Offshore banking in 2024
Since 2003, Healy Consultants has been assisting our Clients with offshore corporate bank account solutions across the world. With our expertise and excellent professional relationships with global top tier banks, we provide our Clients with the best offshore banking solutions. In most countries, it is possible for a foreign company to open a corporate bank account, without having any staff, an office or a local subsidiary.
Opening a foreign corporate bank account without a local company
- Multinational companies can open international corporate bank accounts in most countries, for example i) Australia ii) Indonesia iii) Singapore iv) Hong Kong v) Malaysia vi) Vietnam vii) Switzerland viii) Mozambique ix) Ghana x) the USA;
- However, Tier 1 banks are less welcoming of international entrepreneurs because i) Tier 1 banks increasingly prefer to onboard medium to large-sized Clients and ii) they prefer to onboard companies incorporated in the country where the bank operates. Where Tier 1 banks are not an option for our Clients, Healy Consultants offers Tier 2 bank solutions or PSP solutions around the world;
- In these countries, not all banks accept foreign corporate customers: some will open a corporate bank account relatively easily, others will apply stricter criteria or require a face to face meeting with the proposed bank signatories. Other banks will simply not accept foreign customers;
- After being formally engaged, our Banking Team will advise our Client regarding top tier banks we expect to be interested by their business. After agreement on our Client’s preferred one, we will negotiate with the bank(s) to make sure they board our Client as a customer without a requirement for them to travel and with the minimum possible paperwork, which we will complete on our Client’s behalf.
Offshore corporate banking solutions without travel
- Please find below a sample of offshore business account solutions in Africa, Europe, the Middle East and Europe.
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- Please find below a sample of offshore business account solutions in Africa, Europe, the Middle East and Europe.
Our preferred global banks
- Healy Consultants Group understands our Clients prefer to bank with well reputed banks, projecting a good image to their customers, business partners and suppliers. For this reason, we usually work with international banks like i) HSBC ii) Standard Chartered iii) Barclays iv) Citibank v) ANZ vi) Westpac vii) Societe Generale and viii) Deutsche Bank, although we may recommend you a local bank when we are confident they will fit with your professional needs.
Why Healy Consultants Group?
- Previously, our Clients have preferred to proceed with their offshore business banking as follows: after settlement of our fees, Healy Consultants Group will i) prepare a business plan to optimize the probability of timely corporate bank account approval ii) provide our Client with a detailed project plan so that they know when they can expect to begin trading with their account;
- Some of our Clients also ask us for corporate brokerage accounts, visa debit cards and merchant accounts. More information on these products are on this banking services web page.
How do we proceed?
- See this account opening page for a detailed description of our procedures to secure a quality business offshore banking solution for our Client;
- Prior to commencing an engagement Healy Consultants Group will collect due diligence documentation from our Clients including i) certified true copy of passport; ii) original copy of proof of address; and iii) recent bank statements or reference letter, etc. The complete list of due diligence documents required is outlined on this due diligence checklist webpage.
Our offshore corporate bank account opening services fees
- Our fees for international corporate bank account opening services range from US$6,950 to US$9,950 per account, payable by installments if required. We usually secure an account for our Clients within two months;
- According to the nature of our Client’s business and his preferred country for account opening, we can however increase our fees if we expect the engagement to be more challenging than the norm;
Important banking considerations
- The banks enjoy ultimate power of approval of corporate bank account applications. Consequently, guaranteed success is outside Healy Consultants Group’s control. What is inside our control is the preparation and submission of a high-quality bank application that maximizes the likelihood of approval;
- Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of new customers. For further information on global banking trends, refer to this banking trend page;
- When opening a corporate bank account abroad, it is important our Clients are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfil those obligations: for instance, French residents are required to disclose their personal and corporate bank accounts to the local tax authority when filing their income statements. Let us know if you need Healy Consultants Group’s assistance to clarify your annual reporting obligations.
Other global banking services
Client case studies
Venezuelan client requires banking solutions for his IT business in Venezuela
- Our Client trades is an established IT services and hardware trading company providing software services and IT infrastructure support to important customers in Venezuela including private and public institutions and other customers in Panama and USA;
- Due to the unstable political landscape and precarious economy of Venezuela our Client cannot receive payments in local Venezuelan currency, Bolivares, instead his business is required to maintain foreign currency accounts overseas mainly in USD and EUR to be able to receive payments from customers;
- In the recent months, several of his customers could no longer pay to USA or Panama based banks in USD, consequently our Client required sourcing for alternative global banks willing to open bank accounts for his Venezuelan company. Our Client found Healy Consultants Group’s business website through Google, and in January 2019 connected with Spanish speaking Americas CEO, Kunal Fabiani to determine banking solutions;
- After several conference calls with Kunal who provided consultation, a roadmap on how to achieve solutions in several potential jurisdictions and success-based payment plan, our Client decided to proceed and engage Healy Consultants Group.
