Are you looking to open an offshore business bank account? This article covers how opening an offshore bank account works. You can open an offshore bank account to bank in another country, but the process can take some time. Accelerate the process of setting up an offshore bank account with the five steps below. Escape Artist partners with Caye International Bank, which assists our clients from the initial stages until the end to successfully open the bank account right for their needs.
The step-by-step guide presented below will help you learn what you must prepare. If you are looking for a guide on how to open an offshore account, this article is for you. It covers what you should consider and a step-by-step process. There are many questions about offshore banking. We’d like to answer these questions with the information provided by the president of award-winning Caye International Bank (CIB), Luigi Wewege and their onboarding guide.
Let’s begin.
Why Should You Bank Internationally with Caye International Bank?
Get great competitive interest rates on deposits, a multilingual client service department who is financially qualified, security you can trust and a smart, simple online banking experience on all your devices.
CIB is dedicated to putting its bank customers at the centre of everything they do, ensuring every interaction is exceptional. The bank’s focus is always on what’s best for their clients’ overall financial well-being.
Account Benefits
CHOOSE FLEXIBILITY
Whether you want instant transfers, access to your money, or to choose the term of your term deposit, CIB has an account to suit you.
MINIMUM BALANCE
When selecting a demand deposit or savings account, a nominal opening balance of $1,000 is needed.
MULTICURRENCY
Select the currency which works for you, and Caye offers wire transfers in five main currencies: USD, CAD, EUR, GBP, and CHF.
ONLINE BANKING
Access to any of Caye international bank accounts is operated online through a secure 24/7 online banking platform.
5 Steps to Accelerate the Application Process
As mentioned earlier, due process to open an offshore business account takes time. Here’s how to accelerate the process with CIB.
ONE
Ensure you or your company does NOT operate in a prohibited jurisdiction or sector. Unfortunately, these are non-negotiable.
PROHIBITED JURISDICTIONS*
| Afghanistan | Lebanon | Sri Lanka |
| Belarus | Liberia | Sudan |
| Cambodia | Libya | Syria |
| Central African Republic | Mali | Trinidad & Tobago |
| Cuba | Myanmar | Tunisa |
| Ethiopia | Nauru | Ukraine |
| Ghana | North Korea | Venezuela |
| Guinea-Bissau | Palestine | Yemen |
| Iran | Russia | |
| Iraq | Somali |
*List is subject to change without notice.
Note: Citizens of these jurisdictions can work with Caye International Bank if they can demonstrate residency outside the above-listed countries.
TWO
Provide as much information as possible when describing the nature of your business. One-word answers will delay processing your application as CIB will need to fully understand what you do before they can open your account.
THREE
If you or your company has publicly available adverse media results, it is unlikely CIB could open your account, especially if finance-related.
FOUR
CIB will need a full set of corporate documentation upon application*. Incomplete submissions will delay the entire process. Documentation regarding the use of nominee directors and or shareholders is also required.
*Disregard for personal account applications.
FIVE
When dealing with complex ownership structures, CIB will need to perform due diligence on ALL shareholders, including entities owned by other entities and trusts.
CERTIFICATION OF DOCUMENTS
CIB does not require certification when you first submit your application and paperwork. Once your account is approved, they will require all documents to be certified or notarized. If a notary is not available, CIB will accept documents certified by a licensed lawyer. Note: If you use a lawyer for certification, CIB will need to be able to independently verify their position via online search, websites, professional directors, or similar.
REFERENCE LETTERS
CIB will require a financial or professional reference letter for all accounts. The letters can be from a bank, broker, asset manager, lawyer, or accountant. The letter should state the duration of the relationship and what that relationship is. Letters need to be on the letterhead of the writer. The writer of the letter will be contacted via phone or email to verify authenticity.
Reference Letter Template: Bank
Reference Letter Template: Professional
TYPES OF ACCOUNTS
SIMPLE ACCOUNT
Who is this type of account for?
- Personal & Holding Companies.
- These accounts are for asset diversification purposes.
- Low transaction volume: Less than two transfers per month.
- Simple ownership structure: Either an individual or family members.
- Majority of fund transfers go to same-name accounts at other banks or trading/brokers/exchanges.
