Offshore Bank Accounts

Here we aim to offer our clients, both private and corporate, a complete range of offshore banking facilities including “self-managed” secured corporate accounts, electronically “trace-free” personal privacy accounts, “anonymized” no-ID fiduciary accounts, personal/corporate managed accounts, high-yield savings accounts, and tax-free investment/trading accounts.

The need for I.D. to open a bank account is a major draw-back to anyone, private individual or corporate, who wishes to retain as low a profile as possible, and we have done our best to reduce this for you, including securing tax free investments.

Over the last years FINOR-GROUP has developed close working relationships with many international banks in different jurisdictions and is, therefore, able to assist with the opening of corporate, trust and high confidential personal accounts in any convertible currency (multi currency). All of these banks provide the high quality of service that our clients expect including:

Current checking accounts;
Deposit accounts;
Fixed term deposit accounts;
Provision of online banking services;
Savings and trading accounts, investment bonds, and portfolio management services;
Loans and mortgages (subject to status);
Trade finance (subject to status);
Documentary letters of credit;
Bills of exchange settlement;
International Swift transfers;

FINOR-GROUP also aims to offer clients a selection of both secured credit cards and debit cards offering the same degree of security as our bank accounts. Whilst many of these are only available in conjunction with bank accounts, we do now offer a couple of 'card only' accounts for those looking for this type of service.

CORPORATE ACCOUNT OPENING PROCEDURES

Clients utilizing www.Finor-Group.com services in assisting to open a bank account do not usually need to visit the bank with which they wish to work with. However, we'd always recommend clients to establish a personal relationship with a manager from their corporate bankers. Personal visits are particularly recommended when a corporate client is involved, or about to become involved, with complex or high-value transactions. Clients who communicate successfully with their corporate bankers will face few problems.

BASIC REQUIREMENTS:

Most banks require us to provide them with certified copies of a company's Certificate of Incorporation, by-laws and a directors' resolution to open the bank account. Certain banks require the provision of a Certificate of Good Standing and some Swiss and other banks require documents to be Notarized and legalized by the means of an Apostille in a company's jurisdiction of incorporation.
All banks require evidence of beneficial ownership in the form of Certified Passport Copies and appropriate Board Resolutions. Banks need to know their customer’s business and thus we need to know detailed plans for a new company's operations or intended investment, including projected turnover and the geographic spread of business.
One of the conditions of opening a new account with most banks is the placing of an initial deposit and some banks may insist that significant minimum balances be maintained.
When FINOR-GROUP agrees that clients may sign on bank accounts themselves they will be required to provide notarized samples of their signatures.
Banks are subject to guidelines and regulations that are designed to ensure that money launderers are unable to utilize banks to hide their assets. Therefore, we require the following information on each beneficial owner, director, account signatory and all persons able to influence control on a company before processing an application to open a corporate bank account:
- A character reference addressed to the required bank from another bank. The reference should state that the person has been known to the referee for a minimum period of two years and is considered trustworthy, respectable and suitable for operating a bank account.
- Original telephone or utility bills evidencing residential address.

All major banks recognize the importance of being able to carry out instructions expeditiously, with many banks now providing online computer facilities that provide information to the authorized user and the ability to effect either inter-account or external electronic transfers. Clients preferring to issue instructions by fax are able to establish coded systems with the bank to ensure both confidentiality and security, however many banks require clients seeking to issue fax instructions for money transfers to execute an indemnity in favor of the bank.

The procedure to open a bank account with a major bank may take anything from 4 to 8 weeks. It takes banks this amount of time to check documentation and confirm references. The biggest causes of delays in opening bank accounts are the production of inadequate or incorrectly worded references and the slowness of banks issuing references to confirm them.

CONTROL OF ACCOUNTS

Many clients, because of their diversified business dealings, travel plans and logistics, often elect to appoint FINOR-GROUP signatories to their corporate bank mandates. This system ensures that client instructions (subject to verification) are dealt with immediately. Coded systems can also be set up so clients can e-mail our offices 24 hours a day, 7 days a week, with their instructions. These instructions are then forwarded immediately to the relevant bank for further processing. For clients preferring to discharge payments by cheque, upon request FINOR-GROUP will forward cheques, against a verifiable instruction to the recipient. This method assists in the maintenance of confidentiality, as all cheques would be signed by signatories appointed by FINOR-GROUP.

