17 August 2015
OFFSHORE BANKING UNIT
Offshore Banking Unit (“OBU”) is a unit of a local bank that undertakes international banking business involving foreign currency denominated assets and liabilities. OBU is setup to provide financial services to foreign individuals or corporations and to attract foreign investments into the country.
The typical advantages of an OBU bank account include:-
- Free capital flows
- Taxes is exempt depending on circumstances
- Limited disclosure (considered as foreign banking unit in the country in which it is located therefore limited disclosure to local authorities compared to domestic bank account)
- Trade financing such as LC, D/A, D/P is available
- Strong online platform as the OBU account is typically restricted from opening branches in the country in which it is located
- Typically subject to limited local banking regulations
Should you require any assistance in relation to OBU accounts, please do not hesitate to contact us.
(852) 2574 8289
Note that any information, publication, design, product, process, idea or know-how described in this website may be the subject of other rights, including other intellectual property rights, which are owned by ALCPA or other interested parties and are not licensed to you hereunder. ALCPA does not warrant the website to be error-free and will not be liable for any damages whatsoever, whether in an action of contract or otherwise relating to the use of the information contained in the website. Certain links in this website may connect you to website maintained by third parties, ALCPA has not verified the contents on these websites and will not be liable for any damages as a result of the use of these information contained in these links.