Premium bank Account Opening Services
Our expert team at FormationWise will assist you in opening a bank account in your chosen location.
Are you an international business owner?
Are you interested in enjoying the benefits that come along with offshore bank account opening? Do you want to take advantage of the security and capital protection that these accounts offer? Would you like to learn more about the best countries to open offshore bank accounts? If the answer is yes then FormationWide can help! We can offer you the assistance that you require with our comprehensive list of services that are designed to help you set up offshore bank account.
Why should you get an offshore bank account?
Choosing an offshore business bank account or a personal offshore bank account involves banking with a financial institution that is outside of your home jurisdiction. There are tons of benefits to opening an offshore bank account.
Asset protection benefits
A key benefit of opening an offshore bank account is the fact that it places your wealth outside of the reach of creditors, government bodies and other institutions within your jurisdiction. This makes it an ideal option for asset protection.
Risk diversification benefits
Geographic diversification is a way to take your asset diversification to another level. Depositing your money into offshore accounts is an expedient, efficient way to accomplish this diversification. You can also take advantage of further diversifying your portfolio through multi-currency storage.
Key factors to look for
When selecting the right offshore bank account for your specific needs there are a few factors to consider:
- Conditions of service (charges, liquidity, minimum deposit requirements, etc.)
- Is the jurisdiction politically and economically stable
- Remote bank account opening provision
- Banking regulations
- Privacy regulations
- Financial offerings provided by the bank
Steps for making an order
- 1
Select the offshore bank account opening package for your desired jurisdiction
Simply pick the offshore bank account opening package for the jurisdiction that you desire. You can do this by filling out our form, giving us a call or by placing your order via our website.
- 2
Make your payment
After you have finalized the right package for opening an offshore business bank account or a personal offshore bank account, you next need to make your payment for the service that you have selected.
- 3
Send your required documents
Step three involves sending us all of the necessary documents required to get an offshore bank account. You can send this documentation via email through an attachment or you can do so by phone.
- 4
Start the process to open new bank account
The fourth step in the process of setting up an offshore bank account online involves our team receiving yoru payment and required documentation. Once we have confirmed receipt, we will begin working on the service that you have ordered for the chosen jurisdiction.
- 5
Open an overseas bank account online
The end result of this process involves our team facilitating your offshore bank account opening.
Jurisdictions we work in
Formationwise offers offshore bank account opening services in the below international jurisdictions:
Our services include
Monitoring the account opening process
Our team of experts will carefully monitor the process required to open overseas bank account online. We understand how important this move is for you and your business and our goal is to ensure that the account opening process goes smoothly with everything in place from the get-go. The overall goal is to ensure that your offshore bank account opening efforts are successful so that you can begin to enjoy the associated benefits. We aim to make the process as straightforward as possible through effective monitoring.
Assistance and consultation with high-risk business accounts
At FormationWise, our professional services include providing you with any assistance and consultation that you require for your high-risk business account. These accounts allow you to both process and receive payments by way of leading credit card networks. Given the fact that high-risk accounts have to pass through a list of specific requirements to effectively establish an offshore account, this assistance is of vital importance to helping you achieve your goals.
Assistance with choosing the most suitable bank
There are a lot of decisions that go into choosing the most suitable bank for offshore bank account opening. You must consider points such as whether you need to open the account remotely as opposed to doing so in person. You also need to know things like the minimum required deposit, whether or not you need multi-currency and whether or not you need online banking facility. Our experienced team at FormationWise has the expertise in this field that is required to successfully assist you in the important step which is choosing a suitable bank.
Assistance with multi-currency accounts
The benefits of a multi-currency account include the ability to hold multiple currencies in one single bank account. This is a matter of significant importance for most businesses operating on an international level. Benefits include faster, easier money conversions and transactions as well as the ability to manage your money when you are abroad. You can count on our expert assistance in helping you to open multi-currency accounts that will meet the specific needs that you have.
Banking introductions to reputable banks around the world
Our team's services include introductions to reputable banks worldwide for offshore bank account opening. This service is ideal for assisting you in carrying out all of the formalities required to get going with an offshore account. Working with us is a straightforward way to approach the bank you are interested in and speed up the fulfilment of the process so that you can begin enjoying all of the benefits of opening your offshore account.
