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BANKING SERVICES Setting Up Your Bank Accounts Opening a Bank Account in the UK Offshore Bank Account

RELATED SERVICES UK Company with Bearer Shares Holding Entities: United Kingdom Register a Branch in the UK Company Formation in Northern Ireland Incorporate in the Republic of Ireland Seychelles: Protected Cell Company BVI Corporate Vehicle for Charitable Use Cyprus: VAT Registration Holding Companies in Hong Kong Boat and Yacht Registration Trademark Registration Incorporate a Public Company in America

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OFFSHORE BANKING - OFFSHORE BANK INTRODUCTIONS & ACCOUNT OPENING

We assist our customers in obtaining and preparing all these documents. Typically offshore banks will require some or all of the following information to open and operate an offshore account for a simple offshore company which is owned by individuals (rather than a corporation, trust or other form of entity):

Certified proof of identity of owners, directors, account signatories and all parties connected with the offshore company. Acceptable proof of identity would normally include a passport copy.
Proof of residence of all parties associated with the offshore company. Acceptable proof of residence would typically include utility bill, an original bank statement or credit card statement.
Information relating to the expected annual income or asset base of the offshore company, the number of transactions per month, the geographic spread of the proposed business and the amount of money that will be left on deposit at the bank.
A description of the proposed business activity.
Documented evidence relating to source of funds, eg if a million dollars is to be paid into an offshore company's account, the bank will seek to obtain documentary evidence relating to the source of such funds in the form of a bank statement, contract or similar.
Some banks require clients to visit them on an annual basis.

We only open offshore bank accounts for clients with whom we have an existing relationship, i.e. clients for whom we have or are incorporating companies, or for whom we have provided other services.

What are Some of The General Advantages of Banking Offshore?
There is no definitive answer to this question as every individual’s circumstances are unique, and there are so many different types of account available in so many different locations in the world, and each offers the individual customer different features and benefits! But if you're an expatriate living and working overseas for example, offshore banking could have tax benefits for you, as interest on your offshore account could be paid without tax being deducted.

International Offshore Credit Card - £450.00! Coddan is able to offer VISA debit card and credit card facilities through Major International Banks without Credit Checks or Bank References. Client confidentiality is paramount. Available to all Business clients UK or International. The card is issued with an Offshore Current Business Bank Account from a Major International Bank. You will need an Offshore Company in order to qualify for the above service. VISA PLUS is an International debit card designed to cash money and get the information on your account balance in the ATMs, marked with VISA/PLUS logo all over the World. You can get access to the money debited on VISA PLUS card in 855 000 ATMs in 149 countries. VISA PLUS account is opened in both Euros and US dollars. When applying for the card no guarantee deposit or initial payment into the card account is requested. When traveling abroad it is not requested to show the information on the amount of money deposited on the card. When accounting abroad there is no need to worry about the currency exchange: this procedure is executed automatically. Call any one of our offices: Monday - Friday: 9:30am to 17:30pm +44 (0) 207.637.3881 +44 (0) 800.081.1510 +44 (0) 141.530.8188 +44 (0) 289.099.8744 info@ukincorp.co.uk Click on the button below to apply online:

And if you were to transfer your current savings and investments offshore as well you may be in a position to further reduce your tax liability in your home country. Other general benefits not limited to expatriate account holders may include:

asset protection
estate planning and inheritance tax planning
privacy and confidentiality
better interest returns
lower taxation burden
the chance to exploit active business interests overseas in low to no taxation jurisdictions
and global access to assets and income.

Live Help:
Live Help is a real time "chat" feature which enables you to interact with a customer service representative without a phone call. Get answers to your questions while using our website. Clicking the "Live Help" button will start an on-line session with one of our representatives. Live Help is currently available during normal business hours. Outside of the above opening hours, our business center will be closed. When you click on the button, you will see an e-mail form that will allow you to send us a mail with your questions. Live Help is free! There are no hidden fees. We offer the service as a courtesy to our website visitors.

Dear visitors, while having a chat session with a customer, we are frequently requested to give a piece of advice on tax planning or business structuring. We would like to inform you that it is against our principles to provide online advice pertaining to these issues. The points that may be covered during a session include service description, package or service price, navigation at our website, ways of making an order, methods of payment etc. Yet, if you wish us to provide you with advice on tax or business structuring, you should be aware that this service is chargeable.

We accept phone orders during normal business hours. Credit cards are the preferred method of payment; we accept VISA, MasterCard and Delta. We can accept payment in UK Pounds Sterling, US Dollars, Euros, Australian Dollars and Canadian Dollars. If you call and receive voicemail, just leave your name and number, as clearly and as possible, and we will call you back as soon as possible.

