Bank Account Opening
To conduct its day to day business activities, the Seychelles offshore company and International Business Corporation (IBC) needs to maintain a bank account. The flexible nature of offshore financial centers allows the companies incorporated in these jurisdictions to identify their business partners inside and outside the country. It is therefore common practice that Seychelles offshore companies seek their financial partners and bank accounts outside the jurisdiction. However, bank account opening for Seychelles offshore companies and IBC’s is not always easy. These days, financial institutions are hesitant to engage in activities with obscure actors and non-resident depositors. As such, bank account opening for Seychelles offshore companies and IBC’s is more than your typical domestic personal account opening.
Financial institutions have a critical position in the global economy. Not only do financial institutions facilitate the real economy, but they also play an important role in the placement, layering and integration of the proceeds of crime into the economy. As such, banks are considered the gatekeepers of the financial system and are appointed to police this very same financial system. Vulnerabilities are highlighted and customer due diligence, transaction monitoring and reporting, and periodic review became paramount.
Trustworthy and reliable customers, like yourself, pay the price for this advanced scrutiny. Especially where offshore companies are involved. Still, there are plenty of financial institutions around the globe that are willing to accept Seychelles offshore companies and IBC’s. Acceptance of offshore companies as a customer by financial institutions is possible when the company structure and its activities fit with the profile of the bank.
A large obstacle for offshore bank account opening is the lack of transparency of offshore companies. Its manifestation triggers uncertainty and follows that beneficiaries of offshore companies must initially share their corporate structure and its ownership and commercial plans, ideas and possible transactions. It is no rocket science to understand what financial institutions want. Yet, guidance through the bank account opening procedures makes things go easy and fast.
Financial institutions protect themselves against severe capital outflows and asset depreciation. Non-resident depositors, such as offshore companies and their beneficiaries are considered a risk factor for the financial position of the bank. The reason is that the lack of a geographical connection with the bank may lead to massive liquidity outflows for financial institutions in distress and thus trigger a negative multiplier that threats the banks right to exist.
Recent development in financial technology allowed for a novel industry and disruption of traditional finance. Fintech firms with Electronic Money Institution (EMI) licenses are allowed to provide its customers with IBAN numbers to send and receive money internationally. Since the EMI license is not a banking license the designated IBAN numbers do not qualify as bank accounts. Yet, they serve a similar purpose and depending on the needs of the company, such accounts may be considered. It is important to realize that the accounts are not accepted for several public services and are not protected by domestic deposit protection schemes.
Seychelles Bank Account Opening
The opening of a bank account for a Seychelles offshore company or IBC follows a simple step by step process. Controlling persons in the company must decide on the appropriate location for its corporate financial relationship. This starts with the corporate activities and countries of the activities, combined with the safety of the financial institution. Such bank account opening strategies have little to do with the easiest and most offshore friendly financial institutions to work with. The objective of the bank account opening is to easily run an offshore business without any headaches. And that is what we aim to help you with.
For Seychelles offshore companies and IBC’s we can leverage our large international network of private banks, offshore financial institutions and FinTech firms. Depending on the needs of our customers, we select the appropriate institution for the needs of the firm. Yet, due to the strict rules and regulations, not all business activities, branches and other for the organization relevant factors are acceptable for Seychelles bank account opening.
More information on bank account opening and the selection of the appropriate financial institution for your Seychelles offshore company or IBC can be obtained via Legal Floris LLC and Equation CS. You can complete the contact form below to get in touch with us. Initial consultations are always free of charge.
Contact us Today:
