Many banks require a physical interview but not all of them do for a bank account formation. It is still largely possible to open your offshore account by mail.
Your bank will always be happy to find the following documents included in your account-formation package:
Bank Account Purpose.
Draw up a letter describing the purpose of your offshore company and the use to which its offshore bank account will be put, including intended annual turnover and information regarding the origin of the funds deposited in the account.
You should provide this information even if your bank has not asked; an upfront explanation might help avoid tiresome scrutiny later on.
Company Existence.
Provide evidence of your offshore company's legal existence. This can take the form of a Certificate of Incorporation or if the company was incorporated more than a year ago a Certificate of Good Standing.
Make the effort to have these documents either apostilled or legalised by consular authentication, unless, of course, you are opening a bank account in the same country where your offshore company is registered.
Company Charter.
Include a copy of your offshore company's Memorandum and Articles of Association, By-Laws or another form of your company's charter.
Directors' Mandate.
Include a resolution by the offshore company's board of directors to open the offshore bank account. Some offshore banks provide their own resolutions for the directors to sign.
Directors.
Provide firm evidence of the current directorships. Non-anonymous companies (those that place their directors on public file) can provide an officially certified copy of the relevant register for this purpose. Anonymous companies (those that only maintain a private, internal register of directors) must sometimes provide other evidence.
If your offshore bank does not accept the internal register alone, you can supply incorporators' resolution that originally appointed the first director(s) of the company, if they are still acting. If directors have changed since, be sure to also provide further documents evidencing any changes (letters of resignation, resolutions to appoint new directors, etc.)
Shareholders.
Many banks require information about the shareholders of any company seeking a banking relationship with them. Most often, this can take the form of a copy of the company's register of shareholders.
Some offshore banks provide their own-format declaration regarding ownership; if they do, you have to complete and sign that, too. In an increasing number of jurisdictions, banks have legal responsibility to have this information.
Confirmation of identity.
Virtually all offshore banks want to receive some form of evidence of the account signatories' identity. This is can be a copy of a passport or a driving license.
Depending on the bank, photocopies might have to be notarised. In addition, there are offshore banks that request proofs of identity not only for the actual account signatories, but for all directors and owners of the company as well (if different).
Bank references.
Many offshore banks, but not all, request that letters of reference from another bank is provided by account signatories.
Some offshore banks go even further: they demand that a bank reference each be given by all directors and shareholders of the company. There even are a few that will contact the issuing bank to verify references.
References are sometimes needed instead of, and sometimes in addition to, the confirmation of identity. There are jurisdictions where banks are under legal obligations to seek references, and there are banks that request references despite any legal obligation to do so.
Sometimes an introduction by a party known to the offshore bank (such as an existing customer) is accepted instead of a reference. A fair number of offshore banks still happily open company accounts without any references at all.
Policies vary greatly across offshore banks and jurisdictions, so make a choice that is acceptable to you.
About the Author: Bruce Stander is the Director of UK based Worldwide Corporate Services, specialists in offshore company and offshore trust formations
How to open an offshore bank account
Legal Checkup is a Must for all Businesses
Yes, just like we humans need a medical checkup, businesses also need to have a legal checkup once in a while. This is because businesses also grow, are often dynamic, and are constantly evolving with the hope to get better and bigger over time. As the process of change happens, all the different levels within the company or business get affected and are forced to change and cope with a new situation. All professional and successful businessmen keep themselves aware of these changes taking place. Obviously many legal issues do prop up and sometimes this can even be challenging and one must deal with the problems /opportunities in a positive way.
A regular legal checkup by an experienced attorney is recommended for all such dynamic businesses big and small. For Corporate it is mandatory to get a checkup at all levels. It is just like a preventive medicine. Though the concept is not yet very popular it does have a great future. Let us see what actually happens during a legal checkup? The main purpose of the checkup itself is for being defensive and the owner along with his lawyer have to systematically evaluate and they must predict and avoid the potential future legal problems. Similarly all legal obligations of the business have to be accepted. These are some of the other aspects of the legal checkup conducted by the attorney.
- Review the status of the company
- Evaluate legal strength and weakness
- Recommend legal procedures
- Educate the client
- Prepare annual directories/minutes
- Long term planning including issues
- Valuation of the business for owner buy-sell purposes
- Ability to budget the cost in advance.
About the Author: The author of this article is John Kessel of Managed Outsource Solutions, a US based company that offers services in Legal Outsourcing and Legal Transcription for clients across the US.
Specializing In Franchise Law
Every year the number of individuals seeking law degrees grows and grows. Many of these individuals start without knowing which type of law they wish to practice or specialize in. They soon realize that there are many areas within the law category in which they can specialize. The problem then becomes that there are so many options it becomes hard to decide. One of the areas one might choose to specialize in is franchise law. This is a sector within the law category that has been and continues to be one of the fastest growing. The good news is that lawyers who specialize in franchise law continue to be in very high demand.
While it's true lawyers outside the franchise law community tend to look down their noses at franchise law it is without question a very necessary and equally as important sector. Those within the community don't seem to mind. Going on about the practice of law and earning ever increasing salaries.
This rather precarious situation leaves the doors wide open for many wishing to specialize in franchise law. This because the industry is not very well served and is in constant need of new franchise lawyers. Any young attorney coming into the franchise law community who works hard and learns the ropes quickly has the opportunity to literally write his or her own ticket.
If you are now considering working as a franchise attorney for a big law firm then you will most likely need to get some experience in the field. Further, if you choose this route as a career you'll do well to consider obtaining a Certified Franchise Executive Degree. A degree also known as a CFE. It's not a difficult certification to obtain at all and will without question greatly enhance your resume when seeking a franchise law position within a firm. As a franchise attorney you will of course also need to be fairly well versed in the many aspects of franchise law, and it is important to have this knowledge also noted on your resume.
About the Author: GoldLawGroup is a franchise law firm that offers information on franchise law and franchise agreements by franchise lawyer Jeff Goldstein.