Offshore Account

Offshore accounts are offered at offshore banks in the tax havens which make it possible for offshore banking to take place. Offshore accounts can be set up by corporations and individuals at reputable offshore banks who will enjoy services such as online or internet banking, credit and debit cards, banking via telephone, ATM cards and services, wire transfers loans and savings and some offshore banks offer investment management and options.

Offshore accounts are available to offshore companies which are not resident companies of the jurisdiction where offshore banking is offered. Offshore corporations can make use of offshore accounts which will enable a trading company to take advantage of opportunities. Offshore companies can make use of offshore merchant accounts which facilitates business transactions. An offshore merchant account makes it easy for offshore companies to provide services and receive payments via the internet and other mediums.

Offshore personal accounts are great for persons who want to protect wealth and persons who travel with frequency. An offshore personal account is easily accessed via the internet or with use of credit and debit cards.

Setting up a corporate offshore account or a personal offshore account is not difficult. The process for opening offshore accounts is quite similar to that used for starting up regular bank accounts. Offshore registered agents will assist with bank introduction and documents which will remove the need for a potential client to make trips to a tax haven to set up an offshore account. Offshore banks have websites where application forms and other necessary information for setting up offshore accounts can be obtained.

For setting up an offshore company account the directors of the offshore companies must issue a statement t the offshore bank of choice stating that the decision had been taken to set up an offshore bank account in the name of the corporation. Additional information needed includes

  • Bank reference from bank with which the offshore corporation is a client
  • Declaration of source of funds
  • The incorporation documents of the offshore corporation
  • Signatures of the persons who will have access to the account

To establish a personal offshore account the signature of the individual with access to the account is needed as well as a declaration of source of funds and bank references. Application forms must be completed for opening offshore accounts.

Offshore accounts are perfect for offshore investing. Offshore banks provide high returns on any capital invested in offshore banks and in addition offshore banking is free from local taxes in the offshore jurisdictions. All incomes in an offshore account which has been earned outside of the jurisdiction where the offshore bank account is held are not taxed locally.

Offshore accounts benefit from banking privacy laws in the offshore jurisdiction which makes it possible for information in offshore bank accounts to remain private. Persons who come into contact with offshore account information and has divulges this information can be fined heavily in the offshore jurisdictions.

Offshore accounts facilitate business and personal transactions and can be set up at reputable financial institutions around the world.

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