Offshore Bank Account Terminated : Discover How We Can Help You
Updated on December 2016
We are the only Hong Kong company to guarantee you bank account opening, or we achieve it successfully or we reimburse you, it’s plain and simple!
To access if this offer could be applied to your case please contact us with the below information:
- Your nationality and country of residence
- Your full name and passport number
- The detailed projected activities , the expected turnover , the first deposit amount and its provenance( bank and country )
- The location of your clients and suppliers
- The banks that rejected your application or terminated your account
Please ensure to provide us all these informations when you will contact us
Many banks clients are seeing their offshore bank account closed, with or without prior request for additional information, we list below causes and remedies
Change of bank strategy, they call it business or risk appetite or administrative reason, in fact they simply don’t want you anymore as a client because of:
- Your nationality and country of residence, should you be considered as national or resident in an high risk country, should your country have high level of taxes or change of laws and legislations
- High risk activities, the obvious ones are: online gaming, pornography, defenses materials, forex, wealth management, payment gateway, gold and diamonds, arts dealers etc... but again a change of bank strategy and your activity might be considered as a potential risk for the bank
Your offshore bank account may have been terminated also by:
- Absence of transactions, account considered as dormant, this is particularly right for corporate entities created to hide the beneficial owner and in fact designated to hold private funds
- Transactions with high risk countries, Algeria, Panama whatever the destinations the bank will be comfortable or not
- The location of your clients and suppliers, and sometimes a problem with the reputation of one of them could also see offshore bank account terminated
Often the client bears a responsibility toward the bank:
- Transactions and activities not in line with his business plan and initial declarations, the amounts differs, the clients and suppliers are not linked with the initial business model
- Absence of answers to bank inquiries, not answering to an update request, not supplying in time the copies of invoices or contracts etc...
Often an offshore bank account terminated means that the bank will follow its internal process:
- Giving the client between 30 to 60 days to find a new bank in order to transfer his funds, this could be potentially tricky as most banks have an onboarding process of 3 to 4 weeks and you will need to travel to meet with them …
- Freezing the account not authorizing any transactions
- Bank account closed - Remittance of a cheque addressed to the beneficial owner, not the corporate entity but the ultimate beneficial owner name and this will complicate enormously the opening of a new account as first the money will have to be deposited on a personal account.
Offshore bank account terminated – the remedies
We offer bank account opening services with the following countries: Hong Kong, Macau, Mauritius, Dubai, St Vincent, Singapore, Switzerland, Austria, Latvia, Estonia, USA, Bahamas etc...
When an offshore bank account is closed, you must find a new bank and start from zero with a compliance report prepared by a professional bank introducer:
- You can’t restart the process with the bank which terminated your account
- You can’t reapply with a new company in a bank which terminated your account or rejected your bank account opening
- Only few banks are accepting non-resident bank account opening, most of the banks have limitation regarding activities and deposits.