Offshore Banking Opening Procedures

Opening an account for offshore banking is not unlike opening a bank account in your home country. However, there is one big difference - you don’t necessarily have to be physically present at the bank or personally meet with any of the bank officers in order to establish your offshore financial presence.

The first step is to determine the offshore banking jurisdiction which best suits your financial needs. There are many factors involved in this decision, including:

  • The proximity of the offshore jurisdiction to your home, business activity or travels
  • Whether or not you need to speak the same language as the offshore jurisdiction
  • If the offshore jurisdiction’s infrastructure can support a financial community
  • The economic and political stability of the offshore jurisdiction

Once you have compiled a suitable list of eligible offshore financial centres, you then need to turn to your own financial circumstances, goals and expected activity.

  • Is the tax structure amenable to your business affairs and level of income?
  • Depending on your banking activity, what fees are best avoided, and which will not be a particular hardship to pay?
  • What level of privacy do you need from your offshore jurisdiction, and in particular, your bank?

This should whittle down your list a bit more, to where you have a manageable number of jurisdictions as well as several banks that are possibilities.

The last factor you need to focus on is the type of account you’ll need:

  • Online only
  • Merchant or E-Commerce
  • Personal
  • Corporate
  • Anonymous numbered

Not all offshore banks offer all of these categories. Once you have your final offshore bank candidates, there is simply a matter of deciding on individual features that appeal to you, including, but not limited to:

  • Amount of documentation necessary to open the account
  • 24/7 access via Internet or telephone to bank staff
  • Your need for credit and/or debit cards
  • Any personal referrals you may have received
  • The experience the bank has with your line of work
  • The bank’s financial standing, stability and history

Naturally, we at Offshore Banking International can assist you in working through your list of offshore banks and helping you determine which one is right for you.

Once an introduction has been made to your offshore bank of choice, you’ll be asked for documentation and a deposit - of which there is rarely a minimum, or if so a few dollars. Offshore bank accounts can be established in a matter of days, and once you are all set up you will be able to discover the exciting, lucrative world of offshore banking!

We at Offshore Banking International stand ready to assist you every step of the way in obtaining an offshore bank account. We encourage you to seek advice and counsel before opening a bank account in any jurisdiction, and we’re happy to help in any way we can. Please do not hesitate to contact us at your earliest convenience.