How to open a bank account for an offshore company in 2019?

In 2019, there is a noticeable tendency to close accounts for offshore organizations in the Baltic countries - for example, in Latvia. Also, opening accounts for organizations that do not have a transparent structure is not welcome. In another country, Estonia, some organizations that are created by non-residents are crowded out. However, there are options on how to open an account for an offshore organization.

Options for creating an account

If the client is the head of a company that has a complex structure, it is recommended to perform some actions to get the opportunity to open an account for offshore.

One of the tips that experts give is to simplify the structure of the organization. When working with a client, banks take into account the structure; it is important for them to make sure that the organization really exists. If the founder of the company is nominal, opening an account will be almost impossible.

An alternative is to register a company in a jurisdiction where activities will be taxed. This is due to the fact that if a person plans to work stably with banks without the risk of blocking an account, he is recommended to pay all tax contributions. Contact IT-OFFSHORE for more information on this subject.

Currently, you can open an account not only in a financial organization, but also in a payment system, many of which are ready to open an account for an offshore organization, as well as for some types of risky activities. The operation of payment systems is similar to banking.

How to open an account for a short period in 2019

To create an offshore account in 2019, you need to carefully choose a bank. The requirements of most financial institutions have become more stringent, and not all types of large businesses have a chance to open a bank account abroad.

Opening an account is relevant for the following purposes:
• Diversification.
• Risk reduction.
• Increasing the organization’s income.

In the case of an incorrect choice of a financial organization for cooperation, there is a risk of losing money, freezing assets or the appearance of sanctions against the organization. If the bank is not interested in the origin of funds, business data, it is recommended to refuse to sign a service contract.

Such banks usually pursue the goal of quick money. It is likely that an organization that does not ask questions about the origin of the funds does not comply with the anti-money laundering rules.

Such situations may arise when the bank is interested in the origin of the money, is prestigious, but later refuses the transaction. Typically, such organizations pursue the goal of maintaining their reputation. To increase the chance of opening an account, it may be necessary to introduce a specialist whom the bank trusts.

Subsequently, it will be necessary to collect a full package of documentation and answer questions of interest to the bank. In some cases, opening a bank account is possible for a week. In some banks, opening times may be longer. We can conclude that having an assistant who knows how to properly draw up documentation is a big plus when opening an account.