Offshore Bank Account

SELECTING & OPERATING YOUR OFFSHORE BANK ACCOUNT

To increase the privacy and asset protection features of your offshore corporate structure, Maritime International Limited strongly recommends that you open a bank account in a different jurisdiction from that of your offshore company incorporation. All offshore jurisdictions allow you to have your bank account in any country you wish.

While we can open offshore bank accounts anywhere, we usually recommend that new offshore companies open a bank account in Antigua, Belize, or Cyprus for several reasons:

• the minimum opening balance is US$1,000.00 to US$5,000.00
• opening documentation is straightforward
• if you or your company have any special banking requirements or any problems with the bank, we can readily assist you to solve your problems as we do for many, many clients.

For high net worth clients, or those with established offshore companies, we generally recommend banks in Austria, Switzerland, or Luxembourg. Minimum opening balances are typically US$25,000.00 or higher for such banks, but personal service and privacy are excellent and you are assigned a personal banker to handle your offshore banking transactions.

Access to your offshore bank accounts can be by post, courier, fax, telephone, or the internet. Depending on the offshore bank selected, credit cards and/or debit cards are available and some banks also offer loadable ATM cards. Secure internet banking is also available at some institutions allowing you to check your bank account balances and transactions, initiate wire transfers and standing orders, etc. Where internet banking is not available it is a simple matter to send a fax request for any transfers that are required, using a code word to confirm your identity to the bank. For security reasons we do not recommend communicating with your offshore bank using unencrypted email.

Bank statements, credit and debit slips and other bank correspondence can be sent directly to you by the bank or to Maritime International Limited for forwarding to you if you wish to use our banking address or other Offshore Company Management Services.

Bank wire transfers are the fastest and most efficient method of sending and receiving funds. Bank drafts or cashier checks may also be used. Western Union or American Express is also available in some locations.

Travellers cheques up to US $5,000 can be sent by courier or post for deposit to the account. Some offshore banks do not accept cash deposits and most have limits.

Depositing checks can be a problem because of the length of time that they take to clear through international clearing houses. Funds are not usable until the checks have cleared and this can take sometimes a month, if not more (20 working days is typical although some banks clear checks in 10 business days if they are under US$5,000.00). A better method is to send a bank draft or cashier's check for deposit. These usually take 10 working days to clear. Some banks will not accept cheques over US$5,000.00 without special authorization in advance.

Please note that offshore banks do not carry deposit insurance. If you expect to deposit large sums of money, you should seriously consider opening accounts at several different offshore banks.

Maritime International Limited will advise you on an appropriate offshore bank depending upon your business requirements, account activity, size of funds, etc., once you have decided to proceed with the incorporation of an offshore company.

Unlike other offshore service providers, we complete all bank account opening documents for you with the necessary corporate information, and send them to you for signature. This is included in our offshore bank account opening fees. We handle all document processing for you, and you do not have to visit the bank in person. Detailed instructions on the bank's requirements for documentation are also provided. We assist you with explanations and alternatives if you have any problems.

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