Top 3 legitimate reasons to utilize non-resident corporate banking
Healy Consultants Group PLC
15 August, 2016
Contrary to popular belief, not all non-resident (or commonly referred as offshore) banking is done with the sole purpose of tax-evasion, money laundering or other similar nefarious reasons. Even the word “offshore” is often depicted in the media with corrupt politicians and shady businessmen. However, as we are about to discuss, there are several legitimate business reasons why companies and individuals use shell companies and bank accounts via smaller and more unknown banks.
Overcharging of famous brands – When Clients and suppliers hear you represent Coca Cola, they are very likely to overcharge you for a simple product or service. For example, hotels are notorious to overcharge celebrities and large corporates alike. If they do not know they are dealing with wealthy brand, overcharging is going to be minimized;
Safeguarding of business secrets – Market economy is driven by competition and keeping trade secrets is vital to providing quality, competitive product or service. Investments need very often to be kept hidden to secure the new product line reaches expectations.
Safekeeping of sensitive information – In many countries, services connected to military expenditure, diplomatic relations and travel need to be kept quiet. Difficult and very often warzone regions rely on keeping personnel safe by utilizing global non-resident banking.
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