Bank account registration for offshore companies

Bank account registration for offshore companies

In view of the toughening of requirements for banking institutions regarding the admission of owners of offshore companies to opening accounts, a certain number of banks began to refuse to provide this service to the above-described businessmen. Along with this, there is an active “freezing” of already existing “offshore” deposits.
For owners of offshore companies looking for a secure bank to open an account, this article will provide basic information that will help to avoid obstacles to registering deposits.
In which banks can you open an account for an offshore company?
One of the key factors affecting the choice of a financial institution is the possibility of remote account registration. Therefore, to register deposits according to the above-described factor, the banks of the following countries are no longer suitable:
• Panama.
• Seychelles.
• Belize.
In order to register an account with these financial institutions, an obligatory personal presence of the client in the branch (or a meeting with a representative of the bank) is required. To do this, you need to overcome thousands of kilometers and spend 3-7 days to complete the procedure for opening an account.
Owners of offshore companies – “wallets”, lacking time, can pay attention to the banks of Liechtenstein, Luxembourg and Australia, who willingly allow the opening of accounts of companies registered in offshore zones. But a significant shortcoming of the financial institutions of these countries is the large amount of the deposit that must be paid in order to register the deposit (no less than 10 thousand USD).
The following countries provide services to offshore companies:
• Antigua.
• Curacao.
• Vanuatu.
• Saint Lucia.
• Mauritius.
Due to differences in the range of services provided by financial institutions in the above countries, the requirements for depositors and the size of the deposit also differ.

Opening an account for an offshore company
The client must visit the bank branch of the selected financial institution to register the account. If there is no possibility of personal visit, some banks provide the service of departure of the official representative to the place designated by the client.
If the selected bank does not provide this service – the client can use the option of registering the account by proxy. But this method does not give 100% guarantee (it is recommended to check the availability of this service in advance for the staff of the financial institution).
Applications submitted to the bank must be drawn up in the official language of the selected country. The standard time for consideration is 30 days from the date of filling.
Certain banks provide clients with a service for accelerated processing of applications (but the cost of such opportunity is several times higher than the standard procedure).
To facilitate the procedure of registering the account, please contact the lawyers of C. Hadjivangeli & Partners LLC for assistance.