Incorporating your business in another country can be very advantageous, and offshore banking for your business can be too. There is potential to save on taxes, increase privacy, receive tax breaks, and much more.
If you are doing business outside your country of residence, having an offshore bank account for your company is even more beneficial, helping you save money on currency conversions. We’ve put together a comprehensive list of the best places to open an offshore business bank account, all of which are available in the SelfKey Marketplace.
If you want access to the European market, then the Czech Republic is one of the best options on this list. Not only is no minimum deposit required, there is also no minimum ongoing balance needed either. Foreign-owned EU companies, non-EU companies, and offshore companies are all welcome to open corporate accounts here.
No in-person visit is required, and it only takes three to four weeks to open your offshore bank account. The costs may be a little higher than others on this list, at $1,750, but given how low all the fees are and all the benefits you receive, it’s a steal!
While an in-person visit is required to open a corporate account in Cyprus, we think it is a great excuse for a sunny holiday! In Cyprus, there are no withholding taxes on interest paid to non-residents and there is no required minimum deposit which makes it an attractive option.
Multi-currency accounts are available, and naturally, all accounts have online and mobile banking services. Opening an offshore business account here takes about three to four weeks, and will cost $1,750 when done through the SelfKey Marketplace. Another great option if you want access to the European market.
Luxembourg has a robust financial system closely modeled Germany’s, making it a secure place to open an offshore corporate account. No minimum initial deposit or ongoing balance is required, but your company will need to be active and have at least 30 outgoing payments each month (on average).
If the number of payments is lower, then an ongoing balance may be required by the bank. The process is relatively fast, only taking two weeks to open an account, and the set-up fee is $1,900. You can also open EUR, USD, GBP, CHF, and RUB currency accounts, making it another fantastic option for the European market.
Puerto Rico enjoys a close economic relationship with the United States, but it is also autonomous with regards to its fiscal and economic policies. The territory is tax neutral, making it an attractive destination for offshore companies.
Multi-currency accounts are available, and it’s one of the few places where you can get a debit card for your business. No in-person visit is required, but a minimum deposit of $500 is needed along with a $550 set-up fee. All in all, it only takes around two weeks to open an offshore business account in Puerto Rico, making it an excellent choice overall.
Belize has been somewhat of a hidden gem when it comes to offshore banking, having modelled itself after both the United Kingdom and the United States. English is the official language which makes doing business here a breeze. Unfortunately however, no bank cards are offered, making it more suitable for e-commerce or cryptocurrency businesses.
A minimum deposit of $1,000 is needed to open an account, and it takes around two weeks to do so. An in-person visit is not required, and set up costs are quite low at $550. Belize also has strict privacy policies in place, and tax breaks for non-residents, making it a popular choice for offshore business banking.
When it comes to offshore corporate banking, Singapore is sixth best option available. It is one of the largest financial centers in the world, and is very stable both politically and economically. Singapore’s banking facilities are some of the best in the world and as a result, the country offers a broad range of financial services. If you want to open an account here, you will need to visit the bank in-person however, which is why Singapore does not rank higher on our list.
There are several different account types available in the Marketplace, and as a result, minimum deposits range from $1,000 to $80,000 depending on the type of account you choose. Multi-currency accounts are available, and naturally, online banking services are standard regardless of account type.
It can take anywhere from two weeks to four weeks to open an account, and the set-up fee is $1,750. All in all, Singapore offers some of the biggest advantages for offshore businesses, and provides access to a major worldwide trading hub.
Hong Kong has always been a popular place for offshore business banking because it offers access to the Asian-Pacific market and boasts the largest financial hub in Asia. It is an incredibly safe place to bank, and provides access to the Chinese market as well. To open an account here, an in-person visit is required however and it is also necessary to have a business address in Hong Kong, which can be purchased if necessary.
The minimum required deposit depends on what type of account you want to open, but it ranges from around $2,500 to $25,000. It also takes more time to open an account, ranging from four to eight weeks with set up costing $2,050. If you have the time and money, Hong Kong is a great option that offers some of the best financial services on the market.
While Curaçao is an autonomous country, it is also part of the Kingdom of the Netherlands so it gets the benefit of being attached to a stable economy. The financial sector is very well developed as financial services are one of the main industries in Curaçao. No in-person visit is required here (although it would be a good excuse for a tropical vacation) and the minimum deposit currently stands at $3,000.
Activities related to cryptocurrency are restricted, so it might not be the best place if your business utilizes digital assets or blockchain technology. Opening a business account here only takes two weeks, and only costs $950.
Since 1999, Saint Lucia has been developing a robust financial center, offering a wealth of financial services. As part of the Commonwealth, it benefits from a stable economy. It’s possible to open a multi-currency account here, and like most countries on this list, online banking is available.
What sets Stain Lucia apart from other jurisdictions is that you can also receive a USD credit card, which is great if you are conducting some of your business in USD. No in-person visit is needed, but you will need a minimum deposit of $5,000. It costs $550 to set up, and your account should be open in about two weeks.
Antigua and Barbuda has established itself as an offshore financial center, with a legal and tax framework advantageous for the establishment of international companies. If you incorporate your company here, it will be fully tax exempt provided that no business is done within the territory.
It’s possible to open USD, EUR, CAD, and GBP currency accounts, making it particularly attractive if you are doing business in Europe and North America. Opening an account takes around two weeks, and the set up fee is only $550. A minimum deposit of $5,000 is required and an ongoing balance of $2,500 is needed.
Switzerland is one of the most reputable and sophisticated financial hubs in the world, and the country boasts unparalleled political and economic stability. A wide range of offshore banking services are available to corporations, and because it has laws protecting banking secrecy, it is a very popular choice.
Opening a business account here is one of the fastest, with the average time being one week. You will need just over $10,000 for a minimum deposit to open an account, and will need to keep a minimum balance of around $1,000. An in-person visit to the bank is not required, but you will need to have a video call with the bank. Online trading and wealth management services are also available to those who wish. All in all, Switzerland is a great option to enter the European market and protect your business assets.
These are just a fraction of the countries available for opening a corporate bank account on the SelfKey Marketplace. Some honourable mentions that didn’t quite make the list are the Cayman Islands, Gibraltar, United Arab Emirates, the Seychelles, and the Cook Islands.
If any of the countries here catch your eye, you can find all the details yourself in the SelfKey Marketplace under “Bank Accounts - Corporate Accounts”. There you can see all the eligibility requirements, and what benefits are available to you. Wherever you decide to open your offshore business account, rest assured that you will be in safe hands with SelfKey!