Offshore Banking FAQ

What is an Account Signatory?

An account signatory is a trusted person who has signatory rights in business or corporate offshore bank account. An offshore bank account signatory is entitled to execute wire transfers, sign cheques and make other payments from the offshore bank account.

Depending on the rights granted by offshore company directors, an account signatory may either have a single signatory right, or a joint signatory right together with someone else, for example, other account signatory, director of the offshore company or even a person formally not related to the offshore company – a beneficial owner.

Undoubted rule for the work of account signatory is that he/she can act only in accordance with the instructions of the actual owners of the funds, no in his own interests. Account signatory services are normally provided by a professional and could be created by various reasons, for example, as nominee services providing additional privacy or for professional introducer to have some control to ensure that offshore bank account transactions will not involve obviously illegal or suspicious activities.