How To Set Up an Offshore Bank Account Without References

There are many reasons why establishing your business offshore is such an attractive proposition. Typically many incorporate their business offshore to reduce taxation, protect privacy and assets.

As we enter a business environment which is so much more difficult to run a business and succeed with reasonable profits, many consider moving their existing business or assets offshore.

Setting up your company with Nominee Directors for increased privacy can be achieved within a few days and ensures that you are not on any public records. You now have a legal entity in an offshore jurisdiction, that is usually authorized to trade outside of the country incorporated in without paying income taxes (depending on jurisdiction).

The problem for many is the bank account, why? Well the bank normally requires disclosure of the beneficial owner (you). Although most offshore banks are required under normal circumstances to keep their clients data private and secure, many clients are not comfortable with this. This is understandable when some banks have previously disclosed the existence of offshore accounts to governmental agencies or departments. Another problem exists for many clients when trying to set up an offshore bank account.

Most banks now require an increasing amount of personal data, including bank and personal references. The fact remains that many individuals and companies have been made bankrupt, often through no real fault of their own. Corrupt business practices, increased legislation which can often dramatically increase a businesses operating costs, being unable to get payment for goods or services that you have provided, can all contribute to sending a business to the point of bankruptcy.

In consideration of this and other reasons too numerous to mention, some individuals or companies cannot obtain bank references, so they cannot open their offshore bank account. The solution to these problems is to utilize a Nominee Bank Signatory Service. Briefly this means that your Nominee Director of your company (your lawyer) is authorized by you to open and operate the bank account (under your instructions). The result is that you can operate your business and bank account in an effective, but very private manner.

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How To Set Up an Offshore Bank Account Without References