Archive for the ‘Offshore Banking’ Category

The value of offshore business accounts

For many experienced industry leaders, setting up offshore companies is the norm. By doing so, such leaders are able to develop better platforms for the provision of services, for the protection of investments and for the development of more versatile business portfolios. When setting up an offshore company, it is also logical to set up offshore business accounts. However the set up of offshore business accounts is not limited to offshore companies, and many onshore companies also do this as part of the development of their business portfolios.

The value of offshore banking

If you conduct business internationally, you will require quick and efficient banking support wherever in the world your company is registered. Offshore banking services are particularly valuable to organizations that work internationally where the customer and supplier base is international and payments are made and received in multiple denominations. By setting up an offshore bank account, organizations like these are able to better structure their finances, and ensure that there is ease of movement of funds in order to fulfill its business obligations.

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Why expatriates opt for offshore investing and banking options

You have just landed a job in a foreign country and in a few weeks time, you and your family members have to relocate to the new workstation. Under the new environment, it is probable that you won’t have gathered enough information regarding the merits of off-shoring your finances. After all, most governments discourage their citizens who work onshore from investing in foreign countries. Rather, they encourage them to invest inwards.

There are numerous reasons for this. For one, the government encourages its citizens to honor their reporting responsibilities, especially when it comes to taxes. The reason for this is simple; they want to keep an eye on their citizen’s money and assets where they could easily be monitored, hence preferring them being onshore where it is easy to do so. Nevertheless, when you are posted abroad, this monitoring becomes impossible as you are out of your government’s direct jurisdiction. This being the case, you can easily be able to invest in the country you are in, or in any other country you may deem appropriate to invest in, thus the importance of understanding the offshore investing procedures of diverse foreign countries.

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Understanding expatriate banking

If you are an expatriate, chances are you would have set up a local bank account in your current country of residence, and that you conduct your current financial transactions from this bank account. In most countries, banking services now include internet banking which has become the best means of accessing your account, paying your bills, making investments and gaining access to a host of other financial services from the comfort of your home.

Tips about internet banking security

If internet banking is new to you, there are some very important tips that you may find useful to also ensure that everything you do via internet banking is protected, as that protection starts with you. When you sign up for internet banking, always ensure that this is done securely from the time the account is created and the internet banking access provided. In order to keep your financial information secure, it is suggested that you regularly change your password and always ensure that you use an alphanumeric password which is harder to crack. Also beware when accessing your internet banking facilities in a public place such as internet cafés in order to ensure that your keying in of details is not tracked or recorded.

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