Many offshore merchants face a dilemma while opening an offshore bank account; whether it is worthwhile to pay someone for it or not? However, both the options i.e. whether you do it yourself or take the help of an intermediary, have their own set of benefits and drawbacks.
Getting assisted by an intermediary or offshore service provider will help you in a number of ways such as:
- If you use an offshore service provider to set up offshore corporate or personal account, you will be free from handling most of the paperwork. These offshore service providers often handle most of the paperwork for you and all you need to do is to just fill the application form and provide whatever due diligence the bank requires. Usually, you need to provide a notarized copy of your passport and bank statement as address proof.
- There are a number of offshore banks which require a reference while opening an offshore account. In this case, a service provider can be very helpful and worthwhile.
- There are few banks which have a tie up with some service providers and only open accounts through service providers or any other trusted person.
- On the whole, service providers make the whole procedure easy and hassle-free.
Contrary to this, there are few drawbacks too which need to be considered such as:
- A service provider or intermediary generally deals with 10 to 20 offshore banks which offer you a limited selection of banks.
- Taking the help of a service provider costs more than to do it yourself.
- Till the account is set up, you will have no contact with the bank
No matter which decision you stick to but the most crucial thing is to take an informed decision. You must have a complete knowledge about the service provider you are choosing starting from which banks they work with and what services they offer. These offshore service providers offer numerous services like high-risk merchant services, low-risk merchant services, credit card processing, e-check solutions, and much more.
On the other hand, if you decide to open your offshore bank account yourself you need to understand which bank will be suitable and efficient for your specific needs. You will need to visit the bank yourself and finish the entire procedure abiding by all the rules and regulations.
Now, to set up an offshore corporate account you need to present some documents which are as follows:
- A notarized copy of passport or any other form of photo identification
- Any form of address proof such as bank statement or notarized copy of utility bill
- A bank reference letter which indicates for how many years you have been an upstanding customer to the bank.
- Some banks even require a professional reference. It is a letter from a trusted or reputed professional, lawyer confirming that you are of good character
- You also need to present a full set of notarized company documents and detailed business plans, estimate turnover, competition analysis, and other such details.
You can also open an offshore personal account by showing the first four documents and a proof of your income. Lastly, if you set up an offshore corporate account for your offshore company using a service provider, they can efficiently handle the whole procedure and will also take care of company documents.
Read more at www.confidentialbanking.com