If you were wondering whether you can open an offshore bank account online, it is important to know that this procedure is available for foreigners, but this can depend on the bank of choice and the jurisdiction where you want to open the account.
Our team can present you the best countries to open an offshore bank account so that you can make an informed decision; we will also present the places and the banks where the online procedure is available.
By setting up an offshore bank account online, you will drastically reduce the time necessary for this procedure and you will avoid going in person at the bank.
Several years ago, the possibility of opening an offshore bank account online was not a service that was common amongst banking institutions, but in present times, more and more banks have adapted their services to the needs of the clients.
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What is the procedure for opening a bank account online?
The procedure to open an offshore bank account online is similar with the one available in your home country. Here, there will be 2 different options: 1) the offshore bank account is for an individual, and 2) the bank account is set up for a corporate entity.
For each category, different documents have to be prepared, and they can be presented at length by our representatives (small differences can appear based on the jurisdiction of choice).
| Quick Facts | |
|---|---|
| Possibility to open an offshore bank account online |
Yes |
|
Main advantages of the procedure |
Reducing the time that is spent with the in-person procedure, not being required to travel to the country where the bank is located, submitting the documentation online. |
|
Types of accounts to be set up online |
Bank accounts for individuals and bank accounts for corporate entities |
| Documents required online for applicants representing companies |
The identity documents, documents presenting their residency situation, evidence on sufficient financial funds, information on the professional activity, a CV. |
| Corporate documents for corporate bank accounts | The company’s business plan, the statutory documents, documents attesting the company’s business address, the certificate of good standing (required for companies that weren’t recently incorporated), certified copies of such documents. |
| When should businesses opt for an offshore bank account |
When an investor wants to start a business in an offshore jurisdiction or to expand an existing business to offshore countries. It is also recommended when concluding various types of investments in offshore locations. |
| Criteria for selecting an offshore juridisdiction |
The tax advantages offered to foreigners, asset protection policies, confidentiality agreements in force, financial stability, safety protocols applied by the banks. |
| How to select a suitable banking institution | The quality of the banking industry, the possibility of setting up an online bank account, the diversity of bank accounts that can be registered, the deposit requirements, etc. |
| Nationality/residency requirements | Persons who want to open an offshore bank account online should verify the bank’s policies regarding this matter, as various obligations can arise. |
| Minimum deposit for bank account |
It depends on the type of account and the bank |
| Possibility of opening the account in foreign currencies (yes/no) | Yes |
| Types of currencies accepted for bank accounts | EUR, GBP, CHF, USD and other major international currencies |
| Jurisdictions where opening bank accounts online is possible | Panama, Hong Kong, Malaysia, Singapore, Belize etc. |
| Time required to set up the account online | One can complete the application to open an offshore bank account online in few hours. However, after this, the bank will need to process the documentation and this can take several days/weeks. |
| When it is recommended for individuals to set up an offshore bank account | When they relocate to an offshore jurisdiction for a longer period of time. |
For clients who want to open an offshore bank account online, who are corporate clients, the following basic documents will be necessary: 1) the identity document – the passport, 2) the proof of address, 2) the proof of having the necessary funds and 4) information on the person’s professional background.
Besides these, depending on the jurisdiction, one may need to provide the next: 1) a letter from the bank where the person has his or her current account (in the home country), 2) the business plan and 3) a current CV.
List of documents to open an offshore bank account online
Clients who will open an offshore bank account online will be asked to provide the company’s incorporation documents, such as:
- 1. the company’s incorporation documents (articles of association and memorandum);
- 2. the certificate of good standing – for companies older than 1 year;
- 3. the company’s business address – it can be proved by submitting various papers;
- 4. certified copies of the company’s basic documents;
- 5. certified translations, which can be required in most of the cases.
When is it recommended to open an offshore bank account?
There are several circumstances in which the best solution for an investor (or even for a foreign individual) is to set up an offshore bank account. For individuals, this is recommended when relocating to a foreign jurisdiction for a longer period of time.
For businessmen, the offshore bank account is the best solution provided that one wants to establish a local business in the respective jurisdiction.
Generally speaking, there are 3 main scenarios when it is recommended to opt for an offshore bank account.
The 1st is that you are an investor and you want to open a business in that jurisdiction. The 2nd is that you have various investments in the respective country (which do not have to be related to a business activity).
The 3rd situation is where you simply want to live for an extended period of time in the respective place, for personal or business purposes.
How to select a jurisdiction for offshore banking?
The decision to select a certain jurisdiction is one that is more complex, as it should take into consideration the investor’s personal preferences related to a country, but also the business activity that is of interest.
Another important aspect is the tax system applicable in the respective place and the business opportunities, incentives and laws investors can benefit from.
If you want to open an offshore bank account online or by going in person to a bank located in an offshore jurisdiction, you may find the following useful in the decision-making process:
- 1. the reputation of the country and of its banking system (such as Singapore, one of the most developed economies at a global level);
- 2. the possibility to open an offshore bank account online, as it can be the case of Belize or Switzerland;
- 3. the minimum value of the bank deposit required for foreigners – in some cases, there aren’t any minimum deposit requirements;
- 4. the duration of the bank account application – this has become rather expedite in most countries, but variations can still appear;
- 5. the bank’s/country’s policies with regards to the nationality or residency of the applicants.
Is Belize a good destination for opening an offshore bank account?
Yes, traditionally speaking, Belize a country that is known as an offshore jurisdiction, so it can provide the suitable environment for those who want to open a bank account.
There are various types of bank accounts that can be set up in Belize, including savings accounts. However, please mind that each particular type of account has its own requirements.
For instance, those setting up a savings accounts are required to have a minimum deposit of $100. This is not the case for offshore accounts, where the value of the deposit is larger.
Generally speaking, one should prepare a capital of $1,000 for the minimum deposit, as this is the basic requirement of most banks operating in Belize.
However, the exact minimum threshold is established by each banking institution, so a study of the market should be initiated before opening an offshore bank account online, which is possible in Belize.
Although banks in Belize have this possibility, it is necessary to verify the conditions of each bank and contact the representatives of the banks to make sure that the process will run smoothly.
For advice on this matter, our consultants are ready to provide in-depth information and details on the documents that have to be prepared for the application file.
Please mind that banks in Belize, besides offering the possibility of opening an offshore bank account online, also offer the right to open the account in various international currencies.
One can select: 1) USD, 2) EUR, 3) GBP, 4) CAD and 5) CHF.
For more details, please contact us and we can present the best countries to open an offshore bank account as well.
Our team is also qualified to assist foreign investors in setting up other types of accounts, such as the offshore merchant account. This is a type of account that is necessary when selling goods online.
It is important to know how to select a merchant account that provides as many advantages as possible, at competitive fees and which can accept various types of credit cards issued at an international level.
We also invite you to call us in the case in which you want to start the process of offshore company formation. Our team can help you gather the necessary paperwork for the incorporation, represent you in front of the local institutions and obtain any registration documents that a business will need.
Of course, you can rely on us if you want to know more details concerning the company law, employment regulations, taxation and accounting.