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An offshore financial institution or bank is one that provides financial services for non-residents. FBI investigations have exposed the myths and media hype about terrorism, drug lords, and undesirable business ventures finding haven in Offshore Financial Centers to be largely untrue today.
The FBI Law Enforcement Bulletin of Feb, 2001 on Offshore Financial Centers, reported that the Channel Islands and the Isle of Man have a well-regulated financial industry, with rigorous money laundering legislation in place, and a demonstrated willingness to cooperate with and provide assistance to foreign authorities. They provide low taxes, overall economic and political stability, client confidentiality, and more open regulations.
Offshore banking has many benefits for the small business. For those with an international workforce and international commerce, the abilitiy to conduct financial transactions in an international environment with superb asset protection, low taxation, foreign currency versatility, in a safe environment is critical in today’s volatile markets.
John Schroder, of Ascot Advisory Services, advises small businesses to consider offshore banking also as a viable merchant service solution. Many small businesses could prosper from e-commerce but are too small, too new, or have an insufficient financial history to establish a merchant account and require a large upfront deposit. Many offshore banks or processors will not require an up-front deposit because they are processing your money and receive it first.
An offshore bank can allow a small business to process credit cards and financial transactions in foreign currencies like German marks, French Francs, British Pound, and the Euro and also disburse the funds in foreign currencies whereas a local US bank or process may not. They may also process more than just Visa and Master Card, allowing you to accept Maestro and European Debit Cards.
As a result, offshore banks may prove to be more fair if you have a small business.
The FBI Law Enforcement Bulletin of Feb, 2001 on Offshore Financial Centers, reported that the Channel Islands and the Isle of Man have a well-regulated financial industry, with rigorous money laundering legislation in place, and a demonstrated willingness to cooperate with and provide assistance to foreign authorities. They provide low taxes, overall economic and political stability, client confidentiality, and more open regulations.
Offshore banking has many benefits for the small business. For those with an international workforce and international commerce, the abilitiy to conduct financial transactions in an international environment with superb asset protection, low taxation, foreign currency versatility, in a safe environment is critical in today’s volatile markets.
John Schroder, of Ascot Advisory Services, advises small businesses to consider offshore banking also as a viable merchant service solution. Many small businesses could prosper from e-commerce but are too small, too new, or have an insufficient financial history to establish a merchant account and require a large upfront deposit. Many offshore banks or processors will not require an up-front deposit because they are processing your money and receive it first.
An offshore bank can allow a small business to process credit cards and financial transactions in foreign currencies like German marks, French Francs, British Pound, and the Euro and also disburse the funds in foreign currencies whereas a local US bank or process may not. They may also process more than just Visa and Master Card, allowing you to accept Maestro and European Debit Cards.
As a result, offshore banks may prove to be more fair if you have a small business.