The banking and payments consultants at Porat Group often hear from clients or potential clients who have incorporated an offshore company, in the hopes of making things easier with regards to both company structuring and payment solutions, only to find that banks are not as forthcoming as they once were, or the client was hoping they would be, towards offshore companies.
Not unexpectedly the reason for this is that banks are just as aware of the fact that jurisdictions such as the British Virgin Islands, Belize, Saint Vincent and the Grenadines, Marshall Islands, Dominica, Anguilla, Curacao, St. Kitts and Nevis, Bahamas, Seychelles, Vanuatu, Cayman Islands and many others are in fact offshore jurisdictions, as the clients are.
As a result, limitations are generally placed on offshore companies by banks, making it virtually impossible in many cases to open a physical bank account for such a company.
If you have found yourself in this situation, you should know that the experienced payments and banking consultants working at Porat Group are generally still able to help you, either by directing you to a suitable EMI (Electronic Money Institution) or in some cases to an actual physical bank that is willing to work with you, depending on your circumstances, industry etc.
EMIs are sometimes even preferable to banks, even though their rates may be slightly higher than a banks’, since they offer higher flexibility when it comes to incoming and outgoing payments, compared to banks.
Porat Group is also able to assist your company with locating and onboarding the credit card processing solutions in various jurisdictions to process cards worldwide, as well as other alternative payment solutions (including payments in crypto currencies).
That being said, we at Porat Group firmly believe that the same banking or payment solution is not the best suited for all clients, so an important part of our payment consultation service also consists of going through each clients’ specific circumstances and needs, in order to be able to make a personalized recommendation for each client. Generally, our recommendation gives the client several different alternatives to choose from and we only make recommendations based on banks and institutions we have previous experience with, to ensure stability, security and reputability.
If you are interested in getting your own, personalized recommendation in order to solve difficulties related to payments and banking, for an offshore company or otherwise, fill in our Contact form and we will schedule a consultation with one of our skilled consultants.