{"id":49093,"date":"2024-04-25T12:37:02","date_gmt":"2024-04-25T17:37:02","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=49093"},"modified":"2024-04-25T23:50:44","modified_gmt":"2024-04-26T04:50:44","slug":"how-to-set-up-an-offshore-business-bank-account","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/how-to-set-up-an-offshore-business-bank-account\/","title":{"rendered":"How to Set up an Offshore Business Bank Account"},"content":{"rendered":"

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<\/a>, which assists our clients from the initial stages until the end to successfully open the bank account right for their needs.<\/p>\n

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<\/a> and their onboarding guide.<\/p>\n

Let\u2019s begin.<\/p>\n

Why Should You Bank Internationally with Caye International Bank?<\/strong><\/h1>\n

\"Caye<\/p>\n

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.<\/p>\n

CIB<\/a> 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.<\/p>\n

Account Benefits<\/strong><\/h1>\n

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CHOOSE FLEXIBILITY<\/h2>\n

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.<\/p>\n

MINIMUM BALANCE<\/h2>\n

When selecting a demand deposit or savings account, a nominal opening balance of $1,000 is needed.<\/p>\n

MULTICURRENCY<\/h2>\n

Select the currency which works for you, and Caye offers wire transfers in five main currencies: USD, CAD, EUR, GBP, and CHF.<\/p>\n

ONLINE BANKING<\/h2>\n

Access to any of Caye international bank accounts is operated online through a secure 24\/7 online banking platform.<\/p>\n

5 Steps to Accelerate the Application Process<\/strong><\/h1>\n

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As mentioned earlier, due process to open an offshore business account takes time. Here\u2019s how to accelerate the process with CIB.<\/p>\n

ONE<\/h2>\n

Ensure you or your company does NOT operate in a prohibited jurisdiction or sector. Unfortunately, these are non-negotiable.<\/p>\n

PROHIBITED JURISDICTIONS*<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n
Afghanistan<\/td>\nLebanon<\/td>\nSri Lanka<\/td>\n<\/tr>\n
Belarus<\/td>\nLiberia<\/td>\nSudan<\/td>\n<\/tr>\n
Cambodia<\/td>\nLibya<\/td>\nSyria<\/td>\n<\/tr>\n
Central African Republic<\/td>\nMali<\/td>\nTrinidad & Tobago<\/td>\n<\/tr>\n
Cuba<\/td>\nMyanmar<\/td>\nTunisa<\/td>\n<\/tr>\n
Ethiopia<\/td>\nNauru<\/td>\nUkraine<\/td>\n<\/tr>\n
Ghana<\/td>\nNorth Korea<\/td>\nVenezuela<\/td>\n<\/tr>\n
Guinea-Bissau<\/td>\nPalestine<\/td>\nYemen<\/td>\n<\/tr>\n
Iran<\/td>\nRussia<\/td>\n<\/td>\n<\/tr>\n
Iraq<\/td>\nSomali<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

*List is subject to change without notice.<\/p>\n

Note: Citizens of these jurisdictions can work with Caye International Bank if they can demonstrate residency outside the above-listed countries.<\/p>\n

TWO<\/h2>\n

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.<\/p>\n

THREE<\/h2>\n

If you or your company has publicly available adverse media results, it is unlikely CIB could open your account, especially if finance-related.<\/p>\n

FOUR<\/h2>\n

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.<\/p>\n

*Disregard for personal account applications.<\/p>\n

FIVE<\/h2>\n

When dealing with complex ownership structures, CIB will need to perform due diligence on ALL shareholders, including entities owned by other entities and trusts.<\/p>\n

CERTIFICATION OF DOCUMENTS<\/strong><\/h1>\n

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.<\/p>\n

REFERENCE LETTERS<\/strong><\/h1>\n

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.<\/p>\n

Reference Letter Template: Bank<\/a><\/p>\n

Reference Letter Template: Professional<\/a><\/p>\n

TYPES OF ACCOUNTS<\/strong><\/h1>\n

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SIMPLE ACCOUNT<\/h2>\n

Who is this type of account for?<\/p>\n