How to start an offshore fintech company?
Offshore 
Updated on January 21 
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content
- 1. What is Fintech?
- 2. Reasons why many businesses establish offshore fintech companies, fintech banks
- 3. License when Offshore Enterprises operate in the field of Fintech, Fintech banking
- 4. What are the steps and procedures for establishing an Offshore Fintech business or Fintech bank?
- 5. How can we help you open a fintech company in offshore countries?
- 6. FAQs abour Fintech company incorporation in offshore countries?
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Opening an offshore fintech company or fintech bank is not a simple task. It involves understanding many areas like legal rules, business licenses, company laws, and tax policies. One of the most important steps is choosing the right country to register the company.
For fintech businesses that want to enjoy benefits like low corporate tax, strong privacy, and simple tax and accounting rules, offshore countries can be a great option.
In this article, GLA will explain the full process of setting up an offshore fintech company or fintech bank, and why offshore locations are a smart choice for fintech businesses.
1. What is Fintech?
Fintech (short for Financial Technology) refers to companies that use technology to provide financial services for businesses or individual customers.
Fintech banks are banks that use technology in their services and operations—like payments, transfers, and customer support—to make banking faster, easier, and more convenient. Their goal is to improve the customer experience with smart and modern tools.
For example, in the US, mobile apps like Venmo or CashApp let people send money anytime, directly into someone’s bank account—quickly and easily.
2. Reasons why many businesses establish offshore fintech companies, fintech banks
2.1 Corporate income tax incentives for offshore fintech, fintech banks
Offshore companies operating in the Fintech and Fintech banking sectors will enjoy corporate income tax. Accordingly, fintech companies established in offshore countries will enjoy many corporate income tax incentives compared to fintech companies established in other developed countries.
For example: Business registration Open Offshore Fintech company in BVI will be exempted from all types of income taxes such as corporate income tax, personal income tax, value added tax, contractor tax, etc. However, because Fintech companies operate in the financial sector, Fintech companies established in offshore countries still have to declare the nature of their business activities annually to the government.
2.2 High security for businesses registering to do business as offshore fintech companies, fintechbanks
Businesses registering to do business as offshore Fintech companies or Fintech banks will have their business information kept confidential.
Enterprises registering to establish offshore Fintech companies, Fintech banks in BVI, Belize, Seychelles will have their directors and shareholders' information kept confidential. This helps enterprises protect their offshore fintech company, fintech bank business registration information from competitors.
2.3 Simple tax - accounting - financial reporting procedures
Each Offshore country will have different regulations on tax procedures - accounting - financial reporting:
- Company registration Offshore Fintech business establishment, Fintech bank in Seychelles Every year there are regulations that financial reports must be kept.
- Enterprises registering to do business as offshore Fintech companies or Fintech banks in BVI are NOT REQUIRED to submit year-end financial reports. However, all documents and accounting books must be kept for at least 5 years from the fiscal year in which they arise.
GLA provides accounting - tax - financial reporting services and QuickBooks accounting software to help businesses register to establish fintech companies, fintechbanks offshore in managing, storing and performing financial reports.
2.4 Some Offshore countries allow cryptocurrency trading activities, facilitating businesses to register as offshore fintech companies, fintechbanks
One of the activities of the Fintech sector may involve cryptocurrency transactions. Therefore, Fintech Enterprises and Fintech banks operating in the financial sector related to cryptocurrencies will be interested in offshore countries with friendly and open policies to allow cryptocurrency transactions.
Currently, offshore countries have different regulations for cryptocurrencies. In general, offshore countries have relaxed policies, creating favorable conditions for businesses to register to establish fintech companies and fintech banks offshore.
BVI is a country chosen by many Fintech Enterprises, Fintech banks related to cryptocurrencies to open companies. Leading financial technology companies such as Bitfinex, Finamatrix , and FootballCoin was incorporated in BVI.
3. License when Offshore Enterprises operate in the field of Fintech, Fintech banking
Foreign companies operating in the fintech and banking sectors often require specific licenses depending on the nature of their operations. These licenses are necessary to ensure compliance with regulatory standards, protect consumers, and maintain market integrity.
Commonly required licenses include:
- Payment Service Provider (PSP) License: For companies that provide payment services such as e-wallets, card processing and money transfers.
- Electronic Money Institution (EMI) License: For organizations that issue electronic money, such as digital currencies or prepaid cards.
- Money Transfer License: For businesses involved in money transfer, including electronic transfers and international payments.
- Cryptocurrency Exchange License: For platforms that facilitate cryptocurrency trading.
- Crowdfunding Platform License: For platforms that allow individuals to invest in projects or businesses.
- Digital Asset Custody License: For companies that provide safe custody services for digital assets.
Countries where Enterprises choose to establish companies operating in the field of Fintech, Fintech Bank:
- BVI: Has a stable political and economic environment, along with efficient company formation processes.
- Cayman Islands: Known for its favorable regulatory environment and low tax rates.
- Labuan: A territory of Malaysia with a favorable legal framework for fintech activities.
- Singapore: A leading financial hub with a strong legal framework and a focus on technology.
4. What are the steps and procedures for establishing an Offshore Fintech business or Fintech bank?
4.1 Legal research of Offshore country for Fintech company, Fintech bank
Companies establishing offshore fintech businesses and fintech banks need to research the legal status of the offshore country where they intend to register their company. This will help businesses identify countries with legal status that are suitable for their business needs and comply with regulations that help protect the interests of businesses, especially legal regulations related to licenses and tax policies.
