| Make sure you are happy with the | | | | you've established an IBC or an offshore |
| jurisdiction where the bank is located. | | | | Trust. An offshore broker site can: - |
| Find out which well-known international | | | | Facilitate your access to offshore |
| banks are sited there. Research the | | | | private banks; - Introductions to banks |
| bank's history and find out who its real | | | | in all major jurisdictions; - Open |
| owner is. Ask about staff turnover, | | | | personal, corporate or offshore |
| especially if you are looking for | | | | accounts; - Manage these accounts; - |
| investment help. Consider what you want | | | | Arrange or transfer letters of credit; - |
| from an offshore bank. Deposits, current | | | | Creating trusted structures; - Sort out |
| account, savings, money transfer, or | | | | debit and credit cards and - Online |
| investing? Take your time to discover as | | | | banking. Offshore corporations |
| much as you can about whether the bank | | | | associated with these accounts can't |
| offers the services you need. People | | | | conduct business inside their country of |
| mainly use offshore private banks to | | | | incorporation. They are often completely |
| protect assets from third parties. They | | | | tax-free: they are exempt from tax on |
| can deal in cash, securities, investing | | | | their profits or assets. They do have to |
| etc. The identity of the owner can be | | | | pay a small annual licence fee, usually |
| protected by offshore legislation or can | | | | a couple of hundred dollars. Ideal |
| even be anonymous. One can keep control | | | | offshore bank accounts should not need |
| over one's assets yet third parties | | | | to file annual accounts or returns. They |
| can't link the assets to the beneficial | | | | are usually as easy to incorporate as a |
| owner. They are far more | | | | limited company in the U.K. or the |
| lawsuit-resistant than assets held by in | | | | U.S.A. Offshore shelf companies are |
| one's home country. However, one of the | | | | companies that have already been formed, |
| most common, false beliefs is that | | | | with the intention that someone will buy |
| offshore private banks can legally | | | | them later. Such a company will not have |
| prevent assets from being subject to | | | | traded, and can be transferred to the |
| personal income tax on interest. | | | | customer immediately. The only drawback |
| Certainly some have low or no taxation, | | | | of such a company is that you can't |
| this exception is generally associated | | | | select a name in advance. Consider asset |
| with one's accounts meeting complex | | | | protection. When you look for an |
| requirements. The 'no-taxes' idea is | | | | offshore bank account, have in mind that |
| wrong as the personal income tax of most | | | | there are some ways to get your assets |
| nations makes no distinction between | | | | protected from any form of liability. |
| interest earned in local banks and that | | | | You should get an expert to help you |
| earned offshore, adding clauses to | | | | manage your corporation, at least for |
| enforce tax revenue. Some things to look | | | | some initial advice, so that they are |
| for before opening an offshore account | | | | protected from any kind of liability. |
| are the benefits you will receive | | | | Also, there are some general |
| regarding privacy, taxes, and security. | | | | requirements almost all offshore banking |
| You will also want to see how long the | | | | institutions require before an account |
| bank has been operating, the rules and | | | | may be opened. These include: - Copies |
| regulations it follows, policies and so | | | | of identification or passports of the |
| on. Once your account is established, | | | | company owners; - Copy of bylaws and |
| you are issued a bank card, then after | | | | articles of incorporation for the |
| that you can use the bankcard to | | | | company; - Bankers reference (sometimes |
| withdraw cash and to pay for everyday | | | | two required); - Completed application |
| expenses. Some facilitators provide them | | | | forms, and - Banking information. |
| for 'free' as part of an incorporation | | | | T. O' Donnell is a licenced credit |
| package. The account is only set up once | | | | broker based in London, UK. |