To help SME directors to navigate around opening an offshore bank account for entrepreneurs. We devised and collated some of the most important steps to take and to undergo when opening your offshore bank accounts.
Process of opening an international offshore bank account for entrepreneurs:
- Customized your offshore banking strategy that matches your financial requirements, personal needs, business setup and offshore company structure
- Ensuring that the banking jurisdiction you are choosing is the best offshore solution based on your strategy
- Look for the best possible bank to open your offshore bank account. Ensure that your needs are met accordingly, assure that there are benefits attached to the maintenance of those bank accounts, and confirm if they can live up with their guarantees
- Make certain that you are able to obtain and present all the needed requirements in the bank account opening process
- Ascertain as to which is the best bank account opening strategy that can withstand the test of due diligence, scrutiny and compliance requirements in the bank
- Make sure that you will be submitting all needed reportorial requirements prescribed by the bank
Considering that international offshore bank account opening is a very complicated process in itself. Entrepreneurs are having a hard time keeping up with changes being made on global and offshore banking in various jurisdictions. Which directly affects the banking practices in the onboading process of banks.
There are multiple underlying issues that you can encounter when you plan to go offshore in your banking necessities. The banking sector on offshore jurisdictions has a harsh approach on how they conduct their business on a regular basis. Most offshore banks have preordained set of rules that they follow, and oftentimes these rules can affect their judgement calls in the onboarding process, making it more difficult for entrepreneurs to open their account smoothly. These rules can range from giving unfair advantage on certain types of businesses that are not problematic on their eyes amongst others.
It is also very important to look into your personal affairs, such as your nationality, country where you are currently living, or your tax residency. All these factors can either be an advantage or a disadvantage to you and your company. To prevent any undue disadvantage, make sure that your strategy is the right approach that can support your needs personally or otherwise.
We would also want to remind you that going offshore is not a good idea if your motivation is to evade or elude your tax obligations. You will only make your problem a little more complicated.
Do not make the common mistake of other entrepreneurs who avails the wrong services of a company, a lawyer or even an account to help them with their banking needs. We have seen this multiple times that this approach often produces more issues in their banking applications. Making them more open to getting more risks and problems in their compliance. It’s like going into a bank without any knowledge of what you are doing in there in the first place. Again, do not commit this mistake, choose the right experts to do the job for you.
We are not reckless in our approach as a specialized bank introductory firm for offshore banking. We ensure completely that the client is aware of all the possible solutions to their situation, not banking solutions without even taking a look into their personal mess. Unlike other service providers, we know that offshore banks are easily discouraged by clients who are not prepared and do not have any viable potential in being there clientele.
We have also observed that almost all offshore banks has a banking preference when it comes to their banking requirements for clients. Most of them would prefer certain types of entrepreneurs, some types of nationalities, certain types of business activity, certain types of capital requirements and other ridiculously sounding demands that you might feel that is something crazy at some point. But this is the reality of offshore banking.
We know fully that these banks are very sensitive in some areas, and we know how to navigate through their likes, and dislikes, without being openly arrogant about it.
When choosing the right offshore bank for you, be practical and open to adapting any rooms for improvements since nothing in this world is a perfect client. Bear in mind that offshore banking is not a game of checkers, it’s more like playing chess with grandmasters, this is why it is imperative to know the game first before going all in. Being entitled doesn’t work also, even if you have tons of capital to inject, it’s easier said than done if the bank feels that you’re a great risk to them if you are their client. Being smart is always right way to do this.
To make an informed decision in offshore needs, contact us now and we will help you open that offshore bank account for you!