Bank Account Opening

Offshore financial centers provide an international audience with distinct services. Most companies with foreign ownership that are incorporated in Anguilla choose to use financial services and banking facilities in other countries. A wide selection of well-known financial centers show a willingness to provide services to respectable and reliable Anguilla offshore companies and IBC’s.

Globalization and advanced technological developments created a new and innovative sector of Financial Technology. In short this new area in finance is called FinTech. FinTech firms provide individuals and, in peculiar circumstances, small businesses with IBAN accounts and easy to use mobile apps for (international) transfers. Contrary to the traditional banking system, FinTech firms have a license as Electronic Money Institution (EMU). Such EMU firms are not considered banks and do not participate in the banking system. This is important to understand when applying for a new account.

A crucial distinction between traditional banks and FinTech or Electronic Money Institutions is depositor protection. Mandatory deposit guarantee schemes protect customer deposits up to 100.000 Euro, 80.000 GDP, or 250.000 USD in the traditional financial centers. Other countries may decide on the maximum amount of depositor protection based on their local economy and infrastructure.

The offshore financial industry is vulnerable for abuse and money laundering. Financial institutions are seen as the gatekeepers of the global financial system. As such financial institutions must follow several international acceptable standards. International regulators and organizations like the Financial Action Task Force (FATF) issue special recommendations for financial institutions to prevent money laundering and terrorism financing. Following this strict framework of compliance, offshore companies are scrutinized and monitored. This may result in rigorous procedures for bank account opening, maintenance and periodic review.

Account opening for Anguilla offshore companies and International Business Corporations became inconvenient over time. Such businesses willing to open and maintain an international bank account with adequate deposit protection can contact us. However, since we leverage established contacts in traditional and well-established financial centers, we can only accept customers who incorporate, register, or maintain their Anguilla company through our agent or service provider.

Anguilla Offshore Bank Account Opening 

An offshore company without a bank account has limited value. Global regulation and political activism intents to limit abuse of the financial system but supports legitimacy and transparency. Anguilla offshore companies and International Business Corporations are considered high risk by most financial institutions. Profiling in the financial industry helps to streamline processes and identify misconduct. However, authentic professionals and their businesses need not to worry that much. The administrative burden may rise, but Anguilla offshore bank account opening and its maintenance remains possible.

The biggest misunderstanding about the offshore financial industry refers to the international applicability of local laws in independent offshore jurisdictions. Local laws have no impact outside the jurisdiction. Sovereign states are autonomous and define their own rules. As such, conflicts may occur where Anguilla offshore companies and International Business Corporations wish to enter foreign territories and are requested to submit additional documents.

In an open economy and free market, commercial parties define their own terms and conditions and codes of conduct. To comply with local regulation they may wish to set aside company law in offshore jurisdictions. As such, the Anguilla Companies Act of 2014 (Chapter C65) merely decides on the mandatory requirements to keep the company intact. Activities outside Anguilla are subject to the local laws in host states.  

As gatekeepers of the financial system, banks and other financial institutions must file Suspicious Activity Reports (SAR) and Currency Transaction Reports (CTR) for unusual activities and transactions. Most financial institutions participate in mandatory transmission programs for automatic exchange of information with foreign tax authorities. The Common Reporting Standard (CRS) and FATCA should tackle tax evasion. European DAC6 rules further tax transparency by imposing reporting requirements on aggressive international tax arrangements.

Our customers with Anguilla offshore companies or International Business Corporations must comply with international regulation. Only those who conform to these rules of transparency can expect to be introduced to several of the large financial institutions to fulfil their international banking needs. Complete the contact form below to find out more…:

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