The Procedure and Benefits of Opening a Bank Account Seychelles

Offshore banking is commonly utilized alongside offshore structures to provide access to new markets and products as well as to enhance asset protection. Opening a bank account in Seychelles allows you to legally diversify your risks by keeping your money in a territory that is not subject to the laws of your home country.

Benefits of Banking in Seychelles

You can open a personal or corporate bank account in Seychelles—and even get a credit card and access to online banking tools. This financial center is among the fastest growing offshore banking jurisdictions in the world, so a majority of local banks offer services that are tailored for foreign investors. Banks in Seychelles offer high levels of privacy and confidentiality. You can also expect a wide selection of banking solutions whether you’re a corporate or an individual client. What’s more, it’s free to open a bank account here.

Seychelles Offshore Account Opening Procedure

There are two ways to open a bank account in Seychelles. You can contact a local bank directly, or you can use the services of a reliable provider of offshore wealth protection services with expertise in this territory. The latter is often the best option if you want to make the process stress-free.

You need to prepare the following requirements for corporate accounts:

·         notarized copies of articles of incorporation

·         certificate of registration

·         registers of shareholders and directors

·         certificate of good standing

·         power of attorney (if applicable)

If you want to open a personal account, present the following:

·         notarized copy of a valid ID (such as passport, driver’s license, or national identity card)

·         proof of address

·         proof of source of your initial funds

All documents need to be certified by a notary public, commissioner of oaths or an embassy/consulate.

When you are represented by a consultant, you no longer have to fly to Seychelles to personally open your bank account. It’s possible to complete the process remotely, and there is no need for a personal appearance. You can also rely on the consultant to manage your account for you, if you wish. 

Popular Destinations to Set Up Offshore Company

Selecting an offshore destination or territory to set up an offshore company demands meticulous contemplation. You need to choose a jurisdiction that matches your unique corporate, financial, and personal requirements and goals. Not all offshore destinations offer the same advantages. A consultant can help you find a stable territory with good, long-standing reputation for granting tax exemptions (partial or full) if your objective is to minimize your tax exposure. Some of the most popular offshore destinations today include the Belize, the Seychelles, and Panama.

Belize – This central American country has shown a long and reliable history of peace, stability, and democracy. In fact, it boasts one of the highest per capita income levels in the region. It’s popular for investors looking to set up an offshore company because English is its official language, and the English Common Law is the basis of its legal system. Belize is not under any information exchange agreement with other countries, so your financial information is safe here. Offshore company registration is fast—a typical process takes only two hours. Belize recently launched an Offshore Banking Act that reinforces its superior banking privacy regulations.

Seychelles – This archipelago in the Indian Ocean is an emerging and quickly growing offshore financial center. From competitive legislation to easy incorporation, everything you need is here. The government actively promotes investment activities and supports foreign investors with legislations that ensure non-discrimination against foreign investors. Seychelles boasts financial connections to South Asia and Western Europe, making it a strategic destination for setting up an offshore company. There is no minimum capital requirement or maximum capital restriction. Annual license fees only cost $100.

Panama – Known for high political stability, Panama is home to an advanced financial services sector that has made it a respected global business hub. The official currency here is the United States Dollar. Many investors choose this territory for its advanced telecommunications system, low bureaucracy, the excellent banking system, and favorable confidentiality laws.