Offshore Banking General Information
It is advisable to select an offshore bank early on in the process of establishing your offshore company or other offshore structure. This is an important component of the overall offshore strategy. Certain banks will only establish accounts for companies and from intermediaries in certain jurisdictions. If a particular bank or country is preferred for the establishment of an offshore bank account, this should be given early consideration to guide the establishment of the offshore company, trust, foundation, etc.
Sterling Offshore has conducted research and established relationships with several prominent banks in popular offshore banking jurisdictions around the world. We have relationships with banks in jurisdictions such as Belize, Panama, Seychelles, Mauritius, Isle of Man, UK, Austria, Switzerland, Singapore and Liechtenstein. These offshore banks cater to a wide array of customers. Some are more suitable for business and commercial accounts offering credit card processing facilities and internet access. Some offer international personal banking with worldwide ATM cards, deferred debit (credit) cards, online banking and international checking. Others offer private banking and wealth management for high net worth clients seeking privacy, stellar service and an opportunity to invest in otherwise unavailable markets. Still others offer specialized services such as overseas mortgages and back to back loans.
After consulting with our client, we can provide an introduction to a suitable bank. Many of these offshore banks will only accept new business from approved intermediaries such as Sterling Offshore. Otherwise, the client and possibly all of the directors, shareholders and other beneficial owners would have to go to the bank in person to establish the account. A few banks may still require a face to face meeting with the client within six months of establishing the account but we will advise you when this is the case.