If you Google "anonymous bank account", there will be a lot of service providers that offer you the solution to have an anonymous bank account. But is it realistic to really have an anonymous bank account? In our experience as a service provider, the answer is no. The only solution we have is to create a multi-layer structure to create an anonymous bank account for you. But that takes times and it may cost a few thousands dollar more to have it.
Since the Panama papers sage, many banks have enhanced their KYC process. There are banks that asked their clients to close their offshore bank account apparently with no reason given. Not to mention about the new account, the potential clients which own offshore company will have a problem opening a bank account for their offshore company. In fact, there were a lot more inquiries regarding offshore bank accounts than before after the Panama papers saga.
There are a lot of service providers recognised this trend and they leveraged on it by selling the clients the idea that they can still open anonymous or numbered account for customers, we do not want to commit this to our clients even we know some loopholes. To us, we rather be honest than to misrepresent our clients. In the first place, if a client has engaged us to provide "nominee service" which we provide nominee shareholder and nominee director, he has to be named as the UBO (Ultimate Beneficiary Owner) to protect their interest. At the same time, the nominee shareholder signs a declaration of trust to the UBO and the nominee director signs a power of attorney to the UBO. These 2 documents will prove that the nominee shareholder is merely holding the share on his behalf and enable the UBO to execute any agreement with any third party.
Whenever this offshore company opens a bank account, the bank will ask who is the UBO. An ethical service provider will declare that they are holding the share on behalf of the UBO. This created a case whereby it is no longer anonymous. The UBO remains unchanged even if the shareholder and the director are nominees.
How do we get around that?