Business Offshore Bank Accounts and Offshore Company Formations

Maybe it depends on your mindset or your personality as to whether you consider getting your international business and taxation planning affairs in order as being ‘an unwelcome challenge’ or ‘an exciting opportunity’ – or perhaps the truth lies somewhere in between the two extremes!  However you do personally look at it, rest assured it is very positive action to take to ensure your international business processes as well as your personal privacy and fiscal security are optimised - and whatever stage you are at in your offshore planning and preparing we can assist you.

At ShelterOffshore we discuss all the options available to you depending on your personal circumstances and exact requirements and criteria - and in this article we examine how business offshore bank accounts and offshore company formations can go hand in hand and work in harmony to facilitate cross border business and support an international lifestyle.

Within this site we have already examined in depth the benefits of opening an offshore bank account.  Separately we have discussed the different reasons people have for offshore company formation and incorporation and how an IBC can be used as an integral part of a taxation reduction strategy for example, or a simple tool to enable cross border business transactions…but all too often one structure without the other means that you have less than the optimisation power available to you with both.

Consider this:  Depending on the country in which you currently reside, if you’re starting your own business you will need to establish some form of limited liability company to operate through, invoice from, pay bills via etc. - well how far would you get into your first year’s business plan if after incorporating your company structure you failed to establish a bank account in the name of that company? 

My guess is you’d make it to about four weeks before you needed urgent banking services and after six weeks you’d be desperately trying to open an account to receive money into and pay bills from before you went under or got taken to court.

You see, just in the same way that forming a company offshore can enable you to conduct ‘business’ internationally or protect your business affairs from scrutiny, creditors, lien, confiscation action, litigation or legal predators for example, so you will most likely require a business offshore bank account if your new international company structure is actually going to be able to operate and trade effectively.

As stated at the start of this article, the establishment of business offshore bank accounts and offshore company formations therefore go hand in hand at least 95% of the time. 

So, does that mean you need both entities within one jurisdiction, does it even make sense to have both your offshore company and your bank account within the same tax haven and how do you establish one without the other and what are the legal requirements and fiscal outlay required for each?

Some of you reading this article will be aware that you require a very simple, cost effective and streamlined solution to enable you to conduct whatever business you do with clients or service providers who are dotted about the globe.  In such a situation it can be very simple to buy an offshore company off the shelf in a secure and respected jurisdiction and use the service provider to help you set up a bank account in the same name as the company. 

You will just need notarised copies of agent/director’s passports, sometimes you’ll require a bank reference, all your new company’s details will have to be passed to the bank and in almost no time at all and for minimum outlay of a few thousand dollars you’ll have a secure offshore company as well as an offshore business bank account that you can manage online, via the phone or fax and which can receive income and pay invoices.

Others reading this article may still be considering whether an offshore solution involving a company incorporation is actually the most sensible way forward for anything from asset protection to personal fiscal development, from cross border taxation planning to holding property assets for example - and if so, whether a business bank account in addition is actually a requirement.

At this stage it’s fair to say that the majority of our readers need to take personal and direct advice…

There is no such thing as one solution fits all – even in the previous example with a simple off the shelf company being sufficient there is still a choice of jurisdiction as well as banking provider and what’s more, if you get the choices wrong it will be costly, time consuming and stressful to get it right. 

Our advice to you is simple - seek direct assistance from those expert in corporate and tax planning who can advise on everything from the establishment of a company or trust to the utilisation of one jurisdiction over another for offshore business banking services for example – i.e., take advice from those who can set up and manage structures to meet the specific personal or business requirements of their clients.

To that end we are best placed to assist you we have formed a strategic alliance with those best placed to advise on the above and who can directly help with business offshore bank accounts and offshore company formations as well – all you need to do is click here to get in touch with us, you will be redirected to our offshore advice service form which is very straightforward.  Tell us as much or as little about your situation as you like and basically we will be in touch with you to work with you to understand your personal requirements and challenges and to provide you with the best advice and solutions to meet your needs.