Things Needed For Opening Offshore Company With Bank Account

There are lot of things that need to be considered before setting up a company offshore. Apart from selecting the right destination, there are many legal formalities required before opening an offshore company. These days, there are few trusted agencies that assist and help you opening an offshore company. They take of everything and make sure you do not face any trouble regarding your company. When you are planning to open an offshore company, a bank account in the same city is of absolute necessity and if you are planning to open an offshore company with bank account, there are few things that you would need. All banks do not require a physical interview and many provide the option of opening an account online as well depending on few factors. There are paperwork involved and these paperwork need to be absolutely okay for opening a bank account. If you are planning to open an online account, make sure the package you send to your bank, has the following documents:

* Letter mentioning the purpose: Draft a letter in favor of the bank manager telling the purpose of your company and of course the bank account. Also mention the approximate annual turnover and provide information of possible origin of the funds. Provide any other fund related information even if you bank does not ask for it to avoid troublesome scrutiny later.

* Proof of existence of your company:  Providing evidence of the legal existence of your company is important. Certificate of Incorporation or some other certificates which proves the legal existence of your company will be helpful. 

* Provide the company charter: Providing a copy of any form company’s charter is also important.

* Director’ mandate: Though some banks might provide a resolution that needs to be signed by the director, there are many that do not provide. In such cases, draft a resolution that has been signed by the company’s board of directors that authorities the bank to act as the company’s depository for funds. This also important to make the signing authority clear.

* Legal Capacity of the director: Make sure of providing a firm proof of the company’s directorship. Take to the bank or take help from agencies that provide assistance regarding these matters to know what exactly can be useful in this case and what all will be relevant.

* Shareholders: Mostly all banks require all information about the shareholders of the company. While some provide their own declaration that needs to be completed and signed by the signing authority of your company. 

* Identity Proof: Providing an identity proof of all the signing authorities is mandatory. That proof can be anything like your passport or driving license. Some may also ask for copy of identity proof of all the directors. 

* Bank Reference: This is not common though few banks might ask for reference letters from other banks for each signatory.
 

These are few of the things required for opening an offshore company with bank account. It is best to hire the services of companies that provide assistance regarding everything related to an offshore company.

Facts About Offshore Companies & Company Formation

Offshore Company Creation and Recreation

Offshore companies have many benefits but just registering the same does not ensure success and it requires proper planning. It is important understand what exactly you want to achieve and set out certain goals before opening your offshore company as you would really want to earn more revenue as compared to the amount you invested. Offshore companies provide numerous benefits like:

• Opportunities for tax optimization
• Complete exemption of tax or taxation at a flat rate
• Re-start of business
• Protection of asset
• Anonymity
• Lesser certificates required
• Launch in stock markets
• Low current costs

Different countries provide different benefits and hence there are few things that you must consider before opening an offshore company. They are:

• Selection of the right destination:

Before finally selecting a place for setting up of your company, do thorough research and measure the advantages and disadvantages each option will provide. While company will flourish in the Panama region, others might flourish in the Asian market. So, make a wise choice before picking up the right destination.

• You must have all the requirements:

There are few things that every company requires at the time of registration like the correct address of the location, the names of the shareholders, the name of a director and few other things. There should not be any error regarding the paper works. There are a few companies which provide services for opening offshore companies and look after everything on your behalf. You can avail their services as they are the best people to inform you about all the requirements.

• Get to know the local language:

Okay, I know this is not easy and takes time but it is not also impossible. Learning the local language is very important as you would be able to converse with your laborers and other employees easily. This also ensures that you can talk to your local clients. Enroll yourself in an online course or look for a local teacher. It would not cost you a lot but will be really beneficial.

• Take help from experts if required:

There are lot offshore business experts who help you regarding setting up of offshore companies. They can offer you with the required assistance and advice. These consultancy firms are in collaboration with lawyers, trustees and accountants who can help you regarding all the documentations and legal matters. In short, they help you in setting up of the entire structure.

In the present scenario of liberalization and globalization, more and more companies and individuals are opening offshore companies to expand their business and reach global customers. This has led to the growth to few consultancy agencies that provide extensive advices for offshore company formation and asset protection. They help you to create bank accounts both for your business use and personal use. These provide various virtual office solutions, re-invoicing and fiduciary services as well that are really worth it. Check the internet for these kinds of service providers to make things easy.