Bank account Located outside your home country, but offer some similar services alike your domestic bank account. It is only that banking take place outside the country of residence. There is a major misconception about offshore banking, many people thinks it is illegal to have account in another country, but all is not true the only thing it ensure great privacy to account holders for money and assets. Having account provides you a way to reduce your risk and protect whole financial material of business.
In past offshore banking is described is a tax evasion or to avoid paying heavy taxes and sometime used for illegal money laundering. But now offshore banking is compliance with new law as if you want to open a bank account in non-residence country you need to incorporate an offshore company in order to exempt tax under the name if incorporated company. If banking in another country safeguard money and giving peace of mind that you’re saving and investment is in safe hands that doesn’t mean that you’re doing illegal work, there is nothing illegal although it is an great way to secure your fund and ensure better privacy, impel less restriction on transaction and withdrawals and make banking effective and easy from anywhere anytime. Offshore corporate banking is first originated in UK on Channels Island. Now you will find many places for offshore banking mostly are situated on island offshore provide better services than your high street banks with some international offshore banking features.
People believe that investing offshore doesn’t mean to pay taxes but wholly untrue fact, different countries have different taxes allegiance subject on assets, these banks are not legally bound the report any tax authorities. Account possess high security all bank transaction carried by offshore company name not by the account’s holder name. Business entity choose offshore banking where there is stable political and economic environment that favor business and investment completely fear free to lose money.
Security is the main task while investing offshore and doing online transaction. All transaction are done through secured encrypted channels and provide online banking services to manage your account from any part of the world. Some offshore banks are strongly safe than others i.e. Switzerland, Hong Kong, Germany, Austria provide better protection with best interest rate having lots of experience to offewr growth and provide convenient service.
Offshore corporate bank account proven blessed option for businesses investing in other countries. Having some different services from domestic banks. Confidentiality of account holders are safe from the casual enquiry.
Pratik dharmadikari is the writer of this article and working with IBS Venture Ltd. as marketing manager and exploring the ideas and new up brings in International payment processing, Credit card Processing.This author has published 3 articles so far.