Offshore Banking

By definition, an offshore bank account is an account with a bank located out of the country of residence. More specifically, it refers to bank accounts held within tax heavens or offshore jurisdictions.

Sinovantage International offers a full range of offshore banking services, bank accounts with internet banking, credit or debit card facilities which guarantee convenient access to your funds at anytime and anywhere you are in the world. Offshore banking can be offered as part of an offshore incorporation package, or as a standalone service if you already have an offshore company registered.

We currently can introduce you to banks for offshore bank account opening in five major jurisdictions: Hong Kong, Cyprus, Panama, Dominica and Cayman Islands. If you are primarily based in China, you can also consider setting up an offshore bank account with Shenzhen Development Bank or other Chinese banks authorized by the PBOC to offer offshore services, although there are limitations if compared to overseas offshore banking facilities (credit and debit cards, English-language internet banking etc.)

Offshore banks offer the full range of services you might expect from a "regular" bank, including deposit taking, international wire transfers, foreign exchange, international debit cards (Mastercard, Visa), asset management, trade services (L/C, D/P etc.), credit facilities etc. Offshore banks operate within highly regulated environments under national monetary bodies such as the local central bank and financial regulators. They are required to maintain capital adequacy requirement in accordance with international standards. They also meet very high standards of confidentiality and security, which is critical in the offshore banking business.

Additional advantages of offshore banking include:
-Interest paid without tax being deducted. This is an advantage to individuals and (offshore) companies that do not pay tax on their worldwide income.
-Flexibility: multi-currency accounts, lower fees to receive international payments.
-Accessibility: offshore accounts can be accessed from whichever location in the world, and transfers can be conducted, without restrictions on timezone, currency etc., through internet banking or international ATM machines.
-Privacy: increased level of privacy and confidentiality is ensured to account holder and transactions made from/to the account.

Offshore bank accounts can also be used by corporations for trading, asset holding and investment purposes.

Clients looking to open an offshore bank account fall mostly into one of the following categories:
-High net worth individuals
-Expatriates
-Business owners
These three categories of individuals use offshore banking for the following benefits: taxation planning, estate planning, inheritance tax planning, pre-immigration or repatriation planning, privacy and asset protection, higher interest returns, receiving payments, salaries and commissions, global and immediate access to assets and income.

It is highly recommended to open an offshore bank account under a company name. We do not provide at this point personal offshore bank accounts. If you do not have an offshore company registered yet but would like to set up an bank offshore account, Sinovantage International can assist you in registering an offshore company first, then apply for a bank account for that company.

You do not have to travel to the offshore location or show up at the bank (except for Hong Kong) to have your account set up. We serve as direct agents for the banks we represent in China, and through our introductory service you will just need to fill up the forms at our office or send them to us through mail, together with the required documentations, and we will handle the rest. It usually takes 20~30 days to have the bank account ready to use from the time of initial application.