Selecting Introducer

Selecting the offshore bank introducer could be the most tricky part of offshore bank account opening. There is a lot of information available in the Internet about offshore jurisdictions as well as offshore banks, however most introducers provide on their sites just contact information and some vague description of the bank in which you would be able to open the offshore bank account.

Many people ask why these introducers are needed, and why the banks do not open offshore bank accounts directly with customer. Offshore bank account introducer normally is a company located in another offshore jurisdiction or in the same jurisdiction where offshore bank account is located. This is not to be very large organization but it should be reputable, and at least several lawyers and accountants should work there. Most offshore banks have a network of such professional introducers to which some part of work on offshore bank account opening can be delegated. The main job professional offshore service providers or intermediaries do is:

The first task could be done by the bank, and there are many offshore banks which open the bank account directly with customers, or work both directly with clients and through professional intermediaries. The second task, however, cannot be done by offshore bank, and using professional intermediaries is the only way how to provide this very popular service.

Perhaps there is no offshore bank that does not provide offshore bank account opening, and that has reached substantial worldwide popularity. Offshore banks, especially those that have no wide network of branches, need professional intermediaries located in other countries to work as a remote branch from where to advertise the basic bank and identify the client. For example, if the offshore bank itself is not represented in a country but there is professional offshore intermediary working with this bank, the customer can visit the office of this professional intermediary and have the interview there.

Another reason why offshore bank needs professional intermediaries is that intermediaries can advertise some additional features of offshore bank's services that offshore bank does not advertise directly. Some offshore banks do not advertise their services at all, and all the advertising is going through professional introducers. However this is not very popular situation, and if some introducer does not want to name offshore bank before you pay the initial fee, perhaps there is situation when the bank account is offered in the offshore bank where it is very easy to open the bank account directly – without introducer. Not with every offshore bank, but this is also an option that might be considered – opening offshore bank account without introducer. However, this is possible only if you do not need nominee services and if this offshore bank provides straight-forward bank account opening procedure.