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