- Kunal and our Client agreed on the initial strategy which was to approach several global banks and obtain their feedback for the first 3 to 4 weeks. As a backup strategy, if international banks would be comfortable with our client’s business but not with the domicile of the company, Healy Consultants would register a new company in the same jurisdiction as the bank;
- Before commencing the engagement i) the instalment amounts per milestone achieved were agreed ii) substantial corporate and personal due diligence documentation was to be received and iii) a detailed engagement project plan was prepared to map out a step by step plan to complete the engagement;
- To assist our Client obtain a multi-currency corporate bank account a comprehensive questionnaire was prepared and completed detailing the business activities, expected monthly and annual turnover, value of expected transactions and source and destination of funds.
Corporate bank account opening
- Kunal and Renata approached Healy Consultants network of banks in Asia, UAE and Europe that would potentially be interested in business profiles similar to that of its Client’s;
- Over 3 weeks, discussions were held with these banks to secure interest in onboarding our Clients Venezuela entity. Although challenging due to the offshore nature of the Clients’ business, Kunal secured confirmation of interest from multiple commercial banks in Hong Kong, Singapore, Russia and UAE if our Client registered a domestic company. Our Client insisted we keep looking for additional non-resident bank options;
- Within two additional weeks, Kunal managed to secure interest from a couple of banks in UAE and a private bank in Spain. Upon reviewing the initial set of due diligence documentation, the banks requested a face to face meeting with the Client in order to satisfy their KYC requirements and advance the account opening application. Before our Client travelled for bank meetings the second instalment was settled;
- As there was a short delay in the Client’s ability to travel from Venezuela to meet with the banks, the bank meetings were only attended to in March. The Client met with each bank to understand their offerings and to sign the bank account opening forms. After the meetings, our Client decided to proceed with the Spanish bank and only one UAE bank as back up;
- As this application was for a non-resident corporate entity, Healy Consultants applied for a private account first where our Client would deposit an initial amount or invest in some of the bank’s financial products. Only after the personal account was opened and funded, the non-resident corporate account followed within 3 weeks after a lengthy due diligence checks on our Client’s business.
Opening international corporate bank account and merchant account for Belize company
- Our Client would like to open a corporate bank account for his Belize company. The company deals with digital marketing, social marketing and travel service. The business owner is looking to expand travel services to other countries and as such, requires Healy Consultants Group to board his business with a reputable bank, preferably in Singapore;
- In addition, our Client would like to open an international merchant account for his business;
- Healy Consultants Group fully understood our Client’s business activity, corporate structure and transaction volumes. As Belize is globally labelled as a tax neutral jurisdiction, Healy Consultants Group reminded our Client that the bank account opening may be subject to enhanced due diligence checks by the banks. Our team prepared a business plan and contacted multiple reputable Singapore banks to secure confirmation of interest.
Corporate bank account and merchant opening
- Within 2 weeks, Healy Consultants Group arranged multiple bank meetings with local banks for our Client. Simultaneously, our Firm arranged our Clients to meet multiple PSPs for merchant account opening. Within 6 weeks after the meetings, our Client successfully received corporate bank account numbers and internet banking tokens.
Challenges and Solutions
- Belize is a well-known tax neutral jurisdiction and most reputable banks are unwilling to board business incorporated in the jurisdiction. In order to assist our Client to successfully open a Singapore corporate bank account, our team aggressively negotiated and followed up with Singapore banks. Coupled with a comprehensive business plan detailing all aspects of the business, we managed to secure bank account numbers within 8 weeks.
- Within 3 months, Healy Consultants successfully opened a Singapore corporate bank account and merchant account for our Client’s Belize business. Although challenging, we are glad that at the end of the day, we are able to successfully complete the engagement. We wish our Client all the best in his future endeavors!
- Before the Spanish bank issued the online banking tokens, our Client travelled once again to Spain to record his biometrics and activate his e-signature. Upon receipt of the online banking credentials for both personal and business accounts, our Client settled the final instalment completing the engagement.
Let us know if you require Healy Consultants Group’s assistance for setting up an offshore company with bank account to achieve your desired business goals.