Businesses in every industry, and of every size, can usually benefit from corporate international banking. Banking in a different jurisdiction can provide some privacy for executives or owners, and it can also deliver some impressive savings in both overhead fees and tax discounts.
However, there are so many options that finding the right bank might be overwhelming. These suggestions can help narrow down the options and end up with the corporate international bank best suited for any business.
Find Out Specifics About Banking Fees
One of the primary reasons that companies turn to corporate international banking is because there is potential to save significantly on banking fees. It is normal for businesses to pay monthly maintenance fees, loan application fees and more, and the larger the business the greater the costs involved.
When you bank overseas in an area where overhead and labor costs are inherently cheaper, there is the potential to save on banking expenses. If saving money is a big motivator, then make sure you get the specific banking fees before moving forward.
In some jurisdictions, such as Hong Kong or Japan, banking fees can actually be more expensive than in North America! Thankfully, places like Belize offer lower rates to help customers save money.
Research Tax-Friendly Jurisdictions
Another significant advantage of banking internationally as a corporation is the potential for savings on federal and state taxes. Profits generated or held offshore in an international bank may not be subject to the same tax laws and regulations. This can save corporations a staggering amount of money, and when done properly it is completely legal.
Rather than seeing taxes eat away at your corporate profits year after year, banking offshore with an international bank might be a savvy option. The key is ensuring that your assets are held in a tax-friendly jurisdiction where tax requirements are favorable to foreign business owners.
Consider the Best Currency For Your Business Accounts
If you operate your business domestically, and you have only a domestic bank account, then you might not have given any thought to varied currency holdings. Many corporations, however, require a wide range of currencies.
Currency variety can be a great way to retain stability and reduce vulnerability on a global scale, and it can also be advantageous if your business buys from international suppliers or pays employees in more than one currency. While not all domestic banks offer multiple currency accounts, a lot of international banks will gladly do so.
Decide What Banking Services are Most Critical to Your Business
Whether your business banks domestically or internationally, it may need a whole range of banking services. Checking and savings accounts are standard, but just as important might be a corporate line or credit or prepaid banking debit cards for employees to use with minimal risk.
Whatever your business, make sure you know which services are most critical for operation. Then, ensure that the corporate international bank you choose can meet each of these needs.
At Caye Bank, businesses can enjoy the perks and benefits of corporate international banking and still retain excellent customer care and a range of relevant services.