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Offshore Account - FAQs

1. How can I open an offshore company account?

An offshore company account can only be opened by the CEO of a company or owner(s) who has completed the identification procedure.

If you are not the head of the company, but an authorized person, you also need to complete the identification procedure. Afterwards, you'll be required to submit a power of attorney or permission with e-signature by the company head to complete the steps to open an international company account.

To open an offshore company account, you can visit dsbcf.com and click the “Open an account” button on the top right menu. After that, a new landing will appear, in the select box “Type of DSBC Financial Europe Account”, please choose the “corporate account option”. Then you need to fulfil mandatory information and submit. You will receive a confirmation email from DSBC Financial Europe and our Relationship Manager will get in touch with you for documents and onboarding advisory.

We also offer international current accounts for personal usage. If you are an expat and want to open a current account for your business transactions or international payments as well as local expenditures, you can apply for a personal current account. Personal current account is also an offshore account that facilitates you to live your life with ease, transfer money with low cost internationally or domestically.

Personal offshore accounts for expats helps you pay bills or daily spendings conveniently with prepaid/debit Mastercards. DSBC cards are accepted worldwide and you can easily access any ATM around the globe.

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2. What is an offshore current account (overseas account, international company account)?

An account held by a foreign bank is often referred to as an offshore account. You can either reside in London or New York or almost anywhere and still open an offshore current account in the capital of Singapore. There are no physical boundaries to possess an international company account. Or global companies whose ownership or business activities lie outside of Europe like some offshore nationalities/jurisdictions: Hong Kong, Singapore, British Virgin Islands, Cayman, Belize, Seychelles, etc can open overseas company accounts in Europe.

Moreover, It is remarkably easy to contact service providers and make an online registration for an offshore current account as long as your institution satisfies the eligible criterias.

Opening and owning an international company account is extremely beneficial for enterprises that do business globally because of the financial advantages and the manoeuvrability it brings.

For example, a large number of costs and fees will be less charged for money remittances by using an overseas current account which no traditional banks can offer. Also, having an offshore business account helps corporates avoid political risks and put their assets under protection.

In conclusion, an offshore corporate account gives enterprises a better, simpler way to make transactions without worrying about hidden fees. Everything that an DSBC Financial Europe overseas account offers is completely transparent.

3. Can I open an offshore current account from another country?

Absolutely. DSBC Financial Europe welcomes and accepts online applications for opening an offshore current account anywhere in the world with the assistance of our dedicated consultant team and experts.

Just by a few minutes to register your information online on our public website dsbcf.com, you can own your international business account without any paperwork.

DSBC offers international business account for clients worldwide. If you are an entity operating your business outside Europe, we also support you opening an account, because every step for onboarding is performed online from registering to documents submission and remote interview.

Moreover, if you are clients whose nationalities/jurisdictions are offshore countries like HongKong, Singapore, British Virgin Islands, Cayman, Belize, Seychelles…, you can apply for DSBC overseas current accounts without any difficulty.

If your businesses are incorporated in the US, India, China, the Middle East..., and you need an offshore current account for transactions with Europe in euro currency, DSBC is the best option for you with an online opening account and fast onboarding process that help you manage cost and time effectively.

Please note that every nationality/jurisdiction will have different requirements, we flexibly support our customers case by case.

For more information, you can contact us by visiting the contact us page or chat box at the bottom right corner on DSBC public website. If you need to speak directly, you can call our hotline +370 5 420 5555 or call WhatsApp/Viber at +370 638 07451.

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4. What are the differences between EU Corporate Accounts and EU offshore accounts?

The main differences lie in the location that a legal entity incorporates. EU Corporate accounts are applied for companies that are operating businesses in the EU, while EU Offshore Accounts are opened for entities that run business activities outside of Europe. For example, if your enterprise is licensed to operate in regions within the European Union territory, such as German, Italy, Spain, Sweden, etc. Then the most suitable current account for your institution should be a corporate account.

On the other hand, financial institutions like DSBC Financial Europe also provide money remittance service and offshore company account opening service for establishments doing business outside of the EU. There are little to no limits for enterprises operating anywhere in the world legally when owning an EU offshore account.

However, there are some of the constraints on opening EU offshore accounts in specific regions due to the European commission's charter. Find out more about regional terms and conditions.

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5. What activities can be defined as prohibited?

