Offshore
- Profile
- Documents
- Benefits
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.
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 specific requirements for information required for account opening. You can directly consult with the relevant banks or find the business manager of hongfu'an.
Free transfer of funds
An offshore account is equivalent to a bank account opened abroad, which can freely transfer funds from the offshore account and is not subject to domestic foreign exchange control.
Unlimited deposit interest rate and variety
Compared with similar deposits of domestic and foreign banks, the interest rate is preferential and the deposit and withdrawal is flexible, especially for large deposits.
Exemption from deposit interest tax
The Chinese government is exempt from deposit interest tax on the interest on deposits and withdrawals from offshore accounts.
Improve the efficiency of domestic and foreign capital operation
Provide all-round service features of onshore business with overseas banking functions, reduce the comprehensive cost of capital, speed up capital turnover at home and abroad, and improve the efficiency of capital use.
Domestic operation
No cash can be deposited into the offshore account. The foreign exchange received from the offshore account belongs to the income of the overseas company rather than the income of your domestic company.
- Places
- Knowledge
1. Isle of man
Many of the world's famous wealth management companies, fund accounts are stationed here.
2. Hong Kong
Very similar to London, many Chinese enterprises set up offshore companies there to open accounts. Recently, they are especially praised by European and American companies, because Hong Kong's confidentiality is better than London's.
3. Singapore
The oldest and most developed capital market, offshore account and onshore account consolidation operation. Many Chinese enterprises set up offshore companies there to open accounts, especially by European and American companies.
4. BVI of Cayman Seychelles, etc
Pure offshore type of financial center, good confidentiality, but not necessarily under the letter of credit services.
5. London
The oldest and most developed capital market, offshore account and onshore account consolidation operation.
6. Luxembourg and Belgium
Located in the European continent, big countries have few small resources, attracting hot money is a main way for them to make profits.