Offshore banking is a prominent feature in offshore financial centres and now in Ghana, non- resident individuals and foreign companies can enjoy this facility. Barclays Bank (Ghana) ltd – a branch of the world-renowned international banking group of Barclays-has been granted a General Banking license in Ghana. This allows the Bank to offer offshore banking products and investment options for non-resident individuals and foreign companies. It is therefore possible for non-resident individuals and foreign companies to open and operate offshore bank accounts in the country.
Benefits of Offshore BankingThere are various reasons and benefits in opening and operating an offshore account in Ghana. Some of the benefits to be derived are:
ConvenienceThere is the availability of Telephone and Internet banking for clients and this enables easy accessibility to corporate or personal accounts anywhere in the world. In addition clients can use ATMs across the world for easy access to their accounts.
Security and Confidentiality Privacy and confidentially is an important element when it comes to offshore bank accounts and this advantage is firmly offered in Ghana.
Global AccessThere is easy accessibility to accounts from anywhere in the world and also access to global investment funds and products.
Offshore Banking ProductsCustomers can open and operate both call and investment accounts in the three major currencies: USD, EURO, and GBP. There is also the option of a corporate or personal deferred Debit cards in US Dollar, offering worldwide payment facility, instant cash, automatic billing and complementary benefits. In addition, clients can request for multi-currency cheque books.
For Ghanaians resident abroad, there is a further incentive for opening an offshore bank account since a local currency current account can be opened and operated once the offshore bank account is opened successfully. With the client’s permission, a trusted relative or a dependent in Ghana can operate the local currency account. It must be added that there will be free money transfer between the UK account and the Ghanaian account.
General information concerning offshore bank accountsAll reputable offshore Banks would require detailed personal and business information from the owners and controllers of the offshore bank account.
Specifically, the bank will need to know and be able to identify the actual individuals opening accounts or beneficial owner (s) of the foreign or offshore company. All owners and controllers of the offshore account, as well as everyone, who will be granted account signatory rights, will need to be properly identified and have to provide a number of documents. Please find listed below the requirements for both personal and corporate accounts.
Requirements for personal account opening:
- Photo ID
- Residential Address Confirmation.
- Reference
Requirements for corporate account opening:
- Certificate of Incorporation
- Memorandum & Articles of Association
- Appointment of Bankers
- Bank Reference
- ID & Address Verification
Anonymous accountsAnonymous bank accounts do not exist. All offshore Banks are required by law to know their clients in a very comprehensive detail way and there can be no exceptions. It must be pointed out that even though Banks are required to know their clients, they are required under the offshore banking legislation to provide strict confidentiality to all their clients. Banking information can be divulged but only under certain extreme circumstances for instance if the offshore account is involved in criminal or terrorist activities. Sharing information, reporting or any kind of release of confidential banking information to any foreign party or foreign government is strictly prohibited. There are severe financial and criminal penalties, which awaits both bankers and agents who divulge client information.
Registration ProcessInterested non-resident individuals or corporations should contact Barclays bank Ghana Ltd directly on
021-762036.
Please feel free
contact us if you have any questions.
