| DIAZ BARRETO LAW OFFICES can get you the bank account you need for your corporation or foundation ! An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. In these days of invasive governments opening offshore or international accounts can be a difficult and arduous task at best - we have done our best to reduce or eliminate the head-aches and burdensome paperwork for our clients via our close association, and special agreements with the various banks, trust companies, and financial services providers we work with. Whatever the reason for 'going offshore', there are now many jurisdictions overflowing with banks who are only too happy to provide you with private services, once only available to the Elite and Wealthy. And all of the organizations we work with are highly rated, safe, secure, and respectable. These institutions are as good as your local bank at home in many respects and in many cases bigger and/or better. These advantages typically include: -greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act) -less restrictive legal regulation -low or no taxation (i.e. tax havens) -easy access to deposits (at least in terms of regulation) -protection against local political or financial instability Offshore banking has increased rapidly all over the world since mid-1960s because of the growth and liquidity of world financial markets. The full spectrum of financial services from offshore banks include deposit taking, money transmissions, provision of foreign exchange, trade finance, credit facilities, investment custody, investment management, fund management, trustee services, and corporate administration. Diaz Barreto Law offices will open a bank account in the best banks. Offshore banks provide access to politically and economically stable offshore jurisdictions that may be an advantage for those resident in areas where there is a risk of expropriation or where there is corruption within the banking system. Many offshore banks offer services that may be unavailable in your country of residence. Offshore banks in several nations participate in mandated bank account deposit protection insurance systems. Some offshore banks may even provide higher interest rates than banks in the home country. The banks, we use, offer a full range of offshore online banking services, all of them with offshore internet banking and debit cards which will allow you to have quick and easy access to your funds almost anywhere in the world. We regularly review the best offshore banking opportunities for business or investment purposes in the market place and recommend those which we believe to be best suited to meet your identified needs. Our primary correspondent banks offer secured credit cards (Visa) Our firm charges a processing fee of US$100 for assisting in setting up of secured credit cards. Secured credit cards require that the client place a security deposit in an amount equal to 125% of the credit limit chosen for their credit card. Debit cards are offered for bank accounts through one of our correspondent banks in Panama. Debit cards have the "Clave" symbol on them, and can be used at any point of sale or ATM that accepts "Plus" or "Interlink" cards (accepted world-wide). The banks annual fees for debit cards are US$15. Documentation Requirements: For set up of Corporate Bank Account, the following documentation is required by the bank: A. Photocopy of passport for each signatory. The photocopy of passport must include the photo of the person, the personal details (passport number, etc.), the signature, and photocopies of ALL pages including entry/exit stamped pages. The photocopy should be clear and legible and it should be Notarized. B. Two Financial Reference Letter. The financial reference letter can be from any bank, brokerage firm, or credit union. The letter should be an original on the financial institutions letterhead, and should include the signature of an official, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in. C. One Commercial or Professional Reference Letter. The commercial or professional reference letter can be from any company or professional that you have a commercial business, or professional relationship with. The letter should be an original on the company or professionals letterhead, and should include the signature of the representative of the company or the professional, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in. D. Company Profile Letter. The company profile letter should be on your company letterhead, signed by the signatory(s) on the account, with complete contact information. The letter should explain in detail the nature of the business activities, an explanation of what products or services the company is selling, the regions where the company is conducting business, the purpose of the account, and a brief description of the banking activity anticipated with the account. E. Proof of Address. The bank requires that you provide a photocopy of a utility bill (such as an electric power bill, water bill, cable tv bill, internet service bill, phone bill, etc.) showing your personal name and physical address. F. Signed Account Applications. If you wish to be the signatory on the account, then each signatory must sign the original bank account applications. As account signatory, you will have the power to execute all types of banking functions with your corporate account. Once the bank account introduction service is paid, we will courier you the bank account applications indicating where you must sign. FREQUENTLY ASKED QUESTIONS 1-If I order my company through you, do I have to have to use your additional service to get my bank account? The choice is yours; we offer the bank introduction service to our clients who have incorporated through us. There is no obligation to use us to open a bank account, however many clients request this additional service. 