Getting a bank account offshore?

[jessccw]

Hi!


I have some questions I was wondering if anyone knows about:


In some threads, it is suggested we get a bank account in the location we incorporate instead of where we're based. Anyone know why is that? And what place is ideal for such an account? Also, what is the difference between personal and corporate account if it's for a business?


Do you suggest incorrporating different companies for different businesses? My guess is that it depends on what are the different businesses, is that right?


Are there any issues with using order/product fulfillment services in the U.S if we're offshore? I'm from Hong Kong though so not sure if that makes a difference...


Thanks guys & ladies.

 

[Zqq]

In some threads, it is suggested we get a bank account in the location we incorporate instead of where we're based. Anyone know why is that?

If you live in a high-tax and tax-aggressive country, it is often preferred to keep money in more lenient jurisdictions. Since you live in Hong Kong, there is almost no benefit to going offshore. If you want privacy, you can set up an offshore company to act as director or shareholder of your Hong Kong company.

And what place is ideal for such an account?

There is no ideal place; no easy answer to this. It depends on your needs and requirements.

Also, what is the difference between personal and corporate account if it's for a business?

A business does not use personal accounts.

Do you suggest incorrporating different companies for different businesses? My guess is that it depends on what are the different businesses, is that right?

Yes, but it's usually not required.

Are there any issues with using order/product fulfillment services in the U.S if we're offshore? I'm from Hong Kong though so not sure if that makes a difference...

As long as you can find suppliers in the US that are willing to deal with an offshore company, it's not a problem. I would highly recommend a Hong Kong or Singapore private limited company instead of an IBC. Hong Kong and Singapore are highly reputable and respected jurisdictions.

 

[nelsonhimes]

I was too searching out for the answer of the similar question. Very well answered to each of the points.

 

[JamesCarrew]

bump. Helped me as well

 

[Avalon^Darko]

Hello

i do have a question if my offshore company is in the seychell,s or deleware of even in panama, cook island

can the bank account for the credit card be anywhere in the world and offcurse the credit card,s name would be

the offshore comany,s name like for examle lotusoversea corp would that be the name and the owner of the credit
card offcurse i would be the shadow person behind the company so i would be protected is that right

 

[negon]

can the bank account for the credit card be anywhere in the world

How would that work? a credit card is always connected to the bank account you open?!

Usually it is the company's name that is printed on the card.