major legal firms.