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Open a corporate account for an offshore company

In what bank is it better to open a corporate account for an offshore company

2021-01-06
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There are several reasons why it is beneficial to open a corporate account for an offshore company. It allows you to protect your assets and provide security. However, in order to use the account comfortably, it is important to choose the right bank, taking into account the goals of the business and its structure.

Top 5 banks to open an account

Before opening a bank account for an offshore company, you need to choose the best geographical location of the financial organization. It is important to consider the reputation of the jurisdiction and the location of the main counterparties. It is necessary to clarify the specialization of the bank, as institutions usually work with specific business areas. Universal banks offer a wide range of services, while specialized credit institutions mostly work only with companies operating in a particular area.

The following is required to open an offshore bank account:

  • Proof of residency;
  • Confirmation of physical presence;
  • Submission of a description of business structure and development plan.

Some banks may require other documents additionally. For account creation, a package of incorporation documents and information about beneficial owners, directors, sources of funds will be required.

Global Bank of Commerce

Global Bank in Antigua and Barbuda offers corporate and merchant accounts for e-commerce related firms. Investment accounts can be created. The smallest deposit and permanent balance are $5,000. The average time to open an account is at least one month.

International Bank of Nevis

This bank is suitable for those who need to open an account urgently for a company. It is possible to create an account in a few days after submitting a complete set of documents. The offer is relevant for IT companies and businesses related to cryptocurrency, as well as trading firms.

Astro Bank

With 16 branches throughout Cyprus, Astro Bank offers a wide range of products and services to local and international clients. It is possible to open a corporate account for small and medium-sized businesses. The bank does not open accounts for partnerships, some offshore locations such as Belize and Panama are subject to restrictions. The term of the opening is at least 21 days.

Hellenic Bank

Hellenic Bank in Cyprus can open accounts for resident and offshore companies. Requirements for both new and old customers have recently become more stringent and additional information may be required.

Hermes Bank

Hermes Bank in Saint Lucia offers account opening services for various companies, including offshore ones. There are no restrictions on offshore and to serve customers from other countries. It is possible to open an account remotely within 3-4 weeks after providing a complete set of documents. To learn more about the specifics of account opening, contact our experts at IT-OFFSHORE.

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