MAINTAINING BANKING RELATIONSHIPS – KNOW YOUR CUSTOMER PRINCIPLES

Banks are required by their regulators to know their customers’ identities and details of their business activities. Clients are encouraged to inform FINOR-GROUP of changes in their business pattern or of any large transactions so that FINOR-GROUP may brief banks accordingly.

Banks are suspicious of large inward transactions followed rapidly by large outward transfers from corporate accounts and generally do not wish to attract this type of business: a client who describes his business as a consultancy with an estimated annual turnover of US$100,000 per annum should not be surprised if their corporate banker rejects an incoming transfer of several million dollars!

MONEY LAUNDERING

Both onshore and offshore banking centers have serious concerns relating to the laundering of the proceeds of drug trafficking and terrorism. Banks may require detailed information, such as copies of contracts or purchase orders, concerning source of funds to ensure that they do not become involved with money laundering and the layering of laundered funds. Self-evidently large cash transactions are bound to create suspicion and clients seeking to deposit more than US$10,000 in cash with a bank should provide explanations to their corporate bankers prior to attempting to place such deposits.

CONFIDENTIALITY

Our international clients seek confidentiality in their affairs to legitimately protect their assets from disasters, unwarranted third party interference and to reduce an ever-growing burden of unnecessary disclosure and explanation.

Confidentiality and privacy are often integral to risk management planning; and confidentiality, either on its own or combined with some other parameter, is a major factor in the use of offshore facilities.

Many years of practical experience has taught us that careful administration is an important factor in relation to professional and banking confidentiality. That's why FINOR-GROUP implements various quality control procedures.

In selecting banks clients naturally consider service, credit worthiness, reliability, and competence. Banking confidentiality is best assessed through consideration of the physical location of a bank and its corporate structure.

In Common Law offshore banking jurisdictions, confidentiality normally arises through four circumstances:

Specific laws or regulations designed to enshrine banking confidentiality.
By the special relationship that exists between a client and their professional advisers.
In an express contract.
By virtue of the law of tort, whereby, for example, information with commercial value is protected against unjustifiable use.

In most European countries it is generally accepted that the relationship between a banker and a client is confidential and should not be disclosed without a court order. European banks are subject to European Union directives on such matters as money laundering and exchange of information, whilst many countries have exchange of information and mutual legal assistance provisions enshrined within double tax and other bilateral treaties.

The corporate structure of a bank is often an important selection parameter as normally clients seek to avoid banks incorporated or active in either their country of residence or where the bulk of their non-cash and non-bank assets are held. For example, a US citizen seeking confidentiality should carefully consider the wisdom of establishing a confidential banking relationship with an institution with a corporate presence in the US as a third party could seek redress through the US based corporate presence.

The UK is subject to the full burden of both European Union directives and a high level of both disclosed and undisclosed scrutiny by the authorities. Generally speaking levels of confidentiality amongst the BVI are broadly similar and satisfactory. Luxembourg remains a popular banking jurisdiction whilst undoubtedly Antigua, Latvia, Liechtenstein, Panama, Switzerland and Uruguay, both provide high levels of confidentiality.

To order any Bank Account, please contact us HERE!

FINOR-GROUP Clients: Where FINOR-GROUP forms a company for you in conjunction with a bank account, the account opening paperwork will be included with your Company Kit - these forms have to be completed and returned to us. We also arrange for certified and notarized copies of the required company documents to be sent directly to the bank by courier from our head office. These requirements may delay the opening of your account, which can take 3 to 4 weeks or more, butsuch is beyond our control.

Non-FINOR-GROUP Clients: Please note that where we open a corporate account on your behalf, priority is always given to clients for whom we have already formed an offshore company and consequentially hold a file copy of the corporate documents. Certified and notarized copies of: Memorandum and Articles of Association (Charter), Certificate of Incorporation, Certificate of Good Standing, and Power of Attorney naming signatories are needed by all banks, and if your company was not incorporated by FINOR-GROUP you will need to obtain all these in addition to any personal ID and references required and send them to us.

NEXT STEP: OFFSHORE ANONYMIZED BANK ACCOUNTS