DWe have offshore account opening services in Bahrain and anonymous bank accounts with numbered debit cards in Asia, America and Europe. These are aimed at companies, individuals and major corporations.
Everything you need to know to set up an operating company with a bank account.
• There are prison terms for disclosing customer bank details to third parties (and possibly fines).
• Banks are largely subject to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).
• Banks are fully obligated to maintain sufficient records of customer and transaction data for law enforcement (old FATF recommendation 10 / new FATF recommendation 11).
• Banks and / or other covered entities are NOT required to report large transactions in currency or other monetary instruments to designated authorities.
• The national administration has sufficient powers to obtain and provide bank information upon request, but without qualifications.
• There are undue notification and appeal rights against the exchange of bank information on demand without qualifications.
We must emphasize that it is perfectly legal to open a offshore bank account in Bahrainas well as any offshore jurisdiction or low tax. Illegality arises when the beneficiary of these offshore accounts
You have not informed the administrative and tax authorities of your country of origin of the opening of said bank account.
• It is mandatory to keep accounting data.
• It is not always necessary to present the annual accounts to a public authority.
• Business accounts are not always online (up to € 10 / US $).
<br>• Dividend payments: No unilateral relief for double taxation through a tax credit system.
<br>• Interest payments: No unilateral relief for double taxation through a tax credit system
• The jurisdiction DOES NOT issue or accept circulation of large bills / cash notes of your own currency (value over 200 EUR / GBP / USD).
• Bearer shares are not available / not circulated.
• Series LLC / Shielded Cell Companies are not available.
• Trusts with escape clauses are not prohibited
• Bahrain is not currently on the FATF List of countries that have been identified with strategic AML deficiencies.
• The latest Mutual Evaluation Report related to the implementation of the rules against money laundering and terrorist financing in Bahrain was produced by the Financial Action Task Force.
• International (FATF) in 2018. According to that Assessment, Bahrain was found to be in compliance with 8 and largely complies with 26 of the 40 FATF recommendations. It was considered highly effective for 0 and substantially effective for 3 of the effectiveness and technical compliance ratings.
• Overall non-compliance score with FATF standards in percentage: 37,3%. (100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as completed or highly effective).
• Signed the MCAA and committed to sharing information on or before 2019.
• Number of significant activated AEOI relationships (under the MCAA) published by the OECD as of October 2019: 66.
The international and digital banks They're available.
Real bank operations: 90%.
Type of visa: BAHRAINI DINAR, US $, €.
Remote management account: To consult.
Asset management Depending on the rating of the company.
Rates: It depends on the type of account.
Credit / debit cards in local currency
Crypto-friendly banks: It depends on the correspondent bank.
Portfolio availability: No or depends on the correspondent bank.
Ability to issue letters of credit: SI
Foster Swiss is an international company registered in Switzerland aimed at providing financial and compliance advice on a variety of topics related to company formation
and commercial banking internationally. We are specialized in the implementation of businesses in different jurisdictions, which means that we offer value-added services helping our clients in their expansion abroad.
Some of these services include:
Advice and consultancy,
visas, offices, nominated director / shareholder / secretary,
accommodation if necessary… to name a few.
Check with your assigned consultant for more information.