Open a bank account

Types of bank accounts

1. Commercial ones are suitable for operating enterprises that are engaged in business-activities in an active mode. For example, they import or export goods, consult, and conduct commercial activities via the Internet. For offshore companies, opening such accounts is a rather complicated issue: it’s more complicated for banking institutions to receive income from them. Unlike private accounts, maintaining commercial accounts takes longer and requires hard work to comply with the law. At the same time, people trading through offshores often want to receive minimal commissions for transactions, which is also not very beneficial for the bank.
2. Private banking with personal capital. They can be created by a firm, but operations will be of a non-commercial type. That is, all funds will be credited to new account at once, and number of operations will be small. A credit card may be needed for personal expenses of cardholder. A private account targets a relationship with a manager on a one-to-one basis to get information about capital gains, asset protection, etc. You can also issue a numbered invoice. It’s essential that many banks are happy to offer owners of a private account to open a commercial one as an addition. By combining two types of deposits, businesspersons can achieve a better relationship with clients and offer additional services.
3. Offshore retail accounts, including private ones with a smaller balance. It’s suitable, for example, if an entrepreneur just wants to get a feel for offshore but is not going to carry out a large number of transactions or make large deposits. Opening retail banking is allowed for both an individual and a legal entity.

Our specialists will provide you with complex financial assistance and offshore bank account opening service. Additionally, we act in the field of establishing and licensing companies in various areas of activity, in particular, cryptocurrency firms and gambling structures.

Steps to open an bank account

To quickly and safely create accounts with banks offshore, it’s better not to spend time-resources looking for a suitable solution but to immediately turn to a firm knowing how to arrange everything correctly. What does the process of creating an account step-by-step look like?

1. Preparation of the necessary documentation. Initially, it is necessary to collect all constituent documentation and identities of the owners of the enterprise, directors, and shareholders. In addition, it is necessary to describe the type of activity of the firm, the planned operations, and give a list of counterparties.
2. Consultation with the manager of our agency. At the consultation, you’ll decide on the banking institution that’s most suitable for goals of your firm.
3. Prior approval. When a request is sent to the selected banking facility, businesspersons wait for a response. The organization may require some extra documentation.
4. After the application is pre-approved, it’s mandatory to fill out all the required forms and send them.
5. Account creation. Specialists send data about account openings and possibilities of managing them.
6. Banks may require personal presence of the director at some stage. For details, it’s better to contact our specialists.

According to the policy of our firm, we charge a fee for our offshore bank account opening service to assist in the accounts opening. Unfortunately we cannot guarantee account opening itself, since final decisions are made by banks/EMIs based on submitted documents and answers to additional questions from the banking establishment. We strongly recommend not believing law firms that guarantee 100% successful results. But our firm is able to perform a free pre-approval procedure with the bank/EMI in the beginning so that clients know for sure whether the banking establishment or payment system agrees to accept them as a client.

What documents are needed?

Entrepreneurs submit next-mentioned:

• apostilled inner documentation: confirmation of authority of officials, statute or memorandum of association, appointment of an individual to the position of head, certificate of appointment of the supreme governing body, and legal address. The exact list differs depending on country of firm’s incorporation.
• confirmation of organization’s reputation, if any;
• officially-approved permission, if any.
• confirmation of office presence;
• director’s documents – a notarized passport and utility bills not older than 3 months in English.

Opening account in EMI-system: advantages

Electronic money accounts can be opened at an electronic institution. Electronic institutions operate under the permit of the local central bank where they’re registered. Therefore, their activities are completely controlled. Presence of such accounts enables its owner to use all services offered by a regular banking establishment, however, with certain advantages. Particularly, an account in the EMI system is beneficial in the following:

• faster transaction execution speed;
• high level of security of operations and data protection;
• convenience – there is no need to personally contact banks and possibility of complete all procedures on a remote basis;
• lower prices for account maintenance and for sending payments;
• the ability to access the account at any time and regardless of the location of the owner.

How much does it cost to open bank accounts

Specialists of our team offer offshore bank account opening services to entrepreneurs and business-structures worldwide. Using support of our experts, you don’t waste extra time and money on choosing a bank on your own, traveling to the chosen jurisdiction, preparing documentation, and waiting for a long decision. Price depends entirely on chosen country, main banks’ normative points and standards, and commercial goals. We also help you open a merchant account for commercial payments.

Some institutions offer personalized service to VIP clients. In this case, you’ll be assigned a personal banker who monitors the state of the markets and recommends correcting the investment portfolio in time. It’s even possible to give this banker the right to discretionary management; then he/she will make changes himself/herself.  Until recently, such service was offered exclusively to owners of millions of accounts, and now – from 200 thousand dollars.

An offshore account belongs to an individual or firm that is established outside their residence. Our firm operates in all offshore jurisdictions and will help you register a business-project, open accounts, obtain a permit, and in other matters related to offshore firms.

What is included in our services?

Our team of professionals has been in the offshore market for many years and offers full support at all stages of remote opening. We are well aware of all features of laws of different jurisdictions and will help you choose the right conditions on an individual basis.

After correctly and quickly registering accounts using help of our lawyers, you’ll be able to conduct your business-activities online from anywhere in the world. It is very important that the procedure of self-opening an account by an unknowing person can be dangerous in terms of data confidentiality. We’ll help you save all your personal data and save money on registration.

Our specialists select the most loyal banking establishment, if you haven’t decided yet. The entire process of registration will take a little time in comparison with the waiting time for a decision and correcting errors when submitting documents yourself. In addition, in 95% of the cases we submit applications for creation of offshore accounts, approval comes without the necessity to send additional documentation. We also have an extensive list of ready-made companies for sale in hundreds of jurisdictions and a wide variety of business-structures.

This article was authored by Denys Chernyshov, the founder of Eternity Law International and several ventures within the international corporate advisory sector. His professional expertise spans cross-border structuring, compliance management, and the creation of sustainable business frameworks across multiple jurisdictions.

How do I open an offshore bank account?

To do this, it’s mandatory to collect the appropriate package of necessary documentation, the list of which may vary depending on the jurisdiction and individual needs of the client. Our team offers offshore bank account opening service, guaranteeing the fastest and highest quality results.

How to open offshore bank account online?

To do this, you need to contact a bank representative and also prepare the required documents in their electronic form. Our experts offer quality offshore bank account opening services remotely and with full professional support.

What is offshore banking services?

It’s banking in offshore banking institutions. They’re popular due to low tax fees, enhanced system of reliability and confidentiality, and improved security measures. Our team is ready to offer you the best offshore account opening services.

Which banks offer offshore accounts?

The most popular jurisdictions in which banking institutions allow you to open an account are Cyprus, Latvia, Hungary, Switzerland, Montenegro, and some others. Our experts are ready to offer you high-quality offshore account opening service and full professional support.