Personal Account Setup Procedures

Setting up a personal bank account in an offshore jurisdiction does not differ much from the procedure “onshore” - and while your basic bank features do not differ greatly as well, a quick visit to the rest of our information regarding offshore bank accounts should make it clear to you just how beneficial it can be.

The procedures, the features and the relevant fees will differ slightly from bank to bank and from one offshore financial centre to the next. However, there are several elements that remain constant, which we invite you to discover.

For the overwhelming majority of offshore banks, you will not be required to deposit a minimum amount at the time of setup, nor will it be necessary to keep a minimum daily or monthly balance in your account(s). This is of great benefit especially to those who wish to fund and then use their private accounts for specific purposes, including travel, purchases and other activity.

Your privacy is of the utmost importance to the offshore banking community, as well as to our staff. We simply make the introductions between you and your new offshore bank, and assist you in its setup - we do not maintain current records of your bank account; we do not have any data that links your name and information to your account; and the banks have no further correspondence with our office once your account has been opened.

And of course, your offshore jurisdiction will do everything in its substantial power to protect your identity. In fact, in offshore jurisdictions, the revealing of banking identities and information carry stiff fines and prison time.

In order to take the most advantage of your offshore account and tax status is to set up an offshore company. At OBI, we complete the entire process - including the naming of directors and third-party registered agents as its administrators - so you are free to use your bank account as soon as possible, and if you want, to use your offshore company as you wish.

All we require is a color copy, preferably scanned and emailed to us, of your valid passport or other government-issued identification from your country of origin. It’s really that easy!

For other types of personal accounts, more identification will be necessary. One or more of the following will be required, in addition to your passport or national ID card:

  • Corporate documents (i.e., articles of incorporation). We can draw these up for you.
  • Signature card, for verification against future transactions.
  • Gas, electric, phone or other utility bill, or a bank statement from your bank in your country of origin.
  • Reference letter(s). This is rarely required, but when necessary, it can come from your attorney, chartered accountant, or other professional who holds your confidence and is aware of your financial affairs.

Once your account has been opened, you can use every available feature as often as you’d like. For more information about successful offshore banking, click here. If you’d like OBI to assist you in opening a personal offshore bank account, please do not hesitate to contact us at your earliest convenience.