Bank account for offshore: Switzerland, Belize, Singapore
"Where to open a bank account for an offshore company?" - this is the question business owners often ask. Usually this should be done in the country where the company is registered: the existence of a local bank account is often required by law. Therefore, before opening a company, carefully consider the jurisdiction where it will be registered.
How to choose a country for an offshore account
When choosing a jurisdiction where to open a bank account, consider these tips:
- Reputation. If you plan to be active, refuse to register in jurisdictions that are blacklisted by the EU, the U.S., are under sanctions. Banks are suspicious about them, they may refuse to make payments;
- The possibility of remote opening. Many banks open an account only after a personal visit to the branch. If this is not possible, choose a company where you can open an account remotely or through a local representative;
- Deposit amount. If you have limited funds, choose a bank with a low minimum deposit. This is especially important for startups, mid-sized entrepreneurs, and small businesses;
- Speed of account opening. Some banks process applications for several months. If time is an important factor, be sure to consider this point;
- The possibility of opening a merchant account - relevant if you plan to engage in online commerce;
- What clients the bank does not cooperate with. Each bank has a list of countries, individuals and legal entities with which it does not cooperate. Find out if your clients are included there;
- What businesses the bank does not work with. For example, many banks are negative about cryptocurrency, Forex trading. If this point is important, look for a bank that cooperates in your direction.
Switzerland is ideal for offshore accounts because of its high level of security and privacy. Banks in this country focus on non-residents, so they register even online. To open an account in Switzerland you usually need a passport, a certificate of origin of funds, residence registration. Important: A Swiss bank will not accept the money, even if there is little suspicion of illegality.
A small company can open an account at Aargau Cantonal Bank. It is convenient because it does not require a minimum deposit. However, there are bank charges, the amount of which depends directly on the country of residence. If the applicant is from a respectable country, pays less, if not - the rate is high. When registering, in addition to the standard documents, you must specify the exact reason why you want to open an account here. If there are no problems, the account will open in a few days.
Belize is one of the easiest countries to open a bank account. The local banking system is one of the most stable in the world in terms of liquidity. At the same time, assets are well protected: it is very difficult for creditors to seize your assets.
To be successful in business we recommend to open an account with CAYE International Bank Ltd. - the only international bank headquartered on the island. In 2021 it was the best offshore bank in Latin America. It provides financial services to both individuals and businesses located outside of Belize. Applying for an account is a simple process that can be submitted online from anywhere in the world.
If you're planning to work in Asia, don't miss out on Singapore. It has long been on the list of top jurisdictions for the way you do business. Singapore has an advanced banking system with more than 150 banks. Most are international, offering world-class corporate banking services.
If you choose Singapore, we recommend opening an account with DBS Bank. In 2021, it ranked 12th in the ranking of the most reliable banks in the world. The institution works with different currencies, transfers are easy, without delays. One of the disadvantages is that to become a client of the bank you have to visit a branch.