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Cayman Islands

Open international banking account for Cayman Islands Jurisdiction

As a world-renowned centre for financial services, the Cayman Islands is considered to be an appropriate region for firms to invest in. In fact, the Cayman Islands international companies are encountering various difficulties in the European markets and the US market. One of these obstacles is opening an EU banking account for international corporations in the Cayman Islands, which is a huge challenge to expand businesses to the most potential markets in the world.

Your international companies have to deal with a wide range of documentation requirements as well as eligible criteria from many EU banks, and this makes your success impossible. However, DSBC Financial Europe (DSBC) can help you solve that issue. DSBC offers our clients with premier international business account services and a great deal of flexibility to blossom your profits in global markets.

International Business Account for Cayman Islands jurisdiction

Here are our advantages that enable us to become your reliable partner in terms of wire transfers, international payments and financial management:

  • Your Cayman Islands-based corporations can open international business accounts in the EU effortlessly and make transactions in euro currency.
  • With DSBC’s international business accounts, you can start doing business in the whole EU, which allows your services and goods to reach 28 different countries - 28 different markets.
  • With our online onboarding process, your application can be completed remotely, saving your precious time.
  • DSBC facilitates your Cayman Islands-based businesses to approach ideal markets namely the EU and the UK as well as the US.
  • DSBC Head office is located in Lithuania, a European nation has good infrastructure and a stable economy, which would ensure the adaptation process is as smooth as it can.
  • We comply with the banking and financial regulations of the European Central Bank and the EU, which means we are a trustworthy partner whom you can cooperate with in the long run.

In addition, Cayman Islands-based businesses that plan to expand to the European market need an international Account for international remittance and cash management. And we are proud to offer you the approach to a stable financial management tool - The DSBC Financial Europe international Account for international business entities. Enterprises will benefit from all of these values that DSBC Financial Europe offers:

  • Open EU current accounts for non-European business entities.
  • Currency diversification.
  • Private Relationship Manager contact point.
  • Unique IBAN issued from DSBC Financial Europe.
  • Pay and receive capital in Euro currency.
  • Save foreign exchange fees.
  • Wire transfer seamlessly inside and outside of the EU.
  • Customisation according to your field of operation and your regular transactions.
  • International prepaid/debit MasterCard.
  • Wire transfer with SWIFT.

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(*.zip, *.pdf, *.doc, *.docx, *.png, *.jpg, *.jpeg <= 20MB/file, limit 7 files)

Document preparation for Cayman Islands companies:

Directors/Shareholders documents:

  • Passport of the account holder
  • Residential proof of the account holder

Legal entity documents:

  • Certificate of Incorporation
  • Certificate of Incumbency
  • Registered Company Address
  • Register of Shareholders, Directors
  • Memorandum and Articles of Association of the company

Our Offer:

  • Free DSBC Financial Europe international account opening fee
  • Free Multi-currency overseas account opening fee
  • Free Internet banking and mobile banking for businesses (sign up + monthly fee)

To register an international account with us, please follow the below process:

If you want to apply with us, please refer to our eligibility criteria:

  • This account can only be opened by the directors or shareholder/beneficial owner(s) of the company.
  • The company has to retain active status.
  • We accept many types of companies: Exempted (Limited by Shares), Limited Liability Company, etc. are able to apply for DSBC Financial Europe international current accounts as well as other financial services like cash management, cards, foreign exchange.

Please contact our Relationship Managers if you need any support when preparing your documents.

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Find out many benefits DSBC can offer for each jurisdiction

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 dnbcf.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.

See more:

2. What Is SWIFT?

SWIFT - Society for Worldwide Interbank Financial Telecommunication.

Transaction orders are transmitted between members of this network.

Each member is identified with a unique SWIFT/ BIC code.

To this day, SWIFT is the biggest and most efficient tool for international money transfer, with over 11.000 member institutions in over 200 countries, sending over 5 billions financial messages globally every year.

3. 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.

4. What Does SWIFT Code Represent?

SWIFT works by assigning each member institution a unique ID code that identifies the bank name, country, city, and branch.

For example DSBC Financial Europe BIC code is: DSFE LT 21 XXX

  • The first 4 characters represent our institution (DSFE - DSBC Financial Europe).
  • The 2 following characters represent the country we are based in (LT - Lithuania).
  • The other 2 following characters might be used to represent the location/city or a combination of numbers based on the organization's liking.
  • There might be an additional 3 characters, which are the institution’s branches.
5. 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 dnbcf.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 6123 7865.

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6. What Are The Differences Between SWIFT And SEPA?

 

Difference between SEPA and SWIFT:

 

Network 28 + 3 EU/EEA countries. 118 countries and territories.
Currency EURO. Multiple currencies.
Transaction time 01-02 business days. 02-05 business days.
Or more depending on the relationship between the two payment institutions.
Maximum amount transferred per day 15,000 EUR/day Unlimited.
Note: The maximum amount can be pre-set when establishing your account.
Transfer fees Cheaper for transfer within the EU/EEA region. Depends on the number of correspondent banks involved.
7. 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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8. Can I Send And Receive Transfer In Other Currencies?

At this time, with DSBC SWIFT transfer, you can send money from your Euro account to other accounts in any other currencies.

However, when you receive payments in other currencies, the fund will be automatically converted to Euro in your DSBC Financial Europe current account.

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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. "DSBC Financial Europe" UAB can assist you with different payment methods, whether it is a personal account or a business account.