What Is an Offshore Merchant Account?

Offshore accounts are also called OSA accounts. Overseas support of natural persons, legal persons (including overseas Chinese investment enterprises registered overseas), government agencies, international organizations and other economic organizations, including overseas financial institutions Institutions, but excluding overseas representative offices and offices of domestic institutions ^[1] Accounts opened by the offshore business department of a domestic bank that has obtained offshore banking business qualifications in accordance with the law in accordance with regulations are overseas accounts; Accounts are less subject to foreign exchange controls. From the perspective of fund security, offshore accounts are more secure and are less regulated by the State Administration of Foreign Exchange.

Offshore account

1. Free transfer of funds:

The customer's offshore account is equivalent to an account opened in an overseas bank, and funds can be freely transferred from the offshore account without being subject to domestic

1. Offshore banks are also a common place used by criminals for money laundering and thus have a bad reputation.

2. Encourage residents to avoid or evade taxes.

3. Because it is not in the place where the depositor lives, inconvenience may occur in the service of depositors.

4. The starting savings for opening an offshore account are generally high, so it mainly serves people with higher income.

1. The bank is located in a country or region with a lower tax rate, so it can be used as

All non-residents of China, including companies, enterprises, factories, groups, banks, deposit-taking companies, fund organizations, and individuals registered outside China can open offshore accounts at banks that support offshore accounts.

Depending on the location of registration and the form of organization, the information required to start an offshore business may vary.

1. A company registered in Hong Kong shall provide:

1) Photocopy of a certified business registration certificate

2) Copy of certified company registration certificate

3) The most recent annual return

4) Certified copy of company memorandum and articles of association

5) Board resolution (two or more shareholders) or power of attorney (one shareholder)

6) Copy of ID card or passport of each director

7) Application for bank account opening

8) Seal card (five copies)

2.Australia, Singapore and UK registered limited companies provide:

1) Certified copy of company registration certificate

2) Copy of the company's articles of association and organization outline

3) Certified Director and Company Secretary Information Statement

4) Board resolution (two or more shareholders) or power of attorney (one shareholder)

5) Copy of ID card or passport of each director

6) Application for Bank Account Opening

7) Seal card (five copies)

3. BVI companies should provide:

1) Certified copy of company registration certificate

2) company structure certificate

3) Consent letter

4) Meeting minutes

5) Stock certificate

6) Certified copy of company memorandum and articles of association

7) Certificate issued by a certified public accountant

8) Resolution issued by the registered representative

9) ID card or passport of each director

10) Application for Bank Account Opening

11) Seal card (five copies)

4. A U.S. registered limited company shall provide:

1) Certified copy of company registration certificate

2) Certified copy of articles of association and by-laws

3) Legal statement before a notary public or lawyer

4) Board resolution (two or more shareholders) or power of attorney (one shareholder)

5) Copy of ID card or passport of each director

6) Application for Bank Account Opening

5. The sole proprietorship shall provide the following documents:

1) Photocopy of certified business registration certificate

2) Photocopy of a certified business registration certificate application

3) Photocopy of identity card or care of sole proprietor

4) Application for Account Opening

5) Power of Attorney and Seal Card (5 copies)

6. When opening a partnership account, the following documents shall be provided:

1) Photocopy of certified business registration certificate

2) Photocopy of a certified business registration certificate application

3) Photocopy of the identity card or care of the partnership operator

4) Power of Attorney for Account Opening of Partner Account

5) Application for Account Opening

6) Power of attorney and seal card (five copies)

7. When opening a bank account, the following documents shall be provided:

1) Certified photocopies of the minutes of the establishment meeting

2) Proven rules of association

3) Confirmed registration certificate

4) Power of Attorney for Account Opening

5) Photocopy of the official seal certificate of the legal representative

6) Account application form

7) Seal card (five copies)

8. When opening a non-resident natural person, they shall provide valid legal documents that can prove their non-resident status. The offshore bank should verify the account opening information provided by the non-resident and make a copy for the record.

1. It is completely secret and anonymous, and it is generally unnecessary to declare an annual report;

2. Business activities outside the registered area generally do not need to pay local taxes;

3. Allow one director or shareholder;

4. Unrestricted directors, nationality and residence of shareholders;

5, can choose bearer stocks;

6. Open bank accounts in other countries;

7. It is not necessary to submit company accounts every year.