Monday - Friday: 9:30am to 17:30pm
Saturday: (offices are closed)
Sunday: (offices are closed)
Holidays: (offices are closed on all recognized UK holidays).

Money and Payment Policy: 
Coddan accepts all major currencies. We accept Visa, Visa Electron, Visa Purchasing, JCB, MasterCard, Solo, Switch and Delta. We do NOT charge "surcharges" for credit card transactions. If you do not feel comfortable transmitting your credit card number and other information on the Internet, we suggest you place an order online, choose "Credit Card via Phone" as the payment method, and then phone in to give us your credit card number over the phone. We will charge your credit card manually. Pre-payment with cashier's check or money order is accepted. We accept wire-transfer from anywhere. After you place your order, details about the wire-transfer process will be e-mailed to you on the second e-mail notification. If you missed that e-mail, please call our toll-free number that is given on the order confirmation.

OFFSHORE BANKING

We will guide you step by step through the offshore account opening process. We will send you the application form with detail instructions how to fill them. We will monitor the account opening from the beginning up to the time you start to operate your account.

Because in most cases it is highly recommended to hold an offshore account in the offshore company name, we do not open personal offshore accounts. (Exceptions can be made in some cases if your situation is appropriate and you are our existing client). Please familiarize yourself with the list and description of the banks we offer.

An offshore bank account, also known as international banking, is a service that most financial organisations provide and would be suitable for a customer who required a best of both worlds approach to banking. It is to summarise, a flexible current account that has the added benefits of a high interest savings account, therefore making it suitable for people who travel or are based abroad for whatever reason, business or pleasure, on a regular basis. This can be an extremely advantageous service once set up, allowing the account holder or company to concentrate on other issues and eases the pressure of banking whilst at home or abroad.

Most organisations offer similar benefits and depending on the chosen bank a customer could open an account for a relatively small amount of money. For companies or individuals with large amounts of money, high interest rates are extremely beneficial and an offshore account would provide a base or "safe house” to invest their profits or savings. An offshore bank account can also be beneficial for international students, those who have come from abroad to study in Great Britain. Advantages are as follows: Firstly, the account can be available in a range of different currencies depending on the customers needs; these include Sterling, Dollar and Euro. This can also include a chosen currency for chequebooks and debit cards, which can be used to withdraw funds anywhere in the world that displays the relevant symbols. This advantage saves money usually lost through exchange rates, therefore providing easier and cost efficient trading across international boundaries.

Secondly, regular payments are easy and convenient to make by either standing orders or direct debits and most banks do not charge an administration fee on accounts that are in credit. Interest rates are banded and usually paid on a monthly basis. It is advised, as with any account that potential customers shop around to find the best interest bands available, depending on the amount they anticipate to pay in. One of the biggest advantages of offshore banking is that there is generally no tax deduction, again it is important that this is clarified at the chosen branch.

Finally, when opening up an offshore bank account the customer should still have the advantage of services available to all other account holders, for example telephone and internet banking. This enables the account holder to manage the account without needing to return home or visit their nearest branch. This service could be used to resolve a problem by email, change dates or amounts of standing orders or simply update personal details.

You usually do not need to visit the bank with which you wish to work with. Most banks require us to provide them with certified copies of a company's Certificate of Incorporation, By-laws and a directors' resolution to open the bank account. Certain banks require the provision of a certificate of good standing and some other banks require documents to be notarized and apostilled in a company's jurisdiction of incorporation. All banks require evidence of beneficial ownership in the form of certified passport copies and appropriate board resolutions. Banks need to know their customer's business and thus we need to know detailed plans for a new company's operations, including projected turnover and the geographic spread of business. One of the conditions of opening a new account with most banks is the placing of an initial deposit and some banks may insist that significant minimum balances be maintained.

Do I Have to Travel Overseas to Bank Offshore?
No. You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone (either through a touchtone phone or by contacting your banking representative or registered agent.

RECONCILING YOUR BANK ACCOUNT

Using Your Check Register to Keep track Of Transactions:
The first rule in managing a checking account is to "keep good records." If you know your correct balance (the amount of money left in your account), you will be less likely to overdraw your account. This is where your check register can assist. It allows you to keep track of where you have written checks or made deposits. You should use your check register to record the amount every time you write a check, make a deposit or perform any other banking transaction. Here are some tips:

Complete Your Check Register Right After the Transaction:
If you carry your chequebook to the supplier, then right down the amount in your chequebook before or concurrent with writing a check. Write down the check number, date, payee and amount in your chequebook register. If you are paying the bills at the office, the same thing applies. This is made even easier by some of the PC software programs that have a check printing feature built-in, and online banking takes this feature one step further.

