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Banking Confidentiality is still possible but no longer automatic!

In virtually all-Western European countries was traditionally accepted that the relationship between a banker and his client is privileged and cannot be released without specific legal sanction (In the UK see Tournier v. National Provincial & Union Bank of England [1924] 1 KB 491). However, in today’s world it now seems, often under the auspices of headings such as ‘national security’, such confidentiality is now a fiction. In fact, in countries such as the United Kingdom banking confidentiality is no longer really in situe with the most recent ruling forcing UK banks with offshore subsidiaries and/or branches to disclose information not on the basis of suspected criminal activities but on a ‘blanket’ basis.

 


The result is that there is in effect a new reverse burden of proof placed upon those who elected to use a UK owned offshore bank in that they need to prove that they have paid all UK taxes rather than the Inland Revenue needing to prove that they didn’t. Such bureaucracy is certainly a significant departure from the past and certainly anti-business in its nature …. Fortunately, however the SCF Group can assist UK businesses in establishing accounts in jurisdictions where the traditional ‘confidentiality’ is still in situe and unlikely to be compromised in the near future
 

Bank Introductions for Offshore Companies

The SCF Group offers two different types of Bank Introduction services dependent on your selected Offshore Company Management Option:
 
Beneficial Owner directly controlled Bank Accounts: This is where we introduce your company to a bank that is already aware of the identities and legal positions of the supplied nominee directors and further is also aware of your beneficial owner status. The advantages of using this service over approaching a bank directly is that the identity verification process will have already taken place for the nominees, leaving only the verification of the beneficial owner to be carried out
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Managed Bank Accounts: This is where the SCF Group directly manage your offshore company and act as the directors and secretary. The advantage is that bank accounts can be opened up relatively quickly and further go to establish the separateness of the offshore company from you or your existing companies

    

Major Tax Systems: France - Germany - Spain - The United Kingdom

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© SCF Corporate Management & Holdings (Cyprus) Limited


Representative Office:

SCF Legal & Corporate Management Services Limited,

3 The Fountain Centre, Lensbury Avenue, Imperial Wharf, Fulham, London SW6 2TW, UK

Certificate Number 05462416 - VAT Number 859 0235 14

T: + 44 (0) 20 7731 2020

E: offshore@scfgroup.com

 

Management Offices:

IAO Company Management Limited,
Cam Lodge, the Russian Village,
Kilquade, County Wicklow, Ireland
Certificate Number 3256941 - VAT Number 9694145G
T: + 353 (0) 1 201 1239
E: Ireland@scfgroup.com

SCF Corporate Management & Holdings (Cyprus) Limited Company,
225 Spyros Kyprianou Avenue,
Nicosia 2047, Strovolos, Cyprus
Certificate Number HE220019 - VAT Number 10220019R
T: + 357 (0) 22 467 181
E: Cyprus@scfgroup.com