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Where To Open An Offshore Bank Account

Discussion in 'Offshore Company & Bank Account Guides' started by Admin, Jun 17, 2016.

  1. Tai Chee Ming

    Tai Chee Ming New Member

    Good for bank account, not good if you want to incorporate a Singapore company. Too many administrative things to do.
     
    nailparasite likes this.
  2. techtrader

    techtrader New Member

    Worse than HK?
     
  3. Montecristo

    Montecristo Active Member Entrepreneur

    In Singapore, you need to have nominee local director which usually cost more than the incorporation fee. This year alone, there are 2 nominee directors were prosecuted in Singapore for mishandle the companies. One of it was allowing the foreign director to launder money and the nominee director was jailed. So technically is worse than HK.
     
    holger likes this.
  4. holger

    holger New Member

    Thank you for this valuable information both OP and @Montecristo that's why I have seen threads where people ask how safe it is to use nominee's when bank account is opened in the company name.
     
  5. MisterFree

    MisterFree Member

    [QUOTE="3. Saint Vincent and the Grenadines
    A series of islands located in the Caribbean, there are many banks in the country that cater to holding American capital. Offering a range of features and relatively low fees, you get selection at the cost of prompt service. Still, it is a trusted source that you can develop a relationship with and count on when needed.[/QUOTE]

    This is probably my first time reading about Saint Vincent and the Grenadines as one of the best offshore places to go. This is a very important piece of information for me since I'm still new to Offshore things and reading topics in this forum is a huge help and will surely boost my knowledge about it.
     
    lastchance likes this.
  6. lastchance

    lastchance Member

    Can I assume that when we open an account in Cyprus or Belize this can be trusted?
     
  7. lastchance

    lastchance Member

    This is probably my first time reading about Saint Vincent and the Grenadines as one of the best offshore places to go. This is a very important piece of information for me since I'm still new to Offshore things and reading topics in this forum is a huge help and will surely boost my knowledge about it.[/QUOTE]

    Is that the bank in Caribbean mentioned here, Euro Pacific Bank you think?
     
  8. Admin

    Admin Forum Moderator The Forum Cleaner

    EuroPacific Bank is just 1 of the banks there, in total I found 2 banks..
     
    lastchance likes this.
  9. lastchance

    lastchance Member

    Do you mind telling what the other bank is?
     
  10. MisterFree

    MisterFree Member

    [QUOTE="Is that the bank in Caribbean mentioned here, Euro Pacific Bank you think?[/QUOTE]



    Not just any bank in the Caribbean but the Country itself. After living for 21 years now, its really my first time hearing about it. I wonder if its a new country or I'm just too dumb to notice it :D
     
  11. SirTycoon

    SirTycoon Member

    Ill Consider this in the near future.. Great list..
    Today, the greatest danger to your investment funds isn't market. It's your own particular government.
     
  12. MisterFree

    MisterFree Member

    Its the governenment indeed. Some people are just too greedy even sacrificing other people just to gain and rise within their ranks. But the government should be afraid if they oppress their people, the strongest weapon a country could have is their own people, If these people are fed up of too much corruption, they could overthrow their governement :D
     
  13. freedomsurfer

    freedomsurfer Offshore Agent

    In my experience, there are four offshore jurisdictions worth looking into when it comes to banking. Hong Kong, Singapore, UAE and the United States (yes you read that right).

    All four have very solid banks (unlike Cyprus, Belize, St Vincent, Latvia, Mauritius etc), top notch products, top notch wealth management units and top notch investment products.

    All four require a personal visit but that shouldn't be a problem as the visit only lasts an hour or so (can be an in-and-out trip if you are short on time).

    Quality is important here folks. Do not put your money in some corrupt banana republics.
     
    Admin likes this.
  14. Admin

    Admin Forum Moderator The Forum Cleaner

    Again I agree with half of this. There are people that don't want to travel and don't want to provide lots of information and documents. They will not be able to open an account in the first countries you mentioned :)
     
  15. freedomsurfer

    freedomsurfer Offshore Agent

    For sure those countries require travel and more documentation but don't you think those hassles are outweighed by the increased stability, better rule of law and better products?
     
    nailparasite likes this.
  16. nailparasite

    nailparasite New Member

    What is cost to have company and bank account in Singapore. Friend told me that it is a very very good place to open my company and bank account!
     
  17. nailparasite

    nailparasite New Member

    What do it to be better countries for offshore company? I will have costs to get there so I need to know why it is better you mean please?
     
  18. Montecristo

    Montecristo Active Member Entrepreneur

    If you can open a bank account, you can be sure the bank will not go bankrupt the next day. But if the bank is caught for money laundering, good luck to you as one of the banks was asked to shut down a few months ago due to money laundering.

    As for company, don't waste your time if you are a foreigner. Although there is not annual fee to pay, you have to pay for the nominee local director as it is required by the law to have at least one director who is a citizen or a PR with a local address. This will easily cost you US$2500 a year as the nominee local director will be responsible for any wrongdoing of the company. These fees will exclude the corporate secretary, the annual filing fee and etc. Singapore companies should not be classified as offshore companies as you need to pay tax on profit that you made in Singapore. That is why it is so easy to open a bank account using a Singapore company. However, there are 2 cases this year whereby the nominee local directors were jailed because of wrongdoing of the companies which were owned by foreigners. This caused the price of nominee director to increase further.
     
  19. freedomsurfer

    freedomsurfer Offshore Agent

    In short, you'll get an account in a better country, with a better bank that offers better products (great credit cards, investment products etc). That said, if 2000-3000$ is a problem (the cost of a short trip to HK or SG) then you probably should not go offshore at all.
     
  20. dotbloup

    dotbloup Offshore Agent Entrepreneur BANNED MEMBER

    As you may have expected, someone would jump to the floor when reading "United States" as Offshore jurisdictions to consider.
    Every domestic and foreign companies who want to open a US bank account has to get a EIN at the US tax authority (IRS) which put them on the radar and then, require them to pay US taxes on US derived income.

    For instance, a Belize company that opens a bank account in the US will have to pay US taxes on US sells from US customers. the IRS does not care if this company is located is in Belize. And if you don't pay, Law enforcement authorities will seize your bank account in the US.