DWe have offshore account opening services in Kenya 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 sharing customer bank details with any third party (and possibly fines).
• Banks are not subject at all to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).
• Banks are partially obliged 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 required to report large transactions in currency or other monetary instruments to designated authorities.
• The national administration is powerful enough to obtain and provide bank information on request, but with some problems.
• There are undue notification and appeal rights against the exchange of banking information on demand without qualification
We must emphasize that it is perfectly legal to open a offshore bank account in Kenyaas 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.
<br>•There is no unilateral relief for double taxation through a tax credit system.
• The jurisdiction does NOT issue or accept the circulation of large notes / cash notes of its own currency (of a value greater than 200 EUR / GBP / USD).
• Unregistered bearer shares are available / outstanding or registered by a private custodian.
• Series LLC / Shielded Cell Companies are not available.
• Trusts with escape clauses are not prohibited.
Kenya is not currently on the FATF list of countries that have been identified with strategic AML deficiencies.
The FATF welcomes Kenya's significant progress in improving its AML / CFT regime and notes that Kenya has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that the FATF had identified in February 2010. Therefore, Kenya is no longer subject to the FATF monitoring process under its ongoing global AML / CFT compliance process. Kenya will work with ESAAMLG as it continues to address the full range of AML / CFT issues identified in its mutual evaluation report.
The last Follow-up Mutual Evaluation Report related to the implementation of the anti-money laundering and terrorist financing regulations in Kenya was conducted by the Financial Action Task Force (FATF) in 2017. Based on that Evaluation, Kenya was considered complies with 1 and largely complies with 24 of the FATF 40 + 9 Recommendations.
Overall Non-Compliance Score of FATF Standards in Percentage: 86,4%. (100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as completed or highly effective).
The automatic exchange of information is extremely secret in Kenya.
Kenya is not a signatory to the Multilateral Competent Authority Agreement (MCAA), which provides the multilateral legal framework to engage in Automatic Exchange of Information (AEOI) in accordance with the OECD Common Information Standard (CRS).
The international and digital banks They're available.
Real bank operations: 90%.
Type of visa: KESh, US $, €.
Joint accounts: SI.
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: It does not depend 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.