REQUIRED DOCUMENTATION
To open an account, you will need:
- Certificate of Incorporation
- Memorandum & Articles of Association or By-Laws/Constitution
- Register of Shareholder(s)
- Register of Director
- Shares Certificate
- Certificate of Good Standing or Certificate of Incumbency
- FOR ALL NAMED INDIVIDUALS: Shareholders, directors, nominees, signatories, POA
- Passport (colour scan)
- Proof of address (utility bill not more than 90 days old)
- Reference Letter
- Personal Info Sheet (part of the application)
- Any further information deemed necessary by compliance review
TRANSACTIONAL ACCOUNT
Who is this type of account for?
- Used to operate business.
- Send payments to suppliers.
- Receive payments for services or goods.
- Medium to high volume fund transfers (over five per month).
- Multiple shareholders.
- Operate in non-high-risk industries such as financial services, mining, and tourism.
- Operate in non-high-risk jurisdictions.
REQUIRED DOCUMENTATION
- Certificate of Incorporation
- Memorandum & Articles of Association/By-Laws/Constitution
- Register of Shareholder(s)
- Register of Director
- Shares Certificate
- Certificate of Good Standing or Certificate of Incumbency
- Website (If your company is new and does not yet have a website a detailed business plan is acceptable)
- Verifiable list of clients and suppliers
- FOR ALL NAMED INDIVIDUALS: Shareholders, directors, nominees, signatories, POA
- Passport (colour scan)
- Proof of address (utility bill not more than 90 days old)
- Reference Letter
- Any further information deemed necessary by compliance review
COMPLEX ACCOUNT
Who is this type of account for?
- High transaction volume
- Complex Ownership Structure
- Works with high-risk jurisdictions
- Operates in high-risk sector
Note: These accounts require a lot of information and time to review. Be patient. There will be a lot of questions.
REQUIRED DOCUMENTATION
- Certificate of Incorporation
- Memorandum & Articles of Association/By-Laws/Constitution
- Register of Shareholder(s)
- Register of Director
- Shares Certificate
- Certificate of Good Standing or Certificate of Incumbency
- Website
- Verifiable list of clients and suppliers
- Business Plan
- Organizational Chart
- License (if required)
- FOR ALL NAMED INDIVIDUALS: Shareholders, directors, nominees, signatories, POA
- Passport (colour scan)
- Proof of address (utility bill not more than 90 days old)
- Reference Letter
- Any further information deemed necessary by compliance review
PROHIBITED SECTORS
The following sectors are prohibited from opening a bank account:
- Adult & dating
- Cryptocurrency*
- Gambling
- Multi-level marketing (MLM)
- Marijuana and related products
- Prescription drugs
- Paraphernalia
- Political
- Religious and protest organizations
- Weapons and military
*Caye International Bank cannot work with ‘direct’ crypto-related entities, such as exchanges or wallets, but can work with ETFs (Exchange Traded funds) with crypto exposure or blockchain-related businesses.
MORE ABOUT CAYE INTERNATIONAL BANK
CIB is the only international bank headquartered on the beautiful island of Ambergris Caye in Belize, Central America. Their bank license permits them to conduct financial services with individuals and corporations located outside Belize.
Caye International Bank offers a full range of traditional and non-traditional banking services and accounts in multiple currencies. An application for account opening is a simple process and can be facilitated online from anywhere in the world.
If you have made it this far and are ready to take the steps to open an offshore business account, contact our trusted friends at Caye International Bank. They are happy to answer your questions and help you with your offshore journey.
Potential bank clients: +501-226 -3083
Existing bank clients: +501-226 -2388
WhatsApp number: +501-622-1009
Email address: services@cayebank.bz
Luigi Wewege is President of awardwinning Caye International Bank, headquartered in Belize, Central America. He is the author of The Digital Banking Revolution – now in its third edition, as well as “Disruptions and Digital Banking Trends” published in The Journal of Applied Finance & Banking. Luigi has also co-authored economic research examining the accuracy of credit bureau data, that was presented before the United States Congress. He currently serves as an Instructor at the FinTech School based in California and holds an Italian MBA with a major in International Business, as well as a BSBA with a triple major in Finance, International Business and Management with Latin Honors from the University of Missouri-St. Louis.
