Offshore Corporate Account

An offshore corporate account is set up for investing the assets of the corporation in whose name it is placed. The procedure for establishing an offshore corporate account may be a bit more demanding than the offshore savings or checking account opening process. For example, all the documents that are requested by the offshore bank are generally required to be notarized and a corporate resolution establishing the rules by which the corporate account should be managed and that documents the names of the company’s members that are given the authority to trade on the account should be presented.

Offshore corporate accounts are a safe and legal means of shielding the assets of a company from lawsuits and are necessary when building international trade and commercial relations with corporate entities form all over the world. Offshore corporate accounts facilitate trade and commercial transactions by simply being located at an offshore bank that assists in establishing a banking presence on the world market. Offshore corporate accounts are also useful when trading in different countries with different currencies since an offshore corporate account can be held in as many as 30 varying currencies depending on the financial capacity of the offshore banking institution that is being used. The main currencies, however, are the USD, Pound sterling and Euro. This component of offshore banking is worthwhile to multinational corporations or offshore companies or Dominica companies with offices in different countries because an offshore corporate account can be an efficient tool for making payments to employees. Based on the fact that the account exists in different currencies, salaries can be paid in the currency that is used in each country, thus providing an economical and less complicated means for making such payments. The multicurrency facilities enable corporations to use their offshore corporate account as an investment and brokerage account and there are generally no charges on currency exchange. Consulting and checking the status of an offshore corporate account can be done regularly through the offshore online banking facilities that an offshore bank makes available to its customers. Making transactions from any part of the world is also facilitated by credit and debit cards that are issued to facilitate the use of the offshore corporate account. Companies with offshore corporate accounts are able to enjoy other offshore banking services like loans and mortgages that are made available for private and investment purposes. Other features that may come along with an offshore corporate account include check books, standing orders, portfolio management and certificates of deposit. Offshore corporate accounts are flexible and can be set up for optional terms of one, three or six months or a year based on the needs of the corporation.

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