Offshore personal bank account vs offshore corporate bank accounts - Privacy issues

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The relation between the beneficial owner's and the bank account will be obvious if it is opened as a personal account. On the other hand, opened as a corporate account, the association between the beneficial owner and the bank account is kept private. Meaning all transactions will be done under the accounts name, the company's name, not the beneficial owner's personal name.

A corporate bank account also provides privacy of ownership and protection of financial resources.. No creditor will be able to lien against the account.

Another advantage of having a corporate bank account, instead of a personal account, is the time consuming transactions the beneficial owner may carry on. Through a corporate account the beneficial owner can assign an authorized signatory (s), other than him/her to process the transactions. This way, the beneficial owner, only gives instructions and the transaction moves one, without him/her having to come to the bank personally. Although authorized signatories can be assigned for both personal or corporate account, the latter helps the beneficial owner avoid the extra burden of dealing with the bank, someone else can take care of the transaction while he/she is dealing with other important matters.

Authorized signatories can be used under the International Trust Agreement banking, and is the most secure method of maintaining privacy and security in banking. An anonymous corporation is formed and the law firm supplies a person to be the signatory and beneficiary owner of the bank account. The bank does not get any identity documents on the beneficial owner.

It works the same way with credit cards. In case the beneficial owner is interested in applying for both a credit card and a bank account, the best option is for it to be a corporate. On credit cards, it will only show the account's name, instead of the beneficial owner's name. Also, you should bear in mind, that as soon as a person becomes a holder of a credit card, Visa or MasterCard, his/her name and information are automatically stored on the institution's database, meaning anyone with a minimum interest on the credit affairs of the beneficial owner, will have complete access to his/her transactions. The personal information of any beneficial owner will not be revealed, if they are a corporate accounts.