Banks are heavily required to maintain sufficient customer and transaction data records to enforce the law

Opening de cuenta
banking in Botswana

Country banking analysis

DWe have offshore account opening services in Botswana 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.

1. Exchange of banking information

β€’ There are prison terms for sharing customer bank details with any third party (and possibly fines).

β€’ Banks are partially subject to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).

β€’ Banks are largely required to maintain sufficient records of their customer and transaction data to enforce the law (old FATF recommendation 10 / new FATF recommendation 11).

β€’ Banks and / or other covered entities are required to report large transactions in currency or other monetary instruments to designated authorities.

β€’ The national administration has sufficient powers to obtain and provide bank information upon request without reservation.

β€’ There are undue notice and appeal rights against the exchange of bank information on demand without qualifications.

Is it legal to open an offshore bank account in Botswana?

D

We must emphasize that it is perfectly legal to open a offshore bank account in Botswanaas 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.

2. Measures to avoid tax evasion

<br>β€’ Dividend payments: Unilateral relief for double taxation through a tax credit system for a payment scenario (if the recipient is an independent or related legal person, or a natural person).

<br>β€’ Interest payments: Unilateral relief for double taxation through a tax credit system for both payment scenarios (recipients always receive a unilateral tax credit, regardless of whether it is a legal person or a natural person).

3. Circulation of cash

β€’ The jurisdiction does not issue or accept the circulation of large bills / cash notes of your own currency (value over 200 EUR / GBP / USD).

β€’ Bearer shares are not available / circulating.

β€’ Series LLC / Shielded Cell Companies are not available.

β€’ Trusts with escape clauses are not prohibited.

MORE CONFIGURATION SERVICES SOLUTIONS

  • Shareholders and Agents
  • Office permits
  • Protection of trademarks and copyrights. - Market study.
  • Legal support
  • Proportion of details of temporary unions or associations
  • Fusions and acquisitions.
  • Internal control.
  • Group restructuring.
  • Financial management consulting.
  • Buy a business.
  • Valuation of companies.
  • Credit recovery
  • Job solutions
  • Due diligence search on existing companies and individuals

4. Anti-money laundering legislation

Botswana It is on the FATF List of countries that have been identified with strategic AML deficiencies.

The last Follow-up Mutual Evaluation Report related to the implementation of anti-money laundering and terrorist financing regulations in Botswana was carried out in 2020.

Based on that Assessment, Botswana was found to be in compliance with 6 and largely compliant with 16 of the 40 FATF recommendations. It was considered Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness and Technical Compliance ratings.

Overall Non-Compliance Score for FATF Standards in Percentage: 59,5%.
(100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as completed or highly effective)

5. Automatic exchange of information

Automatic information exchange is extremely secretive in Botswana.

Tanzania It is not a signatory to the Multilateral Competent Authority Agreement (MCAA), which provides the multilateral legal framework to participate in the automatic exchange of information (AEOI) in accordance with the Common Reporting Standard (CRS) of the OECD.

What type of private banking exists in Botswana?

International Banking
Local banking

Central bank security ⭐⭐⭐

The international and digital banks They're available.

CRS: NO.

Real bank operations: 90%.

Type of visa: PULA, US $, €.

Joint accounts.

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.

Why with Foster Swiss?

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.

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