The Bahamas is not just a great getaway for tourists. It has, for many years now, been a safe haven for businessmen and for their cash assets. Banks in the Bahamas have been touted as the world’s greatest tax haven for foreign accounts. The islands allow offshore incorporation of business entities and offshore banking for them; and all transactions are regulated and guaranteed by the International Laws on Offshore Banking.
But if you think having an offshore bank account in the Bahamas would mean frequent trips there, think again. While trips to the island paradise are always welcome treats (if not for the expenses they entail), you do not necessarily have to visit the bank to deposit and withdraw money or create an account. The Bahamas banks feature global access through automated teller cards capable of debit and credit transactions. This allows you to transact in stock trading and foreign currency exchanges. You can even have important documents couriered to your address.
To get an offshore bank account, you must first apply for an IBC or International Banking Corporation for your company. You may get help from institutions that specifically cater to this kind of need. The IBC’s are processed in Nassau, Bahamas. Your service provider facilitates the payment of processing fees, certification of the incorporation certificate, and prepares the company memorandum of association and the company articles of association. Once finished and approved, the documents that include brokerage and investment accounts are mailed to you, as well as a list of banks that you can choose from. You do not have to go to the Bahamas to open an account. Everything can be done for you.
You can manage your offshore account much like the way you manage your onshore bank account, except that in this case, everything will be done through the Internet, mail, or telephone instructions.