Bank account: how to open for an offshore company

Any offshore company must have a bank account. How to open it depends on the rules of the country where the company is registered: in most cases it is recommended to open it here. If the traditional banks of the jurisdiction do not welcome foreigners, you can use the services of a neobank, which has the right to operate in the country. In this case it is possible to open a bank account for an offshore company online.

What you need to know, choosing a bank

The first question entrepreneurs are concerned about is how reliable the bank is, whether they will lose their money. To prevent this from happening, it is important to pay attention to the jurisdiction where you will register the company. Be sure to check whether the country is not on the EU blacklist or under sanctions. International banks are suspicious of such jurisdictions, slow down transfers from them, they often return them.

Minimum deposit

Many offshore banks require a minimum deposit. Make sure you have the money, or look for an institution that does not require it. The same bank may offer different terms and conditions for opening a corporate account, be sure to inquire about it. Recommended low deposit jurisdictions are Belize, Puerto Rico.

Multicurrency accounts

Offshore banks often offer multi-currency accounts. However, before choosing an institution, make sure it works with the currency you want.

Ability to open online

Opening an account often requires a personal visit to the bank. If you can't travel to the country, choose an institution where you can become a customer remotely. Banks provide this option:

• Belize; British Virgin Islands;
• Hong Kong;
• Mauritius;
• Puerto Rico;
• Switzerland.

Speed

Another point - opening a corporate account with a bank often takes several weeks and sometimes months. If in a hurry, look out for jurisdictions where the procedure is quick, with no problems, within 1-3 days.

Basic requirements

To open an offshore bank account, you must provide personal information - name, address, citizenship, and occupation. In order to do so, you have to provide your passport and certificate of residence. Since you are opening an account for a company, you will need a certificate of incorporation, and other documents may be required.

It is very important that the origin of funds is legal, and you can prove it. You might need to disclose the nature of the transactions that would go through your account. To verify investment income, the bank may ask for details of your investments, where they are held. Some banks require a guarantor from a person who works in your area. If the required references are not provided, the institution may refuse to open an account.

What country is the best place to open an account for an offshore company
In the priority of reliability, confidentiality, increased security - we recommend Switzerland. It is a reliable, time-tested jurisdiction focused on working with foreign clients. If you choose this country, we recommend you to open an account in CIM BANQUE.

Belize boasts a reliable banking system, opportunity to become a client of the bank online, low minimum deposit level. In this country, we recommend opening an account with CAYE International Bank Ltd.

Singapore is on the list of leaders in terms of ease of doing business, so it is a global financial center. The jurisdiction has a developed network of international commercial banks that work with many jurisdictions. If you choose Singapore, we recommend opening an account with OCBC, Citibank, DBS or UOB.