How to open an offshore bank account
Many banks require a physical interview but not all of them do
for a bank account formation. It is still largely possible to
open your offshore account by mail. Your bank will always be
happy to find the following documents included in your
account-formation package:
Bank Account Purpose. Draw up a letter describing the purpose of
your offshore company and the use to which its offshore bank
account will be put, including intended annual turnover and
information regarding the origin of the funds deposited in the
account. You should provide this information even if your bank
has not asked; an upfront explanation might help avoid tiresome
scrutiny later on.
Company Existence. Provide evidence of your offshore company's
legal existence. This can take the form of a Certificate of
Incorporation or if the company was incorporated more than a
year ago a Certificate of Good Standing. Make the effort to have
these documents either apostilled or legalised by consular
authentication, unless, of course, you are opening a bank
account in the same country where your offshore company is
registered.
Company Charter. Include a copy of your offshore company's
Memorandum and Articles of Association, By-Laws or another form
of your company's charter.
Directors' Mandate. Include a resolution by the offshore
company's board of directors to open the offshore bank account.
Some offshore banks provide their own resolutions for the
directors to sign.
Directors. Provide firm evidence of the current directorships.
Non-anonymous companies (those that place their directors on
public file) can provide an officially certified copy of the
relevant register for this purpose. Anonymous companies (those
that only maintain a private, internal register of directors)
must sometimes provide other evidence. If your offshore bank
does not accept the internal register alone, you can supply
incorporators' resolution that originally appointed the first
director(s) of the company, if they are still acting. If
directors have changed since, be sure to also provide further
documents evidencing any changes (letters of resignation,
resolutions to appoint new directors, etc.)
Shareholders. Many banks require information about the
shareholders of any company seeking a banking relationship with
them. Most often, this can take the form of a copy of the
company's register of shareholders. Some offshore banks provide
their own-format declaration regarding ownership; if they do,
you have to complete and sign that, too. In an increasing number
of jurisdictions, banks have legal responsibility to have this
information.
Confirmation of identity. Virtually all offshore banks want to
receive some form of evidence of the account signatories'
identity. This is can be a copy of a passport or a driving
license. Depending on the bank, photocopies might have to be
notarised. In addition, there are offshore banks that request
proofs of identity not only for the actual account signatories,
but for all directors and owners of the company as well (if
different). Bank references. Many offshore banks, but not all,
request that letters of reference from another bank is provided
by account signatories. Some offshore banks go even further:
they demand that a bank reference each be given by all directors
and shareholders of the company. There even are a few that will
contact the issuing bank to verify references. References are
sometimes needed instead of, and sometimes in addition to, the
confirmation of identity. There are jurisdictions where banks
are under legal obligations to seek references, and there are
banks that request references despite any legal obligation to do
so. Sometimes an introduction by a party known to the offshore
bank (such as an existing customer) is accepted instead of a
reference. A fair number of offshore banks still happily open
company accounts without any references at all. Policies vary
greatly across offshore banks and jurisdictions, so make a
choice that is acceptable to you.