Offshore Bank – Why you need it

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Tammy : Good Day everyone! This is Tammy from Unipro Consulting Limited, wishing everyone good health, here’s another episode of our weekly podcast with Ray.

Ray : Hi Tammy and Hi everyone, I hope you are all doing well. How are you?

Tammy : I’m good! But if you’re going to ask about the Philippines, well. There ‘s so many things happening here.

Ray : Really?

Tammy : Yes! Like one of the Philippine volcanoes is going to erupt anytime soon. It’s been releasing some sulfur dioxide that really harms our health here, so double masking is really a must right now!

Ray : Oh, that’s really scary, is it far from your place?

Tammy : The place is maybe 2-3 hours drive from my location. So I guess it’s near.

Ray : Okay, better to stay indoors at this moment!

Tammy : Yes, for sure we will. Anyway it’s also pandemic and cases are still the same everything so we’re not going out anytime soon.

Ray : I also heard that your former President died recently?

Tammy : True, that’s very sad. He was well loved by many Filipinos here, well, I love him too! But you know, everyone will go there, it’s just a matter of time.

Ray : Yes, so anyway, what are we going to discuss today?

Tammy : Today we’re going to talk about opening a bank from Overseas.

Ray : Sounds great! What do you have in mind?

Tammy : Well, this would probably help foriegn sellers do business easier by opening a bank internationally.

Ray : Correct, and the first question that comes to mind of others is “Can I open a bank account while living in another country?” – Yes, of course!

Tammy : Yes, of course! Actually, there are a lot of inquiries regarding opening an offshore bank account. Especially those business owners living in a different country that sells online. So they prefer having an offshore bank account, of course to claim offshore.

Ray : But let’s help them understand first about international banks or let’s say offshore banks and how it works.

Tammy : Okay, so how does it work?

Ray : Well, let me explain first that an international bank is a financial entity that offers financial services. These foreign clients can be individuals and companies, though every international bank has its own policies outlining with whom they do business.

Tammy : Yes, remember that opening an offshore bank also depends on that bank, the policies they have. But once you meet their standard. It will be easier for you, but don’t worry, later on we will discuss the countries where it is easier to open a bank account.

Ray : Yes, let’s discuss that later, meanwhile the purpose of opening an offshore bank typically is for financial and legal advantages.

Tammy : Knowing what is happening these days, the economy is fluctuating. It is better to protect your assets against bad events.

Ray : As you know there are a large number of account holders on a daily basis who are deciding to choose offshore banks to protect their wealth. Yet this is just one of the tons of reasons why using offshore bank service is popular.

Tammy : Maybe for minimizing tax burden, currency diversification, and this are what you can also take advantage of by owning an offshore bank account.

Ray : Precisely, so let’s go on which offshore banking jurisdiction is the best option for you: and I will give 4 important tips on this. First is the reputation, second is remote opening, third is deposit, fourth is processing time and other considerations.

Tammy : Great! Let’s start off with the reputations, in planning where to open an offshore bank, you should consider a well-reputed banking country. It might be challenging for a foreigner to open a bank account by yourself in such countries.

Ray : Yes, due to it’s complicated requirements as compared to those in other countries, more efforts will need to be made to open an offshore bank account in these places! 

Tammy : Actually I personally suggest Singapore in Asia is the best place to choose when opening an offshore bank account. I’m not saying that it is easy, however, compared to other countries, I think this is the best option.

Ray : I agree with you. Why Singapore? 

Tammy : And Why Singapore? – We all know that Singapore is the top Offshore Bank Account in Asia, and there are so many reasons why we choose this country. It is very flexible and convenient starting from applying to open a bank account.

Ray : And it eases the banking experience for non-residents who wish to open an offshore bank account from abroad. Singapore is a top choice for most offshore investors around the world. 

Tammy : Great! What about the remote opening? Because we know that many foreigners are huge fans of remote account opening, as this will relatively make it convenient for them.

Ray : This is one of the considerations to look at, the fact that you do not need to schedule the business plan to take the flight for a meeting with the bank, and this can really save your time and money as well! 

Tammy : Of course, another thing to consider is the deposit, because a large number of foreigners may think of Low Deposit to find their best offshore bank account, especially for those being start-ups, entrepreneurs or the small medium enterprises.

Ray : That’s right and some offshore banks even do not require the initial deposit for opening a bank account. Some banks, on the other hand, may require the deposit minimums for foreigners. 

Tammy : Yes I agree with you, that’s why there are a lot of business owners who are checking each bank for the requirements – which bank suits their business.

Ray : Other than that, is the processing time. In most cases, the process of opening an account can be done very quickly, depending on how easy it is to open in that particular offshore banking country.

Tammy : Actually, the timeframe of most offshore banks for the account opening process is quite similar to each other. But still depends on what kind of case it is.

Ray : Yes, typically, it can take you only several working days to get your accounts opened. However, it should be noted that how fast and how trustworthy the provided documents.

Tammy : And I think, if you are still eyeing SouthEast Asia, Singapore is still the best place to be, but if not then maybe check on Puerto Rico or Belize.

Ray : And now that we have pointed things out, there are also other considerations that you have to check on, like a list of prohibited countries for opening bank accounts. Searching the suitability between your nationality and the bank policy is necessary.

Tammy : Due to maybe money laundering or something like this.

Ray : But don’t worry, as long as you show proper documents or meet the requirements. I think you are all set!

Tammy : Another one is the Business category of the customers. Allowing them ease of opening a business bank account. But In most cases, offshore banks share in common what business categories are allowed or prohibited. So sifting the connection between your business category and the offshore bank policy is relatively essential.

Ray : So if you are planning to open a bank account then, in Asia check on Singapore while from other countries you can check on Puerto Rico, Cayman Island, British Virgin Island or in UAE, well for me, just check on which country your business best suits.

Tammy : Agree! And if you are considering Asia, then you can message us at info@uniprohk.com for more information. We can assist you from opening a bank account to claiming your offshore.

Ray : Yes, and that’s it for today’s podcast. Thanks everyone for listening!

Tammy : Thanks Ray and Thanks everyone!

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