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Tag: Offshore Merchant Account

How To Open And Operate Offshore Bank Account

How To Open And Operate Offshore Bank Account

Opening an offshore bank account is as simple as opening an bank account locally. The only difference that you find is the services provided by the bank and where it is located. Any average person can open an offshore bank account easily. But before you open such account you need to get a research done and know some things related to offshore banking. In this article we will tell you most of the things to know before and while you open an OFFSHORE BANK ACCOUNT.

What should I know before I open an offshore bank account?

Apply for a Offshore Bank Account

  1. While you open the account you should be the right frame of mind and apply with a proper understanding. Get your research done, try to get more and more information about Offshore banking from the internet or related books, also you can consult whom you trust already using Offshore Merchant Account or from trusted offshore banking service providers.
  2. Even if opening offshore bank account is not expensive, you should always be aware of the transaction and other costs, however these costs are hidden costs. But be aware that those fees are proportional to the service you require.
  3. Offshore banking is totally legal, considered you open and set up the account in the right way. It is quite wrong to blame the whole offshore banking system just because of a very few people who use this service illegally like tax evasion and money laundering. So set up your account correctly with the help of trusted service providers and experts.
  4. As we read in the previous point offshore account can be illegally used for tax evasion so it is very mandatory to inform your local tax authorities about this account.

As we read earlier opening an offshore account is just the finishing the design with a cherry of the cake, what matters is the whole cake which included plenty of research and advice’s from lawyers, offshore experts, tax planners and authorities, offshore agents as one small error can spoil the whole cake.

How to Open Offshore Bank Account?

Basic Requirements:

Similar to the local bank account opening requirements, offshore banks ask for basic information like name, DOB, address, occupation and citizenship. For the verification of this personal information you are asked to submit government issued identity proof.

Additional Requirements:

This additional requirements are required for the verification to avoid the above mentioned illegal activities like tax evasion, money laundering.
For this you are asked to submit past transaction statement of your personal bank account or business account. Most of the offshore banks also ask you to submit document stating the source from where you deposit funds.
1. If the deposit source is the salary, you need to submit salary slip of the same.
2. If deposit is related to business transactions, you need to submit the documents related to it.

Choose currency:
Offshore banks offer you the make a choice of the type of currency in which you need to hold you funds in.

Deposit in Offshore Bank:
Deposition in the offshore being international transaction as a result wire transfers are done.

Withdrawing from Offshore bank:
For the convenience of the user offshore banks offer various methods for withdrawal of funds. Like debit/ATM cards with which you can access all funds globally.

At the outline all this is Offshore banking is very safe and risk free. Considered you use it wisely.

Posted on July 19, 2019July 19, 2019Categories Offshore Merchant AccountTags offshore account, offshore bank account, offshore banking services, Offshore Merchant Account, offshore merchants, offshore payment gateway, open offshore bank account2 Comments on How To Open And Operate Offshore Bank Account
Why you need an Offshore Merchant Account for CBD Business?

Why you need an Offshore Merchant Account for CBD Business?

The CBD Industry has been growing in leaps and bounds with it being predicted to amass over $3 billion annually. Looking at the figures, it may certainly look like a great business opportunity. However, the legal and banking issues surrounding the industry can be a cause of serious concern for any merchant.

If you operate a CBD Oil business, you are more than aware of the obstacles faced to find a decent domestic bank or processor who is willing to take on your business. Even with CBD products being legalized in several states, domestic processors are still wary enough to shoo away businesses who sell them. It is especially difficult for online stores selling CBD or related products to acquire quality merchant account solutions.

Unsubstantiated health claims, legal uncertainties, changing industry regulations, compliance issues, little or no knowledge of the industry and reputational risks are some of the reasons why opening a domestic merchant account is not easy.

Open an Offshore Merchant Account for CBD Business

Many CBD merchants opt to go for Offshore Merchant Account Solutions when finding regular credit card processing solution seems impossible. While going offshore is not the first choice for many merchants, the benefits and advantages provided by an offshore merchant account can certainly be worth it in the end.

An offshore merchant account is a merchant account that is established in a non-resident country. So if you operate a CBD business in US and cannot find a domestic processor in your country, merchant account providers like IBS offer Offshore Merchant Account solutions that will allow you to accept credit card transactions from your customers.

Apply for Offshore Merchant Account Solutions

Unlike many domestic banks and processors that make it extremely difficult for CBD merchants to open an account with them, applying for an offshore merchant account is hassle-free. Your chance at getting approved by an offshore provider is way higher especially since you fall in the high risk category.

Advantages like multi-currency processing, business expansion, low or no taxes, no monthly volume caps, etc. will only allow your business to flourish.

Selling CBD products usually means high volume transactions which means they, online stores in particular, cannot afford to have their transactions stopped midway simply because they reached their monthly processing limit. Here, Offshore Merchant Account offers an ideal solution to this problem with no transaction volume caps.

One big advantage of offshore merchant accounts for CBD merchants is the high level of discretion that it provides.

Enjoying ties with numerous stable and secure banking partners, IBS offers customized offshore merchant account solutions for CBD e-commerce merchants at competitive rates.

Posted on May 2, 2019May 10, 2019Categories Offshore Merchant AccountTags CBD Offshore Merchant Account, credit card processing, high risk merchant account, merchant account, merchant account provider, Offshore Merchant Account, secure payment gateway, UKLeave a comment on Why you need an Offshore Merchant Account for CBD Business?

How will an Offshore Merchant Account benefit your small business?

Offshore merchant accounts are commonly used these days. By setting up online businesses, merchants have to interact with customers across the world. Regardless of the size or type of online business, merchant accounts and credit card processing services is a must for each one of them.

Various financial institutions offer different types of merchant accounts. Among them, offshore merchant account is most commonly used by E-commerce merchants. One of the benefits of offshore merchant account is that it does not require huge initial set up cost which makes them popular with small businesses in particular.

Different merchant account providers offer different setup charges. But most of them charge zero for initial set up which is a huge benefit for small businesses.

Offshore accounts obviously operate outside your own country and since you would be out of the tax regulation laws of your country, you will be exempted from paying taxes. For small businesses and even online business start-ups, the reduced burden of additional costs is a huge relief.

All types of businesses, whether large-scale or small-scale, can be victims of frauds and scams. Start-ups and small businesses especially cannot afford to be tangled in frauds and losses. Unfortunately, these merchants are more vulnerable and can be conned easily. This makes offshore merchant accounts hugely beneficial as merchant account providers take necessary steps for the safety and protection of their clients from online frauds.

Businesses with offshore accounts have to deal with transactions done with different currencies and all kinds of credit cards all round the world. This translates into higher chances of expanding your customer base. Along with clever business operations, these small businesses have the potential of boosting sales and profits. For small businesses that do not have to invest much into these accounts, this is a massive growth opportunity and benefit.

Posted on May 24, 2018November 21, 2018Categories Business services, Merchant Account, offshore banking, Offshore Merchant AccountTags international merchant account, offshore bank account, Offshore Merchant Account, open an offshore merchant account, UKLeave a comment on How will an Offshore Merchant Account benefit your small business?

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