Offshore bank accounts are an attractive option for any new business venture. With their competitive tax rates (often low tax or even no tax) and their relatively low maintenance fees, offshore bank accounts are becoming an attractive alternative for any new business. Those who use them are able to succeed in today’s incredibly competitive marketplace.
But one particular business model is very well suited to the use of the offshore financial banking system. Those businesses who utilize the internet, and especially those who operate without borders in a global environment, are excellent candidates for an offshore bank account. When used in tandem with incorporation in an offshore location, the internet business experiences tremendous growth.
Offshore banking locations vary throughout the world. The largest and most well established centers include Belize, The British Virgin Islands, the Cayman Islands, Seychelles, Antigua, and the well-known and long standing locations of Switzerland and Hong Kong. A full list of centers would show that they exist in almost every corner of the globe.
How does the location of the offshore center that you choose to work with affect your business? There is strong correlation. In fact, choosing the right location for you offshore account is of the utmost importance.
Do you work with mainly customers in and around Asia Pacific? Then perhaps the best choice for your offshore bank account is in one of the many banking institutions of Hong Kong. Hong Kong offers very competitive tax benefits and rates, and is one of the longest and well established offshore banking systems. Following this logic, a company with customers in Europe would use an offshore center in Europe, and so on. While many companies that are US based believe that they have little options but to use the exorbitantly priced American banking system, this is hardly the case.
The offshore bank is well equipped to deal with the demands of today’s internet based companies. They provide services such as access to bank funds anytime of the day or night. They are also able to process funds in a variety of currencies—both incoming and outgoing if necessary.
For these reasons, it is feasible for many new businesses, especially those that are internet based, to use and prosper form an offshore bank account.