Record All of Your Banking Transactions:
For transactions such as deposits, withdrawals and all electronic banking transactions enter the information into your check register. Also, don't forget to include monthly maintenance fees, check-printing charges or other items that might appear on your bank statement.

Keep a Running Balance:
It is important to keep a running account balance following each transaction. A check register simply filled with check amounts, deposits and ATM withdrawals will not be of any benefit if the account balance is not kept up-to-date. Also, remember to add "deposits" and subtract "withdrawals" to keep an accurate balance.

Manage Your Short-Term Cash Flow:
Make it habit to look at your short-term cash flow on a regular basis. If you have an active business and generate a large number of invoices or pay a large number of checks, you may want to look at your cash flow on a daily basis. If you have hired someone to help you, devise a simple one page report that they prepare and put on your desk every day. Such a report might include: cash balance, beginning of the day, + A/R Collections, + other receipts (include brief description). Subtotal = Today's Bank Deposit. - Bills Paid. - Other items (include brief description). = Cash balance, end of day.

This can be a very simple process and it keeps you on top of the bank balance and let's everyone that is handling your money know that you are monitoring the balance. Occasionally, you will need to compare this daily report to the actual bank reconciliation; if you're using this system, it is not unusual to forget to include a bank charge or automatic payment, etc.

Three easy steps to balancing your chequebook. Balancing your chequebook with your statement allows you to accurately keep track of your money and the activity in your account. By making it a habit to balance your chequebook every time you get your statement, you will always know how much money is really in your account to help avoid overdrawing funds (for which there is a charge). Also, it will help you spot any unauthorized use of your ATM card or chequebook.

Think of your bank statement as a road map to the successful handling of your checking account. Follow these basic steps and you'll be on your way to organizing your finances. There are three steps to balancing your chequebook:

Check off Items in Your Register:
First, bring your check register up-to-date by comparing the items listed on your statement with the items listed in your chequebook register. To ensure that you have entered all necessary items in your register, check off each item in your register that appears on the statement.

Update Your Chequebook Register:
Record all transactions listed on your statement that you have not written in your register These entries may include ATM transactions, service charges and fees and deposits.

Use the Reconciliation Form:
The final step in balancing your chequebook is simple arithmetic. Use the reconciliation form on the back of your statement to guide you through the following steps (the actual form on your bank's statement may vary, but this is the typical format used by many banks):

Beginning in the upper left-hand column of the reconciliation form, write the ending balance listed on the front of the statement. Add to the ending balance any deposit you have made that does not appear on the statement. Subtract from this total any outstanding checks (those that you have written that have not appeared on your statement). Move to the upper right-hand column of the reconciliation form and write the balance shown in your chequebook register. Add any deposits not already entered in your check register. To this total, subtract any service charges or miscellaneous bank fees that appear on your statement, but have not been entered in your register. (Note that if you have properly done step 2., you should not have any more items). The balance of the right-hand column should equal the balance of the left-hand column. If the two amounts are equal, your chequebook is balanced. If not, you'll have to do some additional work.

What Happens if Your Figures do not Valance?
If your statement balance doesn't agree with your check register balance after you have completed the reconciliation, don't panic. Here are some tips to help you clear up the discrepancy: review the previous month's statement to make sure any differences were corrected. Check to make sure you have listed all outstanding checks. Again, refer back to the prior month's reconciliation and if all those items have not cleared on the current statement, they are still "outstanding" and should appear on the list again. Check your addition and subtraction if you are using a manual check register. Make sure you have listed all the deposits that have been made after the cut-off date of the statement. Make sure all the miscellaneous charges and fees are recorded. Double check the cancelled checks against your check register making sure that the amounts agree and that you have not transposed a number. (Don't just look at the amount you wrote in, look at the statement amount or the encoded figure at the bottom right corner of the check).

If you are still unable to solve the problem, you may want to contact a customer service representative at your bank for additional help. There may be a fee involved with this service, but it is important that you keep your reconciliations up to date.

OFFSHORE ACCOUNT IN LATVIA OR LITHUANIA FOR YOUR COMPANY, IBC, LLC OR LLP

Coddan acts as an agent for the largest banks in Lithuania. These banks offer a wide variety of retail and commercial banking services through an extensive network of branches locally as well as serving the international community through their remote bank account operation system. All these Banks have excellent internet banking facilities, a choice of credit/debit/anonymous Visa, Master, Cirrus, Maestro, Amex cards. The bankers will be able to assist you by introducing you to their investment portfolios or insurance services. Excellent relations with the Banks Correspondents located in the USA, Canada, Germany, Austria, Norway, Japan, Australia, etc., allow their clients to benefit from the unrestrained currency exchange operations and maintenance of multicurrency bank accounts. We will recommend you to a banking institution for your satisfaction taking into consideration your present citizenship and domicile.

