Okay – this post should not be raunchy or anything, but what in the world offshore bank account has got to do with being sexy? Let me explain.
If you have heard about offshore bank account, I can guess that the first thing that comes out of your mind is one of the following: illegal, money laundering, mafia, tax evasion, fraud, scam, and what-not.
Well, you have every right to share your opinion, and you are (partially) right: Some people do use offshore bank account for doing bad, but to say that going offshore means you are one of them is misleading at best. Let’s just say that those guys are giving offshore banking a bad name.
In reality, offshore bank account can solve many of your business problems – which makes it super-attractive.
Our friend over at ICO Services shows you why offshore banking is sexy:
1. Protecting your assets against local instability
We love to live in a peaceful world, but sometimes, the way of the world just doesn’t turn that way. Your local political and financial instability can pose a great risk to your hard-earned business profits – e.g. seized account, or even disappearing account (yes, that happens.)
You need a safe haven for your assets, and opening a bank account in, say, Tanzania, can offer you just that.
2. Lower tax on your asset
Well, this is probably why offshore banking is misused by the bad guys. But this should not stop you from opening one for your business. How so?
Listen, as a business owner I always want to maximize my cash flow. Yes, revenue is nothing, but cash flow is everything. One of the major items in the expense column for every business out there in the world is business taxes.
I want to play by the book, of course, and I always look for creative ways to lower my taxes – legally. One of the ways is the use of offshore bank account to keep the retained earnings of my business. Lowering my taxes legally? Why not?
3. No physical presence required, and you can access your account everywhere
If you think that you should physically present in the jurisdiction where you open a bank account, think again. There are offshore banks that offer online banking features, allowing you to do transactions online, whenever you want and wherever you are.
Any companies can benefit from this feature, but the biggest beneficiary of this feature, in my opinion, is an online business with no physical presence.
Services offered by companies like ICO Services can help you take the hassles out of opening an online offshore bank account – so be sure you consider your options wisely.
Un-sexy thing you need to be aware of
Just like any other things in the world, there are pros and cons with opening an offshore bank account.
Please note that although everything seems legit and cool and sexy, you need to be aware that going offshore is not the ultimate solution, especially if you are slacking in the reporting of your financial activities.
Yes, going offshore doesn’t mean you are exempt from letting your local government about your activity; because if you do, you are joining the bad guys club. You need to do the reporting, or else, you can get into trouble (‘trouble’ can mean going to jail for tax evasion.)
With that being said, if you are playing by the rule, you don’t have to worry about anything. This leads to the following conclusion…
Conclusion
It is always best to seek professional help. You can DIY your offshore bank account opening, but that is a major hassle, not mentioning the rules and regulations you may not be aware of. Not being aware of rules and regulations is the root of all evil.
Moreover, not all professional help is actually helpful. Choose the one with a strong reputation and know-how. A reputable company, ICO Services can help you open an online offshore bank account, while guiding you along the way with their years of experience.
So, are you ready to be sexy?