We have strict regulations based on the European Commission’s legislation for production or trade in any product or activity deemed illegal under host country's laws or regulations or international conventions and agreements, including, without limitation, host country's requirements related to environmental, health and safety, and labour aspects. Any enterprise or organisation that runs inappropriate businesses in the following list below will be rejected to register for an EU offshore account.

  • Production or trade in weapons and munitions.
  • Production or trade in alcoholic beverages (including beer and wine).
  • Production or trade in tobacco.
  • Gambling, casinos and equivalent enterprises.
  • Production or trade in pharmaceuticals subject to international phase-outs or bans.
  • Production or trade in pesticides/herbicides subjected to international phase-outs or bans.
  • Production or activities involving harmful or exploitative forms of forced labour/harmful child labour.
  • Production, trade, storage, or transport of significant volumes of hazardous chemicals, or commercial scale usage of hazardous chemicals.
  • Any business relating to pornography or prostitution.
  • Abusing confidential or material, non-public information.
  • Trading of Animal Fur, Bones and Ivory.
  • Diamond trading without Kimberley Certification.
  • Indecent and Obscene material including child pornography.
  • Cultural objects like sculptures, statues, antiques, collector’s items, archaeological pieces especially from Iraq.
  • Trading of Fireworks, explosives and Nuclear Weapons.
  • Drug trafficking including chemicals used to manufacture synthetic drug or drugs.
  • Bitcoin Binary Trading/Virtual Money without license.
  • Investment from several individuals (third party) without proper approval.
  • Human Body Parts and Pathogens.
  • Gambling/Betting/Casino/Horse Racing/Bingo/Sports Betting without license.
  • Online Casino/Online Poker/Online Gambling/Online Betting without license.
  • Prize Draws/Gift Cards/Any form of Lottery/Scratch cards without license.
  • Trading in Derivatives/Options/Hedging/FOREX.
  • Money exchange dealer without license.
  • Jewel, Gem, Precious metal dealers without license.
  • Non - Profit Organization.

The above list is not exhaustive and may be subject to regular changes.

6. How do I open an international company account with DSBC Financial Europe?

To open an international company account, you or your company can visit www.dsbcf.com . On the top right corner, click the “Open an account” button and choose “Corporate account” option. Then you need to fill in all mandatory information. Our Relationship Manager will contact you soon to instruct as well as assist you in the onboarding process.

Opening a new international company account takes you from 3 to 4 business days. As long as your required documents are ready to submit, the process will be as fast as you expect. One crucial step of opening a new international company account is first funding. Your international company account will be ready to make transactions and instruct payments internationally right after your first fund is credited to your account successfully.

The first funding is required and the minimum amount is €3,000. You can fund more than the minimum number to your account.

Firstly, our Relationship Manager will send you a funding guideline which is step by step to instruct a fund transfer to your account. When your money is credited to account successfully, the onboarding process will be completed. Next step, the assessment team will review your application and approve to open your new account. Later on, you can activate your account and make payments easily.

Internet banking guideline is available on https://secure.dsbcnet.com/login (your login internet banking site) for your reference. If you cannot find the guideline, you can ask your Relationship Manager to provide this file.

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7. What are the benefits of an offshore company account, international business account?

Opening an offshore company account/ international company account can bring you a wide range of benefits and opportunities. Clients will own an international payment account which can transfer your fund around the world, or receive payment in seconds. An Offshore company account has a transfer limit of up to €50,000 a day. In short, the 6 key advantages of having an offshore company account are:

  1. Borderless account opening
    Customers all over the world can open overseas accounts in the EU for business transactions.
  2. Manage comprehensively
    Flexible method to manage capital flows and corporate confidentiality.
    Best customised services for your international company account.
  3. Avoid political risks
    Your funds are safe from any political risks.
    Storing your money in an international business account is a lot more secure compared to leaving it to a bank in political unstable areas.
  4. Best foreign exchange rates
    You can enjoy the comparative foreign exchange rates along with effective tax rates in terms of money remittances, deposits and investment transactions. All that savings in one EU offshore account.
  5. Low transfer cost
    Instantly send funds with a reasonable cost. No fees will be charged if transferring between DSBC Financial Europe offshore current accounts.
  6. Premium service
    Enjoy the highest standard of service.
    Enable easy and affordable access to funds.
    Introduce clients to overseas investment opportunities in the future.
8. May I have more information about DSBC Financial Europe in terms of the company's profile, license, etc.?

