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Business Setup Worldwide (BSW) is there to assist you with opening an offshore bank account. Offshore banking is nothing but when a business opens a bank account in a jurisdiction that is different from its domestic location. There are multiple reasons as to why a company might opt to open an offshore bank account. In addition, these bank accounts are highly secure and help international businesses diversify their currency savings. But before we proceed to understand how the registration process of offshore bank accounts works, let us first understand how Business Setup Worldwide can play a key role in making the process pain-free for you.
Why Choose Business Setup Worldwide?
Business Setup Worldwide (BSW), for over seven years, has been helping entrepreneurs successfully establish their businesses in different offshore jurisdictions. We at Business Setup Worldwide have more than enough experience to assist organizations in expanding their businesses globally. Our experts at BSW will understand your needs and guide you through the entire offshore banking process.
Moreover, we at Business Setup Worldwide believe in going above and beyond the expected task of just aiding you with incorporating your bank account. Our dedicated account managers will help make the process seamless and hassle-free.
Benefits of Opening an Offshore Bank Account
The following are the benefits of incorporating an offshore bank account:
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Tax benefits
Most of the offshore jurisdictions either have tax policies or offer tax exemptions that help reduce tax burdens. However, some jurisdictions comply with the international regulations. In such cases, tax obligations still apply, especially in the jurisdiction where global income reporting is required.
2. Privacy and Confidentiality
Due to strict and robust legal frameworks, the identity of the account holder is usually kept confidential. However, with recent global transparency initiatives, this protection is not absolute.
3. Asset Protection
Offshore accounts help in asset protection for the account holders from economic or political instability in their home countries. The offshore accounts also help in estate planning and asset management.
4. Currency Diversification
The best benefit of holding an offshore account is the flexibility of currency diversification. Holding multiple currencies makes international transactions more accessible, reduces exchange risk, and helps hold funds more stable.
5. International Investment Opportunities
These bank accounts help provide access to global financial markets, allowing investors to diversify their investments internationally and thus helping in wealth growth.
Popular Jurisdictions
The following are the top jurisdictions that you can consider to open your offshore bank account in:
- Switzerland
- Singapour
- Cayman Islands
- British Virgin Islands (BVI)
- Hong Kong
- Panama
- Belize
- Dubai
How to Set Up an Offshore Bank Account
Now, let’s understand how you can proceed with offshore bank account formation:
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Seek Help From your Business Setup Advisor
The first and most crucial step is to seek advice from your business setup advisor, such as BSW. To register with Business Setup Worldwide, all you need to do is visit our website and fill out a form that will help us understand your needs.
2. Choose the Right Jurisdiction
Now, you will have to look at different jurisdictions and understand various aspects like economic stability, tax benefits, privacy and confidentiality laws, and banking fees, amongst others.
3. Selection of a bank
While looking at the different banks, make sure to cross-check things like their reputation, online banking facilities, and customer service.
4. Prepare and File Your Documents
Once you have selected your bank, it is time to fill out the bank application. Now, with the help of your Business Setup Worldwide advisor, prepare and file the following documents:
For Corporate Offshore Bank Account:
- Copy of passport
- Copy of utility bill
- Bank reference letter
- Professional reference
- Depending on your jurisdiction, you may be required to submit additional documents. Please consult your business advisor for the other business documents you must prepare.
For Personal Offshore Bank Account:
- Copy of passport
- Copy of utility bill
- Bank reference letter
- Concrete proof of income
5. Deposit the Minimum Balance
You will now have to make an initial deposit, which can range anywhere from a few thousand dollars to $100,000 or even more, depending on the type of account you decide to open and in which jurisdiction.
6. Due Diligence and Compliance Checks
It will take a few days for the bank to complete the due diligence and compliance checks. It is to prevent money laundering and meet international regulatory standards. Once these steps are complete, you will be able to access your offshore bank account.
Opening an offshore bank account can be taxing and overwhelming at times, and we at Business Setup Worldwide understand this. We are here to help you find the options that suit your needs the best. So, contact Business Setup Worldwide today and start forming your offshore bank account!
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