There are many benefits to having an offshore banking account, especially if a customer travels overseas as part of his business duties. The most important benefit to establishing an offshore banking account is customers can access their financial information and funds from anywhere in the world. If a business customer travels frequently to a particular country, he can feel secure in knowing that at anytime he can visit a physical location to talk to a representative or conduct financial transactions online. Access to offshore funds is essentially important to every business traveler.
The requirements for opening an account are simple. Business customers can access the account application online, gather and attach the supporting documentation, and submit everything via mail or by fax. To deposit funds, they may simply wire transfer the money to the account and begin immediately conducting business online.
Benefits of an Offshore Bank Account
There are additional benefits to opening an offshore business banking account. The following list outlines some common benefits:
Efficiency
An offshore banking account allows customers to improve business efficiency related to conducting international and financial transactions.
Economic Stability
Business banking customers can open corporate accounts in politically- and economically-stable jurisdictions. Selecting the right jurisdiction will optimize the benefits that come with such an account. Some of these benefits relate to tax reductions, business freedom, asset protection, and international operation efficiency.
Multi-Jurisdictional Flexibility
Switzerland, the seventh largest banking center in the world and the Cayman Islands, the fifth largest banking center in terms of deposits, are two popular jurisdictions for opening an offshore business banking account. Switzerland holds a depository reserve of approximately three trillion dollars while the Cayman Islands hold an estimated reserve of 1.9 trillion in deposits.
Tips to Remember
When considering an offshore business banking account, choose a location with an excellent international reputation, investor-friendly business atmosphere, and economically- and politically-stable environment.
Seeking professional advice can help you to develop a strategy for meeting international business objectives as they relate to finance. Offshore banking and company formation are two of the most important tools for developing strategies for safeguarding assets.
Many businesses utilize offshore banking accounts because placing their money within another economy can have significant tax advantages for the company.
Harbor Financial Services (HFS)
Harbor Financial Services continues to help private customers and business leaders around the world safeguard their financial privacy. For more information about the company’s products and services, please visit http://www.hfsoffshore.com
HFS Offshore Banking - International Asset Protection 