Emerald Consult

Offshore Banks

The power of money is one of the strongest in the world today and its source is stored in the banks. This is what makes the banking business so attractive.

Sooner or later, every person of wealth comes to the idea of their own bank – first for themselves, friends, and relatives, and next for its further development into a full-fledged business. Up until 2008, such a project was easily attainable – a banking license in traditional offshore jurisdictions cost around $50,000, while the requirements for the capitalization of a new bank were very ambiguous. However, the global financial crisis forced many countries to tighten their requirements for the banking sector.

Those interested in incorporating a bank in offshore territories today, should consider three major requirements for future bankers:

  • Average expectations of offshore territories regarding the capitalization of newly created banks are in the range of $1,000,000 to 3,000,000. Each territory puts forward their own requirements to the distribution of these funds, but some percentage, usually a significant one, is supposed to be deposited into the country’s Central Bank.

  • Additional criteria to evaluate banks’ reliability include the cost of equipment and software, personnel, and office – these criteria also need to be complied with.
  • You need to be ready to go through rigorous checks regarding the source of your finds, the incorporators and managers identities, their experience and property, among many other things.

Even in jurisdictions with the least amount of formalities obtaining all the required licenses and permits takes at least a year and is a process full of nuance and intricacy. This is exactly the reason why it is nearly impossible to successfully incorporate and launch a bank without smart consultants and reliable assistants.

Emerald Consult can boast of many successful projects in this complex area and is ready to render its assistance in incorporating a banking business in traditional offshore zones and tax havens.

Do you have any questions about the choice of jurisdiction, banking business licensing, documentation, obtaining permits and approvals, managerial requirements, investments origin verification, banking tests, bank equipment? Send your request.