2-How long does it take you to set-up an offshore bank account? When your company has been formed we immediately forward the company kit to you. If a bank account had been requested, the bank application form will be included in the package, express mailed to you. Once these forms have been completed according to the instructions and received by the bank the account will be activated within two to ten working days. 3-What documents are required, and what are the procedures to open my offshore company account? The documents required to open a bank account will include; bank application form, signature cards, certified copy of a picture ID, references on the signatories (bank and employer or professional), verification of residential address (utility bill, credit card statement). The forms will be included with your company kit which we send to you. Along with these documents and certified copies of your incorporation documents sent to the bank will usually be enough to have the account opened. Minor variations will occur depending on the choice of bank. We will inform you of the exact requirements. 4-When my bank refuses to provide me with a bank reference, what can I do? When you submit your bank account application documents to the bank we have introduced you to, you must ask that they make a direct request to your bank for your bank reference. In order for them to do this, they will require the relevant contact information for your bank including; Bank name, Branch address and information on the contact person at the bank including name telephone number and email address where possible. Secondly, you must provide your bank with an authorization letter, granting your permission for them to respond to the bank we have introduced you to, with the relevant bank reference. 5-Whom to and when do I make my initial deposit? The initial deposit is made directly to your bank account at any time after you have recieved your bank account number. The minimum initial deposit to Cyprus, St.Vincent, Dominica, Belice, Panama and Antigua is 1,000 USD, to BVI bank 2,500 USD. The minimum initial deposit for Austria is 100,000 USD. There is no minimum initial deposit for the bank in Latvia. 6-How can I operate my bank account? All the banks that we represent provide internet banking, wire transfers and debit cards. The accounts can also be operated via phone or fax. 7-Do I have to visit the bank to open the account? No you do not have to visit the bank in order to open or operate your account. All the banks we work with offer internet banking and the account may be operated by phone fax or e-mail. Debit cards are also available for use in most countries in the world. If you want to visit the bank we will be glad to arrange it for you. 8-In what banks can I open an account? We work with offshore banks in the Caribbean (Antigua, BVI, Dominica and St.Vincent, Belice and Panama) and some large and well established banks in Europe (Cyprus, Latvia and Austria). 9-What minimum opening balance, if any, is required? A minimum opening balance is required by most of the banks we recommend. Antigua (US$1,000); Dominica (US$1,000); St.Vincent, Belice and Panama (US$1,000); Latvia (NONE); BVI (US$2,500); Cyprus (US$1,000) or equivalent in other currencies. Austria requires a minimum opening balance of US$100,000 10-Who controls my bank account? You have control of your bank account as the signatory. It is totally and only your decision as to who you wish to assign an authorized signature to, if any. 11-Can I get a debit card? Yes, you can apply for debit card in any bank we recommend. 12-Do you have any restrictions regarding citizenship to open an account? While some banks impose restrictions, we can find a suitable bank for any nationality. 13-Is my bank account guaranteed when I pay your fee? No, we provide an introduction service and because of our knowledge of the bank requirements we guide you through the application process. We open more than 80% of the applications we make. The Bank is the one that accept your application or not. 14-When should I pay my opening (initial) balance and to whom? The opening balance has to be paid directly to your bank account after the account has been opened and fully activated. You will transfer an amount equal to the minimum required balance or any amount in excess of this required minimum balance. 15- What method of payment do you accept? We accept payment via Western Union, Wire Transfer. Advantages of offshore banking Offshore banks provide access to politically and economically stable jurisdictions. This may be an advantage for those resident in areas where there is a risk of political turmoil who fear their assets may be frozen, seized or disappear (see the corralito for example, during the 2001 Argentine economic crisis). However, developed countries with regulated banking systems offer the same advantages in terms of stability. Some offshore banks may operate with a lower cost base and can provide higher interest rates than the legal rate in the home country due to lower overheads and a lack of government intervention. Advocates of offshore banking often characterise government regulation as a form of tax on domestic banks, reducing interest rates on deposits. Offshore finance is one of the few industries, along with tourism, in which geographically remote island nations can competitively engage. It can help developing countries source investment and create growth in their economies, and can help redistribute world finance from the developed to the developing world. Interest is generally paid by offshore banks without tax deducted. This is an advantage to individuals who do not pay tax on worldwide income, or who do not pay tax until the tax return is agreed, or who feel that they can illegally evade tax by hiding the interest income. Some offshore banks offer banking services that may not be available from domestic banks such as anonymous bank accounts, higher or lower rate loans based on risk and investment opportunities not available elsewhere. Offshore banking is often linked to other structures, such as offshore companies, trusts or foundations, which may have specific tax advantages for some individuals. Many advocates of offshore banking also assert that the creation of tax and banking competition is an advantage of the industry, arguing with Charles Tiebout that tax competition allows people to choose an appropriate balance of services and taxes. Critics of the industry, however, claim this competition as a disadvantage, arguing that it encourages a "race to the bottom" in which governments in developed countries are pressured to deregulate their own banking systems in an attempt to prevent the offshoring of capital. DISCLAIMER READ TERMS AND CONDITIONS |