Individual and corporate accounts
The requirements for opening an account here will vary from bank to bank. In general though, it has gotten relatively easier for foreign nationals to open an account – an individual one at least – but you should definitely consult with local legal and finance experts when you’re setting up a company.
Individual Bank Accounts
If you plan on opening an individual bank account, it’s best to call the particular bank first or check their website to find out what their specific requirements are. Generally, these will be:
2 Valid IDs. These can be your passport, driver’s license from your home country, locally issued IDs, and other IDs that have your picture, signature and address on them, including your ACR I-Card (Alien Certificate of Registration Card) if you have one.
ID pictures (1×1 or 2×2)
Corporate Bank Accounts
The requirements for opening a corporate account are understandably more extensive. When you’re in the process of setting up a company, you will need to open a treasurerin-trust-for account, which is temporary and non-transactional, but is convertible to a commercial account once your company’s incorporation has pushed through. Expect to provide:
Valid identification documents of the treasurer-in-trust/authorized signatory
Proposed Articles of Incorporation and By-Laws
Notarized Treasurer’s Affidavit
Once your company is registered with the SEC, typical requirements for corporate accounts are:
Articles of Incorporation
A notarized Board Resolution naming the signatories and providing authorization to open an account in a particular bank
Proof of listed status in a Recognized Stock Exchange (RSE), if applicable
The Philippine Banking System
The banking system in the Philippines is robust and well capitalized, with a non-performing loans (NPL) ratio in the single digits and strong and continuously improving prudential regulation and supervisory systems. The vast majority of the banking system’s assets are held by universal and commercial banks, with thrift banks and rural banks making up the rest of the market. The country’s central bank is the Bangko Sentral ng Pilipinas (BSP).
The system features an ever expanding range of banking services and financial products and several foreign banks have branches here. Offshore banking units (OBUs) and foreign currency deposit units (FCDUs) make up the country’s offshore banking system.
Opening Offshore Corporate Bank Accounts
If you’re planning on establishing an offshore company in the Philippines, then you’ll probably want to open an offshore corporate bank account as well. Like many of its neighboring countries in Southeast Asia (Malaysia, Singapore, Thailand), the Philippines has developed into an offshore financial center (OFC) and there are quite a few offshore banking units (OBUs) here. It should be noted that the country is on the white list of the Organisation for Economic Co-operation and Development (OECD).
At FilePino, we make it easier for you to open an offshore corporate bank account in the Philippines. If you cannot be here in person, we will act as your representative and will submit applications, develop a business plan, be present at interviews, and handle all communications with the bank on your behalf.
Features and Types
There are different kinds of offshore accounts available and you will first need to determine what your main business goals and requirements are in order for you to make the right choice. These include cash management, financing, foreign exchange and treasury services, and international trade services.
Procedure and Requirements
When opening an offshore account, banks will typically want proof of identities of all the parties involved, information on banking and business activities, plus documentation of source of funds. They will also perform a risk assessment. We will handle the bulk of this for you, but know that the process will take a certain amount of time and banks also need at least a few weeks for review and approval.
An offshore bank account provides myriad advantages, chief among which are flexibility, convenience and tax efficiency. For those involved in international commercial activities or who have assets in different countries, having an international account allows for multicurrency investments, greater privacy, significant cost savings in fees, and access to better interest rates, among other things.