11.How to work with the banks?

The way you used to work with your local company and bank does not change at all. What changes is that in the roll of your "foreign partner" will your new offshore company.

The work with the bank in which offshore company's account are maintained is done either via fax or modem (internet). You will have your own individual code (which changes with every new instruction according the bank code tables you will posses and special calculations), with which you will confirm you instructions to the bank. On the instruction you must always clearly state the sum, the beneficiary, his account number and bank. In order that the bank execute your instructions, they must be singed (by the account authorized signatory) and confirmed with your individual code.

 Some of the banks has there own individual code systems for their customers, which are not complicated for every day use.

Many banks has the facilities for the clients to manage their accounts through internet. If the client orders such service the bank will provide him with the necessary software so the client could operate and manage the accounts in strict confidentiality.  

The most banks can from time time ask for hard copies of the transactions (as per each country's central Bank instructions). Such request from the banks can take place in the case that the transactions indicate that the account is used for money laundering, or the transactions are different from previous activities of that client or the account is used for different purposes from the purposes state in the application for the account opening.

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