Opening an Offshore Merchant Account
Updated on Wednesday 12th September 2018
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An offshore merchant account is another type of bank account that is set up and used by e-companies or online businesses.
When opening an offshore merchant account, entrepreneurs should take into consideration any specific banking regulations in the chosen jurisdiction.
The process of opening this type of bank account is a straightforward one and it can be even faster and simple if the entrepreneur establishes it with a branch of a bank where the company already has an active corporate account.
The importance of good banking practices for offshore businesses cannot be neglected and our offshore company formation agents can make sure that your business chooses the most suitable solutions.
When opening an offshore merchant account, entrepreneurs should take into consideration any specific banking regulations in the chosen jurisdiction.
The process of opening this type of bank account is a straightforward one and it can be even faster and simple if the entrepreneur establishes it with a branch of a bank where the company already has an active corporate account.
The importance of good banking practices for offshore businesses cannot be neglected and our offshore company formation agents can make sure that your business chooses the most suitable solutions.
The advantages of the offshore merchant account
The list below is a summary of the most important advantages of an offshore merchant account.
- Global payments: by having a working merchant account, businesses can accept payments in many major currencies, from the main credit and debit cards, making it easy to open up to a wide range of clients from around the world.
- Simple purchase: the merchant account, through the fact that it accepts credit and debit payments, allows for simple and fast purchases, usually with one click.
- Recurring payments: the merchant account allows for convenient recurring bills set up plans for clients.
- Security: these types of payment methods allow for a certain degree of transaction protection, by using special data security tools and standards.
One of our agents who specialize in offshore bank account set up can help answer any specific questions if you are planning on opening a merchant account.
The merchant account for offshore businesses
Investors who are interested in offshore company set up will most likely wish to engage in a type of business that will attract clients around the world. When opening an offshore company in Belize for example, investors take advantage of the local tax laws and the easy incorporation process, however, they will choose to provide various services to clients worldwide.
The offshore merchant account is useful for direct selling businesses, for travel agencies, real estate companies, individuals who provide counseling services, companies in the insurance or financial sector and many others.
Tax compliance when opening an offshore bank account and an offshore merchant account is essential and will depend on the country where the account is based.
Contact our offshore company formation agents for detailed services about banking requirements in a number of offshore destinations around the world.