For over 22 years GLOBAL MONEY CONSULTANTS S.A. has been assisting clients to establish and administer offshore and international bank accounts and has developed useful expertise in identifying and working with suitable offshore banks and international banks.
Most importantly, GLOBAL MONEY CONSULTANTS S.A. is not an offshore bank, we are an international and offshore corporate and trust services provider. However, a significant percentage of the companies and trusts we administer establish accounts with international and offshore banks rather than domestic banks because often their characteristics include:
- Familiarity with offshore and international business.
- Worldwide investment and business perspective.
- Lack of foreign exchange controls.
- Access to special investment opportunities.
The objective of this section of our website is to advise potential clients of the “basics” and to provide answers to the more common questions relating to offshore banks and establishing and administering an offshore bank account.
The jurisdictions we can provide the service (combined with incorporation of respective offshore entity e.g. offshore company, offshore trust or offshore foundation) are the following:
Commonwealth of Dominica
Commonwealth of the Bahamas
St. Vincent & The Grenadines
Turks & Caicos
Isle of Man
Offshore Bank Account Opening Procedures & Maintenance
All the offshore and international banks we work with regard the prevention of money laundering and terrorist financing to be of the utmost importance, so do we.
GLOBAL MONEY CONSULTANTS S.A does not seek to work with offshore banks which have low standards of compliance as, apart from our own desire to only work with reputable partners, the culture and business ethos of such offshore banks must not be flawed.
Consequently the offshore and international banks we work with will seek to:
- obtain evidence of our clients’ identities,
- develop a documented understanding of our client’s banking and business activities,
- identify the source of funds paid into accounts to ensure that such funds are not derived from criminal activity and to document evidence relating to source of funds.
- monitor banking transactions to identify and forestall money laundering
This means that offshore account opening procedures can be sometimes onerous and time consuming, but most of the time and provided we do receive in due course supporting documentation and our client co-operates fully with the requirements then the procedure is fast and straightforward.
The above applicable service fee costs EUROS 1,000.00 per account.
Same criteria should apply in order to identify clients seeking to establish “bodies corporate” with our firm (offshore/onshore corporations; trusts; foundations etc), since we are bound by the law to applying all those Due Diligence measures to ensure the bona fide nature of introduced business by our prospective clients.
Typically offshore banks will require some or all of the following information to open and operate an offshore account for a simple offshore company which is owned by individuals (rather than a corporation, trust or other form of entity):
- Certified proof of identity of owners, directors, account signatories and all parties connected with the offshore company. Acceptable proof of identity would normally include a passport copy certified in a prescribed manner by an officer of the bank, a notary or another competent/qualified party.
- Proof of residence of all parties associated with the offshore company. Acceptable proof of residence would typically include an original bank statement or credit card statement.
- The provision of a curriculum vitae.
- The provision of bank or professional references.
- Information relating to the expected annual income or asset base of the offshore company, the number of transactions per month, the geographic spread of the proposed business and the amount of money that will be left on deposit at the bank.
- A detailed description of the proposed business activity, often supported by documentation such as brochures, copies of contracts, audited accounts, business plans and details of trading partners or investments.
- Documented evidence relating to source of funds, eg if a million dollars is to be paid into an offshore company’s account, the bank will seek to obtain documentary evidence relating to the source of such funds in the form of a bank statement, contract or similar.