Discover the General Requirements for a Corporate Offshore Account

The general requirements for a corporate offshore account include notarized company documents, information for all named people, a determination of the company type and the formal account application.
Handshake of Business People

Handshake of Business PeopleFor any businesses who are headquartered internationally, or simply plan on doing business internationally, a corporate offshore account can be critical. With the right account, it will be easier for companies to do business overseas, reduce their tax liabilities and cut banking costs.

If you are ready to open up your own corporate offshore account, learn more about what it takes to do so. 

Determination of Company Type

One of the first steps to take as you begin the process of establishing a corporate offshore account is determining what kind of company you have. The type of company can make a big difference in what type of account is best and what prerequisites there may be in place.

Companies established in Belize, for example, may need to clarify whether they are operating as a trust, a foundation, an LCC or an IBC, also known as an international business company.

Formal Account Application

The next step is filling out the formal application for a corporate offshore account. This is a document that needs to be completed by a representative of the company, ideally someone with a formal position or ownership stake. The form can be filled out and scanned to the preferred bank, but an original also needs to be sent by mail shortly afterwards.

The corporate bank account application form will request details such as the name of the company, its registered address, the preferred means of communication and a brief history of the company itself.

This application may also ask questions about the use and purpose of the prospective account, which can be integral to anti-laundering in some jurisdictions. The application might also seek to find out what the anticipated account balance will be as well as how many transactions are likely for the account. 

Information for all Named People

Although the offshore account will be a corporate one, there still needs to be ample information given about the people who run and own the company. For that reason, the application will need to be accompanied by a personal information sheet for every person that is named on either the application or the included company documents.

Some of the information required will be proof of current residential address, professional and banking letters certifying the person’s business and financial standing that there is transparency about who is opening and operating a corporate offshore account, but that information won’t need to be shared with other nations or banks in virtually any circumstances.

Notarized Company Documents

Finally, an application for a corporate offshore account needs to be accompanied by company documents. This includes the charter or the list of shareholders and directors, if applicable.

It may also include a certificate of good standing for the company, if it has a significant history, or a certificate of good standing for the director or owner if the company is newer. These documents should be notarized and sent by mail to the bank of your choice.

At Caye International Bank, we can help you open up your corporate offshore account. With all of these requirements met, you’ll be ready to establish the right account. 

Contact us today and let’s get started.

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