The opening of a bank account is one of the primary concerns of our clients. All major banks recognize the importance of being able to carry out instructions expeditiously, with many banks now providing online computer facilities that provide information to the authorized user and the ability to effect either inter-account or external electronic transfers. Clients preferring to issue instructions by fax are able to establish coded systems with the bank to ensure both confidentiality and security. Banks are required by their regulators to know their customers’ identities and details of their business activities. Clients are encouraged to inform banks of changes in their business pattern or of any large transactions. Banks are suspicious of large inward transactions followed rapidly by large outward transfers from corporate accounts and generally do not wish to attract this type of business. A client who describes his business as a business consultancy with an estimated annual turnover of US$ 200,000 per annum should not be surprised if their corporate banker rejects an incoming transfer of several million dollars.

Debit Cards: Through our primary correspondent bank, debit cards are available for individual or corporate bank accounts in Lithuania. Debit cards allow you to access your funds through the Maestro / Cirrus system at ATM's worldwide.

The bank does not impose any daily ATM cash withdrawal limit restrictions, so you can withdraw as much money as your account has in it at any time. For cash withdrawals, you simply enter your card into any Maestro / Cirrus participating ATM (there are millions of them around the world), enter your pin, select withdrawal from savings, enter the amount of money you wish to withdraw, and the ATM hands you your cash - it's that simple! There are two types of debit cards available:

Maestro/Cirrus International Debit Card: This type of debit card can be issued for a person (individual) or corporate entity (corporation, foundation, trust, etc.). It can be used for purchases, or for ATM withdrawals at all Maestro / Cirrus participating ATM's around the globe.

EDC / Maestro / Cirrus Salary Debit Cards: This type of debit card is useful for companies who wish to pay their employees, commissioned agents, or any third party via an international debit card. Through the EDC / Maestro / Cirrus salary debit card, the card holder can access their funds via any Cirrus participating ATM around the globe.

This debit card system works as follows: Your company opens a corporate bank account. Each employee (or commissioned agent, etc.) is provided with a debit card that is linked to your company's account. Through the banks internet banking system, you can electronically transfer any specified amount of funds from your company's account to each employee's debit card account.

How to Operate Your Account:
'Client-bank' software allows you communicate with the bank via secure modem connection once the software is installed on your computer. Depending on the bank, you need to have an Internet connection on such computer or just phone line. Via Internet. You will be given a user ID and password that will allow you to access your account on the bank's web server. By fax. You will be given code tables that will allow you to use different password every time you fax your instructions to the bank. You will be offered the list of credit cards, debit cards and ATM cards.

Is it Legal for Me to Have an Offshore Bank Account?
Yes, absolutely legal. Offshore banking has been routinely and legally used for many years by individuals and organisations worldwide. Because many countries encourage international trade and enterprise, there are usually only limited restrictions on residents doing business or having bank accounts in other countries. However, reporting requirements on these accounts differ from country to country.

Is It Convenient to Use Offshore Banks?
Yes. With the Internet, e-mail, fax and telephone banking and the use of ATMs, your money is just as accessible as it is from your local bank account. You can easily and quickly transfer your money around the world by electronic transfer and can effectively bank wherever you are.

What About Income Tax on Income I've Earned Offshore?
Some countries require residents to declare their income on a worldwide basis and tax is payable on all your income. In certain circumstances the income of an entity which you control may also be taxable. For this reason, most countries have no restrictions on where your business interests, investments or bank accounts may be located. It is your responsibility to report income to your appropriate tax authority.

If I Have to Pay Taxes, Why Should I Bank Offshore?
There are many other reasons to bank offshore apart from minimising your tax liability. Other reasons include asset protection, estate planning, confidentiality, better returns and the chance to exploit active business interests overseas from a zero tax jurisdiction with near hermetic confidentiality.

I Would Like to Keep My Personal Affairs Confidential for Reasons Other Than Tax Minimisation. Are Confidentiality and Privacy Guaranteed?
The offshore jurisdictions offer extraordinary levels of confidentiality but they cannot offer absolute secrecy. All financial institutions have a legal obligation to report suspicions of serious criminal conduct. Foreign authorities can seek information, through the legal system, where there are well-founded suspicions of serious crime. A serious crime is defined as anything which is a crime in the offshore jurisdictions and would warrant a prison sentence of at least twelve months. Near absolute anonymity and confidentiality are achievable via a combination of various offshore vehicles, including International Business Companies (IBCs) and Offshore Trusts.

Otherwise, all personal data is subject to modern data protection legislation, and there are civil and criminal penalties for breach of confidentiality and unauthorised disclosure.