Offshore Incorporation

By definition, offshore banking refers to the act of availing the services of banking institutions outside one’s country of residence. This is usually done with the intention of protecting the anonymity, security and assets of a private person (or organization) and to avoid high taxes in the  individual’s country of residence.

After it started and became popular along the British Channel Islands, the practice of banking offshore spread to a number of states. At present, there are several countries that are popular as offshore banking destinations due to fewer restrictions that they have, compared to most states. At this point, the international offshore banking industry’s daily transactions has reached approximately $2 trillion.

What are the features of an offshore bank? Typically, one can obtain the full spectrum of services from most offshore banking centers. It includes regular savings and checking accounts (personal and corporate), Letters of credit and electronic wire transfer, debit/credit cards, loans and mortgages, and all other banking services that can ever be imagined. In some banks, anonymous accounts (have you watched the Da Vinci Code?) are even possible.

General