It is a problem when bank is in a different country than company?

[dotbloup]

Have you ever faced a problem because your bank account was in a different country than your company?

For instance, you opened a company in Belize and your offshore bank account was in Switzerland.

 

[Montecristo]

dotbloup said:
Have you ever faced a problem because your bank account was in a different country than your company?

For instance, you opened a company in Belize and your offshore bank account was in Switzerland.
Click to expand...

That is perfectly normal and it is "encourage" to do so.

 

[JohnLocke]

Most often this is how it is done because it's a better way to secure your funds and business.

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[Montecristo]

Admin said:
Most often this is how it is done because it's a better way to secure your funds and business.
Click to expand...

Agree with that. The worst thing to do is to have the jurisdiction of the bank account in the home country of the members. Some countries made it as such that the fund of the offshore company is remitted back to the owner's home country, it will be a taxable income. Don't risk this, the taxman may call you up next year. Especially the tax office will have absolute access to all the banking transactions in their home country. That is one of the reasons why offshore bank account is useful. Of course, the next thing we have to guard will be the TIEA which will come into force from 2017 onward.

 

[zohoman]

I do all this to protect my identity and funds from potential creditors and that's why I setup my corp in Belize and bank in Cyprus!

 

[negon]

Now a days it's difficult to do much about tax but you can do a lot to protect your privacy and assets by setting up an offshore company for the same purpose.

 

[Emirates]

It is is the perfect setup to have company and bank account in different jurisdiction / country.

 

[JohnLocke]

It depends on what you plan to do with your setup but as mentioned here already most often it is how people setup their offshore company and bank account.

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