Offshore Pro has a network of well over 100 banks from dozens of jurisdictions worldwide. We will help you first choose the best offshore bank account, and then open the account right from the comfort of your desk!
Why do you need professional help to open a bank account?
- Once upon a time, you could visit an offshore bank, sign some papers, hand over a suitcase full of cash, and your account would be opened. But that method of account opening disappeared in the 1980s.
- Banks today are under enormous political pressure. Modern compliance requirements make opening an account anywhere outside your home country (and often even within it) a difficult, time consuming and bureaucratic process. Anyone who tells you otherwise is misleading you.
- Surprisingly, however, some things have become easier – for example, video conferencing is fast replacing personal meetings as the chosen method to develop a banking relationship.
- We cannot do it all for you – but we can show you some legal, efficient shortcuts that will save you a lot of time, money and headaches.
- Our status as trusted, professional introducers means the applications we send go straight to the top of the pile for compliance review.
- We are a technology company, a translation agency, a cultural and professional matchmakers rolled into one!
Choosing an Offshore Bank
Normal business logic is turned upside down. If you want to get ahead, please accept reality: Banks choose you – you do not choose a Bank!
Here are the three most important things to know at the beginning of your quest:
- Select a bank that matches your business profile. Do not browse websites or directories as if they are restaurant menus. Don’t necessarily go for a big brand name. Often, small and medium sized banks are more flexible to board offshore business. The best bank for you might be one you have never heard of! Here are some factors:
- What currency and part of the world are you doing business with? USD in Asia, needs a different bank than EUR in Europe.
- Commercial bank or a private wealth management account?
- A few large transactions or many small transactions?
There are offshore banks for all these niches, but you have to know them. Often the rules are not made public, and are only given verbally to trusted contacts like us.
Very often we receive take-down requests from banks or even legal threats because they think we give out too much information online. But on a quick phone conversation with our experts, no such restrictions apply and we can give you the info you need.
- Present your account properly. For example: if your business is doing IT programming for a gaming company, you might be rejected because of the gaming connection. But if it’s presented as an IT company, you’ll be fine. It’s important to present your business correctly in writing. Our compliance experts have many years of experience working on both sides of the fence and they are here to help you.
- The Amazon effect. Banking is changing. A new service you haven’t even heard of might be the solution to your problem. The best banking services may be provided by companies that are not even banks, using technology such as Virtual Bank Accounts. Payments, wires, cards, investment services, asset management and e-banking platforms can all be purchased from different providers and combined. Be open to new technologies and new ways of doing things.
Bank Account Pre-Approval Service
What is a Pre-Approval? Not an absolute guarantee of account opening, but an indication that the bank sees you as a good likely prospective client. With most banks we can get a pre-approval like this within 24-48 hours – special cases might take longer.
All we need is basic data that we can collect from you over the phone or on a simple e-mailed questionnaire, plus a photo/scan of your passport.
You do not risk anything except a small, non-refundable fee of EUR 900. With that, we will present your case to any good matches and quite likely come back with pre-approval of your case from 1, 2, 3 or more different banks.
Needless to say, unless you are in a major rush this service is highly recommended. It can save you a lot of time, energy, notary and courier fees etc.
What Banking Services are on Offer?
Most banks offer most services, but sometimes you may need to choose your priorities.
- Multi currency accounts
- Credit and debit cards
- Internet banking
- Stock Trading
- Savings Accounts
- Letters of Credit
A Second or Third Bank Account
Build redundancy into your plans. The bank that opens your account today might be taken over by a new owner next month – resulting in a “change of policy.” Or one of your clients might do something stupid.
If a bank forces you to close an account, regulations will require them to send money only to another account in the same name. If you don’t have one, your money is frozen!
Therefore, we advise all clients to open at least two or three bank accounts per company, and keep all of them active, at least at a minimum level.
Which Documents are Needed?
Although checklists look different from bank to bank, our friendly staff are here to help you put together the complete file. As soon as we receive your order for bank introduction service, we get to work on your behalf.
All over the world you have to prove a few simple things, and there is leeway in how you prove these things provided you have the basics covered:
- Who you are – Passport and/or National ID / Driving License
- Where you live – Utility bill, tenancy agreement, municipal certificate etc
- Bona fides – Most banks want to see one or more reference letters, from an existing banker, lawyer, accountant etc to show your good standing in the business community. Sometimes an online search (eg LinkedIn profile) will replace this.
- Company Documents – To prove that your company is legally constituted, that you own it and/or have Management rights, and that the company itself in good standing with the local authorities. If your company is from a country where ownership cannot be checked online, more documents will be needed.
- Source of Funds – where the money comes from that is going into the new account. For example, a bank statement from where the money is right now, or a screenshot from your online wallet.
- Source of Wealth – perhaps the most difficult to understand and prove. The big picture about you and your money: not necessarily what you are going to use the account for. Personal financial statements or tax returns are the easiest for most people. If you don’t have those you can use payslips, deeds to property, crypto wallets, inheritance documents or even a CV.
Every client is unique. Most of our clients are global citizens with business interests in different countries and business sectors. We are here to help and advise you.