In this article we are going to focus on the core issue which is how to set up an offshore banking account.
Setting up such a bank account is a piece of cake and there are complete and detailed procedures available to help out the user in opening a bank account in no time and very little headache.
All that needs to be done is to decide firstly if you are indeed wanting to open an account offshore.
Many people open an offshore bank account for the wrong reasons and this means that they will not get the satisfaction they desire.
They expect to get a high interest rate and when they do not see this happening they become dissatisfied.
But this is not the purpose of such an account.
The main purpose as we have repeated many times is that of getting more privacy and savings from taxes.
The money you invest in an offshore bank is given a whole lot more privacy than the cash reserves you have in a normal bank.
Specific banking laws enacted by the governments of these respective countries and ensure that this privacy is given to the account holder or International company owner no matter what.
Now that aspect is cleared up, let us move onto how the actual offshore account is setup.
The person who wants to start this account needs to provide proof of identity to the IBC bank officials so that they may register him or her as the director or owner of the offshore bank account.
To do this, once the customer expresses interest in opening an offshore banking account, the bank officials immediately courier a set of papers which need to be signed and sent back to the bank to register the bank account in either the individual's account or in the account of a group of signatories.
If the account is opened in the name of a company then the group leader should be appointed as the director.
Either way, a director should be appointed even if the offshore bank account has sole ownership in which case that person is automatically appointed as the director or the person in charge.
Once the identification documents are signed and verified by the offshore bank in question the bank then takes care of registering your name and the name of the company that you have provided to them, so that it remains as a legal account that is operated from the country that you are in.
The consolidated documents returned to you can be stored in a safe place and kept as proof of ownership of the bank account.
Also, the entire transferring of money and other financial aspects of the bank account are these days done through the online banking system so it very convenient to perform those activities in the blink of an eye.
This is the summary of how to open an account offshore.