4.2 Choosing an Offshore country to establish a Fintech business, Fintech bank
Choosing a country to establish a Fintech business or Fintech bank is an important factor to help the business develop in line with the company's business orientation and goals. Therefore, to choose a country to establish an Offshore Fintech business or Fintech bank, the business needs to consider the following factors:
- Legal framework, procedures for registering operating licenses (if any).
- Corporate income tax.
- Personal income tax.
- Corporate and shareholder information security policy.
- Financial reporting and accounting procedures.
- Cost of establishing offshore fintech company, fintech bank.
- Legal regulations related to cryptocurrencies (if the Enterprise exchanges and transacts in cryptocurrencies).
- Other factors.
4.3 Determine the type of Offshore Fintech company, Fintech bank
Enterprises establishing Offshore Fintech companies, Fintech banks need to determine the type of company suitable for the Enterprise.
Each offshore country will have different types and business structures depending on each country. In particular, BVI is an offshore country chosen by many fintech companies and fintech banks to establish companies with diverse types of businesses and flexible company structures.
Theo BVI Business Act 2020Enterprises establishing offshore fintech companies and fintech banks can choose the following types of enterprises:
- Company Limited by Shares.
- Company limited by guarantee and not authorized to issue shares.
- Company limited by guarantee and authorized to issue shares.
- Unlimited company authorized to issue shares.
- Unlimited company not authorized to issue shares.
4.4 Establishment of Offshore Fintech business, Fintech bank
To establish a fintech business or fintech bank, companies need to comply with offshore national legal regulations on business establishment procedures and tax and accounting procedures of offshore companies.
Offshore national legal regulations, offshore company establishment procedures and tax procedures will be different in each country. For example, to establish an offshore fintech company, fintech bank in BVI, businesses need to prepare:
- Company name.
- Necessary documents related to the application for opening an offshore fintech company, fintech bank sent to GLA:
- Application form for establishing an offshore fintech company, fintech bank.
- Identity card/Citizen identification of shareholders and directors.
- Documents proving permanent address of shareholders and directors.
- Business plan.
- After registering an offshore fintech company or fintech bank, the enterprise prepares documents and procedures to open a bank account suitable for the offshore company.
GLA with experience in registering Offshore Fintech companies, Fintech bank will advise, support, and accompany businesses in the process of opening an offshore company. Individuals/Businesses can refer to the comparison tool on the conditions for establishment between countries to support the decision to choose a country to establish a fintech bank company: click here.
4.5 Open a bank account for Individuals/Businesses registering to do business as an offshore fintech company, fintechbank
Businesses registering as offshore fintech companies and fintech banks will be able to open digital bank account, physical bank at offshore or major financial centers such as: Singapore, USA, etc.
The choice of opening a physical bank account or an online bank account at which bank will depend on the needs and suitability of each business model of the offshore fintech company, fintech bank.
GLA, with experience in supporting businesses to open online and physical bank accounts in offshore countries, Singapore, the US, etc. and being a partner of major banks such as: UOB, OCBC, etc., will advise and support offshore fintech businesses and fintech banks to choose the right and suitable bank.
Enterprises registering to open Offshore Fintech companies, Fintech banks can refer to the international bank comparison tool between countries to choose the right bank: Compare international banks.
5. How can we help you open a fintech company in offshore countries?
With solid experience in helping businesses start Offshore Fintech companies and Fintech banks, GLA provides full support through every step of the process:
- Advise on the best offshore country that matches your company’s goals and business strategy.
- Help you choose the right business structure for the offshore fintech company or bank.
- Guide and support you with document preparation and company registration procedures from start to finish.
- Provide tax, accounting, and financial reporting services tailored for offshore fintech businesses.
- Help you open and verify bank accounts—both physical and online—in top financial hubs like Singapore, the U.S., and more.
6. FAQs abour Fintech company incorporation in offshore countries?
How long does it take to form an offshore Fintech business?
The setup time usually takes 1 to 4 working weeks, depending on the country. However, in some offshore countries, businesses should also be aware of the special requirements and procedures for getting a Fintech business license. This step is important to legally operate in the Fintech sector and may take extra time depending on the country’s regulations.
Which countries should you choose to open your own Fintech company in?
The British Virgin Islands (BVI) offer many attractive benefits for fintech businesses: No corporate income tax, flexible company structures and easy company management. BVI is a popular choice for businesses that want a simple, cost-effective offshore setup.
Offshore Fintech Company, Fintech bank should choose to open a physical or online bank account?
Choosing to open a physical or online bank account depends on the business model and development direction of the enterprise.
GLA, with experience in opening physical and online bank accounts and being a partner of major banks, will help businesses establish Fintech companies and Fintech banks at Offshore to choose a bank account that suits the needs of the business.
What are the steps involved in incorporating my own Offshore Fintech company?
Each country has its own process, but here’s a general guide based on the British Virgin Islands (BVI), a popular offshore location for Fintech businesses:
- Chooose a company name
- Prepare the required documents for business registration and send them to GLA for processing. GLA will handle the company registration with BVI authorities.
- Once your company is registered, prepare the documents needed to open an offshore bank account that fits your business needs.
Highlights- Setting up an offshore fintech company or fintech bank can help businesses save on costs, protect their personal information, and stay flexible in global operations.
- Each offshore country offers different benefits and legal rules, so it's important to choose the one that fits your business model best.
- The setup process is usually straightforward, buty you still need to prepare all required documents and follow the legal regulations.
Having the right business license is key. It ensures your business runs legally and protects your company’s interests in the long run.
This article was published by GLA on 01/07/2021. Copyright and accompanying content are intellectual property of GLA. All rights reserved.
The guidance and content are for general information only and are not intended to provide specific guidance and advice on accounting, tax, legal or other professional advice. Readers should consult professional advisors on specific issues.
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