There are many myths related to offshore banking and one of the most famous is only related to high level of financial sophistications. However, the reality is just opposite. Today an average person too can set up an offshore bank account with just a few hours of work At the present time, the biggest hurdle is to choose the right offshore jurisdiction. Each offshore jurisdiction has its own requirements which you need to find out through your research and choose a jurisdiction specific to requirements. Once you decide on a jurisdiction, there are a few basic requirements which you need to fulfill.
The basic requirements of opening an offshore bank account are similar to opening a bank account in your home country. They will ask for your personal information and other details such as address proof, citizenship, and other related information. You may also need to submit a copy of your passport, driving license or any other relevant identification certificate to verify your personal information. Some offshore banks may also ask you to submit copies of your utility bills or other similar documents. On addition to this, due to a wide range of identification documents, some banks may ask for additional verification documents too. They can ask for financial reference documents from your current bank and ask for nature of transactions you wish to process through the account, you may also have to verify your investment income and provide sales contracts and other documents.
Apart from this, unlike domestic banks, offshore banks will also offer you an option to choose a currency to hold your account. Remember, it is very vital to choose a relevant currency and merchant processing services may also be an option if you wish to accept VISA/MC transactions in order to keep your business growing.
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