More than 1 bank account for the same offshore company please advise?

[thorsten]

Hello,


I need to know if it is possible to open more than 1 bank account for the same offshore company i.e. Seychelles company? I need both offshore and onshore bank accounts.

 

[Zqq]

Yes, it is possible to open however many bank accounts you can for an offshore company.


You might find it difficult - but not impossible - to find onshore banks that will take on a Seychelles IBC. The reason IBCs are generally frowned upon by onshore financial institutions is that no accounting, bookkeeping, or auditing takes places. Even though bookkeeping is required for Seychelles IBC, it's pretty much well established that no one does it.

 

[thorsten]

Do you know of any onshore bank that would accept a Seychelles company?

 

[Zqq]

It depends on what you consider onshore. Cyprus, Hong Kong, and Singapore can be considered both onshore and offshore. They are reputable jurisdictions and banking there is great.


Malta is another option, in particular Bank of Valletta. I wouldn't recommend HSBC Malta. They barely work with local companies. Don't bother with other banks in Malta.


Kommerzbank and Deutsche Bank are known to deal quite a bit with offshore jurisdictions. It's possible they might consider a Seychelles IBC. The same goes for Reiffeisen and ING.


It would help if you already have a long relationship with an offshore bank to use as a reference when approaching an onshore bank.


But please keep in mind that banks will decide on a case by case basis whether they allow you. While I know for a fact that Bank of Valletta has opened accounts for IBCs in the past, it might not work in your case, depending on your profile.


The question all onshore banks ask themselves when they are approached by an IBC is, "why is this person using an IBC?"

 

[cole]

The question all onshore banks ask themselves when they are approached by an IBC is, "why is this person using an IBC?"

That's what my bank asked too.:embarassed: