A common problem faced by businesses trying to open a corporate account for their online business is the simple fact that offshore banks may not understand your business operations or the online industry you are in. Foreign banks and financial service suppliers are faced with so many applications from online companies that they often reject applications when the company structure seems complicated.
For this reason, it is highly recommended that you use a global financial service provider that can look at your specific business and recommend the best bank for your purposes. The bank that best suits your business, and is likely to approve your application will be recommended to you. The financial service provider will work with you closely to open a private or business account with a reputable bank in a foreign jurisdiction. You will be guided through the onboarding process from beginning to end.
Why are overseas business accounts recommended for online companies?
Online businesses require specific financial services which local banks often cannot supply. Affiliates may need a local account to meet regulations or for convenience but for online businesses an overseas corporate account has several advantages.
To open an overseas business bank account, you will need multiple documents including proof of identification; proof of address; company documents (e.g. certificate of incorporation) and a referral letter from an existing financial institution. In addition, the overseas bank may ask for any documents that it sees fit.
Advantages of Overseas Business Accounts for Online Companies:
- Work from anywhere in the world with online banking
- Have access to multiple payment methods
- Hold multiple currencies in one account
- Company identity is kept confidential, only appearing on a few documents
- An appointed nominee can increase privacy
- Asset protection
- Limited company liability
- Pay lower fees
- Gain higher liquidity
- Gaming bank account
It is advisable to consult with a reputable global financial service provider in order to find the overseas bank that will offer your company all the financial services and products you require and the lowest rates.
As part of the set-up process for any online business you will need to open a corporate bank account. Businesses that usually operate online include Forex, lottery, e-commerce, fashion, tourism, gaming, affiliates etc. Before opening a business account for your online enterprise you will need to register your business. Affiliate companies in particular might find it preferable to work with international financial service providers and open their corporate bank account in a foreign jurisdiction like Bulgaria, Mauritius, Poland, Latvia, Cyprus, Hong Kong, Switzerland or Singapore. Thanks to advances in technology bank services now include features like online banking; mobile apps and 24/7 support which can be extremely useful if you have a business or branch operating from a foreign jurisdiction.