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What is an offshore account

An offshore account is also called an OSA account. An account opened by an overseas institution in the offshore business department of a domestic bank that has obtained the business qualification of offshore banking according to law belongs to an overseas account. For example, a British company opens an account with HSBC in Hong Kong or a Hong Kong company opens an account with Ping An Bank in mainland China, which is an offshore account.
In finance, an offshore account refers to a bank in which the depositor opens an account outside the country of residence. On the contrary, banks located in the country where the depositor lives are called onshore banks or domestic banks. The offshore account is only for company account opening, and individual account opening is not supported. Compared with NRA account, the offshore account is less subject to foreign exchange control. From the perspective of capital security, the offshore account should be safer and less strictly regulated by safe.

What documents are needed to open an offshore account?

The bank generally requires the company to provide the following documents :

Original minutes of approved account opening

Certificate of incorporation

Business registration certificate

Notice of appointment of directors and Secretary

Articles of Association

Copy of ID card / Passport of each director

Proof of personal address of each director

Note: different banks have different requirements for the information required for account opening. You can directly consult with the relevant banks or find the business manager of hongfu'an.

Advantages of offshore accounts

International common offshore account opening place

Knowledge of offshore accounts

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