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If you have had more than your fair share of financial knocks & scrapes in life & you have been made bankrupt or you simply have a poor credit history you will know that being in such a financial position isn’t only emotionally very hard & stressful, it can also lead to you living in a catch 22 situation where you can not even establish a new business or get a new business bank account to enable you to trade & rebuild your professional reputation & financial standing.

There are however excellent legitimate offshore options for bankrupts & those with poor credit history because even though you are bankrupt in one country, that financial label & unfairly associated stigma doesn’t travel outside the borders of the country in which you have been declared.

So, if you are in a position where you want to start a new business or resume contracts where you left off, where you want to open a bank account to receive cheques & payments for work undertaken & completed & everywhere you currently turn you are faced with closed doors & ‘I’m sorry, we can not help you’ type rejections, it is time to turn your own back on so called help-ful banks & institutions who only ever help those who can already help themselves & look at the offshore world.

First things first you really need to know that it’s 100% legal for you to go offshore. Secondly here’s an example scenario of when you could go offshore & how you could go offshore: -

Example Scenario

You have been declared bankrupt because clients bounced cheques on you & failed to pay you for work you had undertaken.

You now have a new client base & have orders open for which you’ll be paid in part up front thus giving you the capital you really need to get started.

You can no longer be a director of a new company in your home country.

Without a company you can not open a business bank account.

You can not risk using your personal account for these transactions.

Example Solution

You could immediately establish an off-the-shelf company offshore & open an offshore business bank account in the name of the company.

You can use the company to trade through & raise invoices from, you can use the bank account to send & receive payments.

Hey presto you are back up & running!

Just remember that you really need to select a reputable offshore tax haven that your clients will not actually be suspicious of or have black listed in their minds as a location used by ‘dodgy’ business persons!

Additionally if you use an offshore company incorporation service provider you should be issued with a 100% money back guarantee that if they can not open you an offshore business bank account in the name of your company they refund all monies paid up front to them – because opening an account can be tricky for some service providers & you do not want to be left in the position where you have a company to trade through but no account to receive payments into.

And finally, remember also that by going offshore you can not evade taxation. Where a reporting requirement exists in your own home country you’re legally obliged to abide by that reporting requirement.

Rhiannon Williamson writes about offshore company formation & incorporation – how to do it & who can benefit from it – & understanding the features & benefits of offshore bank accounts, offshore trusts & investments. Her website ShelterOffshore.com has all the offshore information you could possibly need.

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