Opening of corporate, trust and personal accounts
The opening of corporate, trust and personal accounts is a key offshore bank account opening service that we offer at FormationWise. Helping you to find the safest possible bank whether you are looking to open a trust, a personal account or a corporate account offshore is a big part of our dedication to delivering superior service that helps you to enjoy the benefits of offshore bank account opening.
Operation and maintenance of bank accounts
Are you looking for assistance when it comes to the operation and maintenance of your offshore bank accounts? FormationWise is here to help you maintain your accounts to the exacting standards required for you to enjoy the asset protection and risk diversification benefits that come along with getting an offshore bank account online. We would love to speak with you today about our operation and maintenance services and the ways that we can make a difference for you and your business endeavours.
Arranging Letters of Credit
Letters of credit are important for sellers of goods and services who open offshore bank accounts. These letters of credit are issued by offshore banks as an assurance of payment. There are documents that you must provide for letters of credit that include proof of goods being sent. Our professionals at FormationWise have plenty of experience when it comes to arranging letters of credit for our clients.
Arranging credit and debit cards
Obtaining credit and debit cards for offshore accounts is a popular option. They make it easy for you to access your funds around the world. We can help you arrange credit and debit cards after offshore bank account opening. Our team also ensures that you understand any fees that are in effect when you use the card. One of the ways that you can optimize such fees is to take out larger cash amounts at a time.
Verifying personal & corporate documentation
Getting an offshore bank account involves you having to provide personal information. This is the case regardless of whether you are getting a corporate account or a personal one. Our team helps to ensure that all of your personal and corporate documentation is in order so that it will be verified by the offshore bank in your chosen jurisdiction.
Completion of the bank forms which will be forwarded to you for signing with relevant instructions
Our offshore bank account opening services at FormationWise include helping with the completion of the bank forms that will be forwarded to you for signing. This service includes providing you with relevant instructions that will ensure that all forms are filled out the right way. This plays a large role in ensuring that the bank account opening process goes as smoothly as possible.
Sending the full package to the bank for final approval
When you have completed your application and put together all of the required documentation that you need for offshore bank account opening, we will send out the full package to your chosen bank to get final approval. Our team will ensure that everything is in order so that we can get your approval as quickly and efficiently as possible. When you work with FormationWise, we help to simplify the process of opening offshore bank accounts in top jurisdictions around the world.
Why choose FormationWise for offshore bank account opening?
FormationWise offers an impressive list of premium offshore accounting, taxation and auditing services that are delivered through our extensive network of qualified partners operating across the globe. This service offering includes assistance for the opening of offshore bank accounts. A few of the following reasons you should hire FormationWise for your offshore bank account opening needs in your chosen jurisdiction include:
We offer a complete range of services
From services that range from offshore bookkeeping and internal audits to financial reporting, tax planning, payroll services, and more, our team provides an impressive offering that is designed to assist you in running your financial operations efficiently in your chosen jurisdiction.
Our team is highly experienced
Our team of financial professionals has years of experience providing assistance to new businesses and established companies of all sizes with services like offshore accounting, bookkeeping, compliance audits and much more.
We offer a free initial consultation
When you choose FormationWise, you benefit from a free initial consultation where we will evaluate and analyze the best auditing and accounting services for your business’s needs.
We offer full confidentiality
You can count on full confidentiality when you choose FormationWise to handle all of your offshore taxation and accounting needs. When you choose our team, you can be sure that all of your valuable data, records and personal information is completely secure.
Our team is effective and reliable
You can count on the FormationWide team to effectively and reliably manage your business’s financial data so that you can grow your revenues each year and take your company to the next level of success.
Our services are cost-effective
We offer services that are cost-effective. Our team of financial experts offer the best in offshore taxation and accounting services across the globe and we do so while offering prices that are competetive within the market. You can count on our team to never compromise when it comes to quality.
We offer transparent pricing
We value integrity and honesty here at FormationWise. Because of this, you can rest easy knowing you will never incur any hidden costs or fees when you select our professional offshore auditing and accounting services.
What is an offshore bank account?
