How to Set Up an Offshore Account?

Setting up an offshore account is hardly a far-fetched idea. Offshore accounts are easily opened and can cater to a variety of business, personal and investment needs.

Offshore banks provide a range of offshore accounts that are accompanied with several components depending on the purpose of the type of account opened. However, the typical features of an account offshore would be internet banking, the possibility of having an account denominated in at least three currencies (EUR, USD and GBP) and international debit and credit bank cards which make it possible to withdraw funds at an ATM or bank in any country and make payments.

Offshore account opening fees vary from one offshore bank to the other and are based on each bank’s policies, which should be found out before deciding to set up an offshore account at any given offshore banking institution. For example, while some banks require minimum account balances or charge fees for chequing facilities, others do not.

Offshore bank introduction and account services are provided by numerous offshore service providers that collaborate with offshore banks based in various jurisdictions. These offshore service providers normally give valuable information about the offshore banks with which they work via websites, brochures and email services that allow businesses and persons interested in setting up offshore accounts to send in inquiries, which are responded in a timely fashion. Establishing an offshore account in this way is convenient and traveling to an offshore bank or offshore agent’s office is completely unnecessary. Nevertheless, first time offshore company owners and bank account seekers should always be mindful of establishing such contact with offshore service providers in order to ensure that they are receiving the services and information from a legally established and competent source.

When dealing with new account inquiries, offshore banks generally require certified and notarized copies of the potential account holder’s identification documents such as a passport as well as proof as source of funds. In the case where an offshore bank account is being opened using the offshore bank account introductory services of an offshore service provider, the bank opening forms will be couriered to the clients along with the necessary instructions regarding the documents that need to be provided to the bank in order to open an offshore account. However, offshore service providers generally do not facilitate the set up of personal accounts and may tend to only provide bank introductory services for offshore company accounts, which require the client to set up an offshore company if he or she has not yet incorporated one, consider Dominica company incorporation as an option. Once an applicant for an offshore account has obtained the necessary information and documents and can satisfy the requirements of the offshore bank of choice, then an offshore account will be granted. From then on, exploring the different types of offshore accounts and banking facilities that are available to the holder will automatically become a regular part offshore banking.


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