DSBC Financial Europe is a payment institution that is licensed with the Central Bank in Lithuania in 2017. In addition, we are also approved by all EU countries to do business in 31 nations. As a payment institution, we primarily provide personal current account, corporate current account and offshore company account services. Our extra services are foreign exchange and merchant account services. Not only do we run business across Europe but also around the globe.

To learn more about DSBC Financial Europe, you can visit this link for more license information.

Headquarter of DSBC Financial Europe is located in Lvovo str. 25, Mažoji bure, 15th floor, LT-09320, Vilnius, Lithuania. With recognised expertise and the most comprehensive SEPA offering available, DSBC Financial Europe became the trusted choice for SEPA services for leading companies around Europe and over the globe in terms of digital payments and international remittance.

We are truly proud that we have a fully legitimate certificate and strong facilities and resources to ensure our clients experience the excellent payment services and perfect financial solutions.

In addition, clients who have businesses outside Europe can open international company accounts with us for payments or capital transfer to Europe in euro currency. We offer low transfer cost as well as fast wire remittance.

9. How does our Offshore account services work?

A single transaction between two companies using a traditional method like the bank's money remittance service may take several days to process before the money is officially transferred. Furthermore, traditional remittance service providers like banks employ a great deal of anthropological labour and use lots of other resources like paper and ink. This may result in a significant increase in costs and fees that the bank will charge its customers.

DSBC Financial Europe is, on the contrary, a technology-oriented financial institution whose offshore account services have opposite characteristics with banks. We will charge you an extremely little number of fees per transaction.

Unlike accounts used within a limited region, offshore company accounts allow institutions to exchange their fund between different currencies. This is considered a remarkably useful feature for an offshore company, particularly when the domestic currency is unstable or is expected to depreciate.

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10. Is there any extra fee associated with my offshore checking account during the time of usage?

There is no extra fee associated with your offshore checking account during the time of usage, only an amount of €1,200 is kept to secure the monthly fee of Account Maintenance in 1 year and this required amount is not fee or charge.

With DSBC offshore business accounts, you are only charged according to the tariff in section “Account Fees” and there is no hidden fee at all. Should you still have any queries in terms of fees and charges, you can contact us by calling the DSBC hotline at +370 5240 5555 or WhatsApp/Viber +370 6380 7451 or private contact of your Relationship Manager for knowledge clarification.

DSBC Financial Europe is committed to maintain a transparent financial environment for our clients. This is the key element for us to build sustainable business bonds with customers as well as our business partners. All fees and charges are available on the public website www.dsbcf.com. To learn more about that, you can visit the link below.

Please note that fees and charges are subjected to change from time to time. DSBC Financial Europe will update new tariff to clients via email, news on website, notifications in internet banking or mobile app. We advise you to keep abreast of new information on our announcements.

11. Which countries are defined as “Non-cooperative” third countries?

Production or trade in any product or activity deemed illegal under host country's laws or regulations or international conventions and agreements, including, without limitation, host country's requirements related to environmental, health and safety, and labor aspects.

These prohibited goods would require a special license to operate and would need to be reviewed on a case-by-case basis. Please contact us to find out if you are eligible to open an account with us. Here are some examples from the prohibited list. 

  • Production or trade in weapons and munitions.
  • Human Body Parts and Pathogens.
  • Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.

See more: Business activities prohibited

 

12. I can't find the offshore business account in detail?

To view more details of your offshore business account, you should log into your online banking account. In the main dashboard, you can click the “view details” button on the right of the offshore business account.

Or you can choose the “Account list” tab on the “Fast access” menu, then select your offshore business account and view details. If you want to export account details in a PDF file, you can choose the “Export PDF” button on the right.

The Export PDF file is an IBAN Certificate which includes name of client, account number information, currency, type of account (current account), IBAN paper format, IBAN electronic format and the BIC code.

From your internet banking account, you can view today’s balance and your available balance as well as your client number at DSBC Financial Europe.

With IBAN, you can transfer seamlessly in Europe with SEPA Instant Credit Transfer. SEPA Instant Credit Transfer (SCT Inst) is the largest scheme of the European Payment Council. It announces to the public a new era in payments with real time transactions.

To know more about SCT Inst, you can visit our website in the Insights menu or click to below link. for more support, please reach us at “Contact us” page on www.dsbcf.com.

About Us

We are always proud of being an experienced Financial Institution in the global financial payment market.

We provide the best payment platform as well as worldwide money remittance service. UAB "DSBC Financial Europe" can assist you with different payment methods, whether it is a personal account or a business account.