An offshore bank account is a type of account that is held in a foreign, offshore bank. These banks are regulated under an international banking license. These licenses generally prohibit a bank from being able to establish any type of business dealings within the established jurisdiction. Offshore bank accounts are a popular option with both individuals and companies. The reasons for getting offshore bank accounts include bank secrecy – strong privacy, little to no corporate taxation and protection against instability that is political, financial or local in nature.
It is important to note that an offshore account is a type of bank account that you hold in a country that is different from the one where you reside. These accounts make it possible for you to both make and receive payments. You can also hold money and set up various account types. These include savings and investment accounts where you can hold multiple currencies. Given the nature of these accounts, it is a good move to work with our offshore bank account opening services that we offer here at FormationWise. We specialize in helping our clients to find the right offshore account opportunities in top global jurisdictions.
Key documents you need to prepare
The documents that you must prepare to open up an offshore bank account include ones that verify your personal information. They include a copy of your passport, your driver’s license or any other identification documents that you have which were issued by a governmental agency in your home jurisdiction. You can also be asked to provide documentation that proves your address. This often takes the form of a utility bill. The bank you are sending these documents to will have to be able to verify that they are authentic. For this reason, notarized copies are often required.
There can be additional types of documentation that you will have to provide to open up an account with an offshore bank. You could be asked to supply financial reference documents that have been provided by your current bank. Proof of average balances and a relationship that can be deemed as satisfactory is often the purpose behind an offshore bank asking for this type of documentation. You can often send in bank statements that cover the past six to 12 months. The offshore bank you choose may also ask you to provide documentation that notes the source of the funds that you will be depositing.
Quick summary
- Proof of identification - copy of passport, driver's licence or other form of ID
- Filled and signed application form
- Proof of residence - i.e. recent utility bill or government tax bill
- Certificate of incorporation
- Letter of recommendation from current bank
- Business plan
- Other documents that the certain bank requires
High risk business accounts
You’ve probably heard about high-risk merchant accounts and wondered whether you need to use one. Businesses that are considered high risk will need one in order to process debit and credit card payments. First, let’s discuss what is a high-risk business. Your business may fall into this category if:
- You have high transaction volume - processing more than $20 000 per month, high average transaction, etc.
- You deal with high-risk goods - i.e. subscriptions, CBD, tickets, software, drug paraphernalia, e-books, etc.
- You have poor credit history
- You accepts international payments in multiple currencies
- Depending on your industry - i.e. gambling, adult, travel, e-commerce, etc.
- Your business is brand new and has no history
There is no set authority, however, that determines these risk factors. Each bank and payment processor has its own requirements and standards.
How can we help you in this
Our team at FormationWise has the necessary experience in the world of global finance to assist you in opening a high-risk offshore account that will give you the ability to effectively process debit and credit payments through top-rated networks such as Mastercard and Visa. You can count on us to assist you in proving that you meet the specific requirements that are necessary to open up one of these highly valuable merchant accounts. Partnering with our banking specialists is the straightforward way to get through this process as quickly and efficiently as possible.
How will opening a bank account benefit your business?
There are a lot of key ways that offshore bank account opening will benefit your business. The privacy and security benefits of an offshore account are undeniable. These accounts are strictly private and allow you to safely hold funds in the jurisdiction where your offshore bank is located. The ability to conduct transactions in multiple currencies is another way that your business benefits from an offshore account. You can use these accounts as a great way to secure capital and access your funds conveniently. Offshore accounts also make it possible for you to take advantage of efficient tax planning.
These are just a few of the compelling benefits that you can enjoy when you open an offshore account with the assistance of our team here at FormationWise. We look forward to assisting you in opening an account that will make a big difference in your ability to continue to grow your company and your net worth.
What is the process?
The process of opening an offshore bank account is as follows:
Carefully Consider Any Tax Obligations Which Could Affect Tax Optimization
You need to be aware of specific tax regulations that may be in place in the jurisdictions you are considering for an offshore account. These regulations can affect account opening and factors like foreign wire transfers. It is important to ensure that you will be legally entitled to tax optimization due to your offshore status. Our team of knowledgeable financial experts will be there to support you throughout this process so that you can be confident that you understand all tax considerations.
