Your new business has just been incorporated and now it’s time to think about finances. What bank will you use as your primary financial institution? For many new business owners today the answer is easy. chosen to rely on offshore banking centers to meet their specific needs.
What are some of the reasons to open an offshore account? Ideal cases include:
- Internet based businesses: for certain businesses like internet based businesses the low overhead plus the need for operation in various currencies makes the offshore bank account ideal. With no office filled with desks, employees, and secretaries, the offshore incorporation paired with an offshore bank account is an excellent choice.
- A company set up in a country with an insecure political situation: Companies operating out of countries with insecure or wildly fluctuating political situations will certainly benefit from the financial stability that a long term offshore financial center can offer. The funds in these institutions are safe regardless of what is happening at home.
- Those seeking to shield their funds from liability: The offshore bank account, when opened in anonymity from an offshore corporation, can effectively shield you from personal liability. The account is opened in the name of the company and not you personally.
The expatriate: Are you living in a country other than your homeland? For many expatriates living abroad the offshore bank account is an essential part of their daily life. They need access to funds in their own currency and even a place to deposit their paycheck. The offshore account allows for anyone, in any time zone, to access their account information and funds. Even if you travel frequently to a location for work, the offshore account located there can be a huge boon.
Offshore accounts are not just for the phenomenally wealthy. They are affordable in terms of fees and offer many benefits to those who use them.