Offshore Company Banking

Time and again companies encounter operational difficulties in set up and management after being incorporated in a traditional place such as England, the USA, Singapore or Israel, and another legal solution is needed to complete the picture. In such a case, establishing an offshore company that pays taxes and legally reports on its activities is necessary. The most common offshore countries are: Marshall Islands, Bahamas, Belize, British Virgin Islands, Cayman Islands, Cook Islands, Cyprus, St. Kitts and Nevis, Dominica, Guernsey Islands, Isle of Man, Jersey Islands, Mauritius, Panama, Seychelles, St. Lucia, St. Vincent and the Grenadines and Turks and Caicos Islands.

However, there’s a catch. Companies that are registered offshore experience real difficulty in establishing an organized banking infrastructure because of the reputation these countries have. Not every offshore company will necessarily be problematic, of course, but this does not interest the traditional banking system, according to which “once you’ve seen one offshore company, you’ve seen them all.” This is why few banks are willing to risk opening accounts for offshore companies. Consequently, a law firm with specific expertise, who will prepare proper paperwork and write a detailed opinion after getting to know the client, is required.

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