Company formation specialist

Offshore Company Formation (Pt 5)

‘Offshore: Banking’

The main objective of an Offshore is to access the bank accounts for financial transactions. Offshore companies would be rendered useless if it was only for user anonymity and asset protection. The offshore companies are used to invoice international clients in order to evade taxation on income and profits.

The bank account can be incorporated anywhere in the world irrespective of the location of the Offshore company, provided the documents are as per the desired requirements.  The bank accounts can then be operated using the online systems. As an example, an offshore company established in British Virgin Islands (BVI) can open up a bank account in the United States (US) and use its banking facilities from Australia.

Though Administrative bodies like Anti-Laundering Commission are trying to limit this kind of behaviour to the extent that a few banks do not correspond to an offshore seeking a bank account but there are many others in multiple countries that are not effectively governed by such bodies and accommodate, rather welcome and support such legal structures.

In my next discussion I will be discussing the appointment of registered agent and the services offered by them.

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