Choose Your Offshore Jurisdiction
The next step is to choose your offshore jurisdiction with the assistance of our team here at FormationWise.You can count on us to suggest the jurisdiction options that will work best for your specific needs.
Provide All Personal Information and Documentation Required
After choosing a jurisdiction, you need to submit your application along with any personal information and documentation that is requested by the bank you are applying with for an account. Our team at FormationWise will provide you with the assistance that will ensure that everything is in proper order.
The best part
Throughout the entire process of applying for your offshore account, you can count on our global team of banking experts at FormationWise to be there for you. We are dedicated to assisting you through the process of account opening so that it goes as smoothly as possible.
FAQ
If you have financial commitments across multiple world regions and jurisdictions, an offshore bank account can make it much easier for you to manage them. Offshore accounts are ideal for international business owners who need to be able to effectively receive and make payments and transfers across the world. They are also a great option for you if you wish to reduce your political risk, want to protect your assets, enjoy currency diversification and desire the ability to act quickly in the realm of international diversification.
People opt for offshore bank account opening as a way to optimize their obligations from a fiscal standpoint. The tax optimization that an offshore account offers should never be confused with tax evasion. Offshore banking is conducted in full accordance with the laws of the jurisdiction where the account is located. Offshore accounts also have to be compliant with the account holder’s home country.
The basic requirements that you must meet to open an offshore account in your chosen jurisdiction are going to be similar to those you would have to meet to open a bank account in your home country. Offshore bank account opening requires you to provide details that include your name and date of birth along with proof of your citizenship, address, and your occupation. Offshore banks will have specific requirements that you must meet to verify any documents that you send them.
The term high-risk business is utilized by payment processing firms and banks to denote businesses that face challenges in accepting credit/debit card payments which standard businesses do not have to deal with. For one reason or more, these businesses are perceived as representing an elevated risk when it comes to chargebacks. Because of this, high-risk businesses tend to face more restrictions as well as higher processing fees. Examples of high-risk businesses include online gambling operators, telemarketing, cryptocurrency, prepaid debit cards, recurring billing/subscription services, ticketing services and businesses within the adult sector.
A key benefit of offshore bank account opening is the fact that it allows you to separate your personal assets from your business money. You can open up a company and an offshore account in the same jurisdiction. At the same time, many jurisdictions allow you to open an offshore company in a different location than that of your bank account.
Though some jurisdictions will allow you to open overseas bank account online remotely. This can be done by completing your application and submitting all required documents by way of a courier. It is important to note that this is not the standard practice. Most banks will require you to visit in person at some point in time.
Though the prospect of opening an offshore business bank account or a personal offshore bank account might seem daunting, the reality is that it is relatively simple to open an account with an offshore bank. It is primarily a matter of filling out the paperwork correctly and providing all required documentation. Working with our team at FormationWise makes the process a straightforward one as our experts have extensive experience in helping our clients to find success in offshore bank account opening.
Today’s offshore banks offer customers the option to open multi-currency current accounts. There is a wide range of currencies that may be offered that include options such as the US Dollar, the Euro, the British Sterling, the Japanese Yen and the Swiss Franc. There are a lot of advantages to being able to receive money in more than one currency. These benefits include the option to hold your funds in a selected currency while you wait for rates to become more favourable.
Opening a personal offshore bank account is an option that you have. The process of opening a personal offshore account will depend on the jurisdiction that you have chosen. This is why it is important to start things out with a consultation provided by our experts at FormationWise. We can help you to better understand any of the challenges that you could possibly face in opening up an offshore personal account.
When it comes to the best place to open an offshore bank account, it depends on your specific needs. You can count on our team at FormationWise to provide you with a list of service countries that are ranked from lower to higher fee jurisdictions. There can be a difference in fees, but all of the jurisdictions that we work in guarantee confidentiality and integrity for all investors. Some of the top jurisdictions for offshore bank account opening include Germany, the Cayman Islands, Switzerland, Singapore, Belize, Hong Kong and Panama. Our goal is to help you find a great offshore jurisdiction with high-ranking currencies that can offer you outstanding tax and economic benefits.
Here are some of the services that we offer our international clients to run or incorporate their offshore business: