What are the benefits of forming a company with corporate bank account?
- Strict confidentiality and privacy, with no public records of ownership
- No corporate taxes
- No accounting or annual filings in most cases
- Protection from lawsuits
- Protection from unwarranted snooping of your finances
- The opportunity to store funds in multiply currencies outside of your home country.
- Online access 24/7 from anywhere in the world
- Low fees
Banks are usually not situated in the same country or jurisdiction as the account holder or investor.
The location of the banks, situated in tax havens, provide account holders with the benefits of extensive asset security, protection and privacy.
These jurisdictions also often allow for easing of limitations of the different types of offshore banking accounts available, and how they can be managed.
This results in decreased regulation and often leads to a considerable reduction in tax liability. We will focus only on those jurisdictions who have demonstrated that they provide significant benefits as mentioned above.
Locations of banks are on islands – for example the Caymans or Channel islands, or in countries like Switzerland.
Where Should an ohore Bank Account be Established?
Choosing the proper jurisdiction for banking is very important. Banking goals should be assessed, the benefits whether in taxation or confidentiality should be weighed and then the jurisdiction should be chosen.
There are a few jurisdictions that do not manage and regulate their banking institutions well, however, the informed investor or advisor will not recommend these jurisdictions to their clients.