Opening an offshore bank account requires a few basic steps:
- Decide the type of bank account you want to open
There are several types of bank accounts including Business Bank account, Personal Bank account, Offshore Retail banking, etc. Therefore a decision must be taken about the type of account to be opened.
- Choose the best bank from the list of banks
First, make a list of offshore banks and jurisdictions that you consider ideal for your business. Then contact them and choose the best one. You are required to submit a request for opening a bank account.
- Fill up the account opening form
The bank officer must have a proposal form (Account Opening Form). The proposal form must be properly filled up. Required names, addresses, occupations, and other information should be filled up.
- Provide documents to the bank
The proposal form must be submitted to the bank along with the documents like a letter of recommendation from your local bank and identity proof.
- Approval from the bank
The Bank officer checks the proposal form, in order to check whether the form is completed or not. If everything mentioned in the form is okay then you will get approval from the bank automatically.