Many people believe few standard options exist for corporate bank accounts because they are standard tools of the business world. The truth is quite contrary. There are many available options for business managers, owners and even individuals – options that can typically provide better return on profits, asset protection and investment options than they are currently receiving.
A traditional bank account is one opened in the same locality where a company resides. It is common for a new business venture to use a national or local bank where the company resides. But an international bank account is one of many choices available to businesses. International banking, or offshore banking, has been notorious for activities, which undermine its main purpose – to facilitate international business with greater ease. Surprisingly, though, opening offshore bank accounts can sometimes be an easier process and easier to maintain than local accounts.
International corporate bank accounts offer all the banking technology offered by any national bank, such as international wire transfers, online banking and multi-currency accounts. Most banks will also provide clients with offshore credit and debit cards, giving them the flexibility of immediate access to funds, even though they may be thousands of miles away. Typical advantages for offshore corporate accounts include higher interest rates, lower or no-tax obligations, and greater privacy and confidentiality. These advantages can far outweigh what a local bank can legally provide.
When it comes to offshore banking benefits, Asia specifically offers a number of attractive advantages. In the aftermath of the global economic crises of 2008/09, Asia’s markets have rebounded more quickly and more strongly than Europe and North America. Because of this, investments in Asian markets have also grown and returned at higher rates to their western counterparts.
When it comes to retaining assets in Asia, the greatest growth on the horizon is from mainland China. Because of China’s increasing permissions for nationals to invest abroad, markets are preparing to intercept investment as soon as mainlanders unleash their capital in world markets. The means by which this growth will be captured include offshore banking in Hong Kong, Singapore offshore banking, and international corporate bank accounts. Any assets held or invested in these markets, which are positioned to face epic growth proportions, will receive the reward they offer.
Here are some advantages of international banking and corporate bank accounts in Asia:
• International banking is a secure and legitimate way for corporations, and individuals, to make tax-efficient international financial transactions.
• Offshore banking provides good investment opportunities.
• International banking is available in multiple currencies, allowing efficient transfer of money.
• Banking offshore can provide favourable interest rates as interest can be paid tax-exempt.
• Increased global wealth has generated higher demand for quality offshore banking services and hence has the affect of improving the overall standards.
• Opening an offshore corporate bank account is not a difficult process and can improve the efficiency of funds transfer for organizations with international business operations.
• International banking is not something that needs to be done alone. Consultants are the best means to adhere to legal requirements, and are readily available to help.
• Banking consultants are an excellent solution to facilitate a bank account approval, especially for entrepreneurs, company start-ups, and businesses in new and non-traditional industries.
The rewards of offshore banking are simple to reap, but engaging the services of a corporate services advisor is advisable to help ensure legal requirements are met. Increased activity, by international bodies such as the OECD and various country tax authorities, in the fight against the illegal activities such as tax evasion highlights the importance of knowing and adhering to legal requirement. Engaging an experienced corporate services firm can assist with effective tax planning and dealing with any obstacles to opening an offshore corporate bank account.