Opening an offshore bank account is the best buffer against political and other interferences back home. In many cases, banking systems back home are getting too much influenced by the central administrations such that people can no longer be assured of their deposits’ safety. The best alternative is getting an offshore bank account in a top jurisdiction such as Macau.
However, Macau banks have been rejecting bank accounts as its administration insists on pruning off any fraudsters and tax evaders. The following are the main reasons for bank account rejection in Macau.
Failing to provide ample info and need for the bank account
Macau, like Hong Kong, is one of the most progressive jurisdictions that encourage people to come and invest or open bank accounts. But the administration insists that banks must strictly apply know your customers principle to understand who they are dealing with. This means asking for additional documents to demonstrate who you are and place of origin. If you fail to provide some of the required documents, the chances are that the bank account request will be rejected at the easiest possible instance.
Failing to provide ample reasons for opening a bank account
For years, the main intention of opening offshore bank accounts was to avoid paying taxes back at home. However, Macau no longer supports such intent. Therefore, every account holder is asked why he needs to run a bank account. Here you must provide ample reasons for opening and be running a bank account. Giving frail reasons is a major reason for bank account rejection in Macau.
Being a resident in a country that is blacklisted by Macau
Macau, like other countries, has all along been very emphatic about the countries that it does not cooperate with. These are the countries that pose huge risks not just to Macau, but the entire globe too. For example, if you reside in Somali or North Korea, the bank account request will be rejected immediately. You might need to seek residence from another country before a bank account can be granted.
Failing to demonstrate your sources of income
Top foreign jurisdictions such as Macau have demonstrated their commitment to block fraudsters from their systems. One way of doing this is insisting on getting bank account applicants to demonstrate their sources of income.
If you are employed, the banks will insist on seeing the appointment letters and recent bank accounts. Failure to demonstrate the source of income makes bank to become suspicious of possible involvement in fraud or scam. This results in immediate bank account rejection Macau.
Not providing ample documents supporting your business
If you are opening a corporate bank account, you have to demonstrate proof of business. This is crucial in emphasizing that the business is legit and only works within the allowed frameworks. If you fail to demonstrate proof of business using documents such as invoices and contracts, the risk of bank account rejection Macau is very high.
Banks are rejecting offshore bank applications because they do not get supportive information or the applicants are likely to avoid paying taxes back at home. Macau wants to be a great business destination without risking the globe from dangers such as the recent recession. Therefore, check the selected bank’s requirements and ensure to meet all of them. You should also be ready to provide additional info when required to do so.