By : Patricia Davis
A bank which is situated outside the country of residence of the depositors in a low tax authority is called an offshore bank. This bank provides official and monetary advantages like privacy, low or no tax, easy deposits and protects from local financial crisis.
Offshore banking is becoming prominent day by day. Every individual is now aware of the profit which can be made by opening an offshore bank account. Every entity and every organization wants to open an account in an offshore bank. But before opening an account one must always check:
?Whether the bank is recognized, reputable, mature, has an international operational knowledge and one must also check the record of the bank in offshore bank account management.
?They must offer currencies of different countries and should have swift transfer capability.
?Choose those organizations which do not ask for any credit detail or any reference.
The services provided by an offshore bank:
?Offshore Company incorporation:
The action of setting up an individual’s company outside the country of owner’s residence under the authority is known as off shore company incorporation. It can be formed within 24 to 48 hours. Many incorporate company owners use this for investment, to reduce the tax and for online business which increases the reputation of the company.
?Assets protection:
They help their account holder to save their investment, savings and assets form recession.
?Debit cards(stored value) :
One can use this card to make any transaction secretly. This card is useful for payment, gifts, traveling etc.
One can check an offshore account through internet. It also gives the facility of credit cards and debit cards. The facility provided by an offshore bank account differs from the local bank. These banks offer multiple currency account and nameless debit card which can be used for withdrawal of cash.
The different types of an offshore bank account:
Personal Accounts:
Offshore banking is not limited to the wealthy. Bank provides debit and credit cards to the account holder. They also provide assets protection when a person wishes to open a new account for his personal reasons.
Corporate accounts:
These accounts are mainly for companies. Many companies open corporate account to use internet banking which will help an organization to enter an international market.
Anonymous accounts:
To open an anonymous account it is necessary for a company to have a corporate account in any real offshore bank. This account provides personal online banking.
Merchant accounts:
These accounts are for those who are newly entering in the online business or who face lots of risk in business. The services which this account provides are flexibility, technical support, checking online status of an account and payment solution.
Opening an offshore bank account has become easy; one must just complete all the formalities of the bank. It is not necessary to be present in a bank while opening an account; one can use the internet for online application
Author Resource:-
David Middleton is author of this article on Offshore Bank Accounts.
Find more information about Offshore Company Incorporation here.