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Where to open an account for a freelancer in 2020?

Under the current circumstances with COVID-19, not everyone can work remotely, but rather are forced to look for online earnings. In other words, they become freelancers.

And in this case, the question immediately arises: how can employees receive payment for the provision of their services?

In this article, we will consider such a topic as opening an account for a freelancer in 2020, as well as conduct a brief overview of various financial institutions, where you can open a non-resident account for an individual entrepreneur.

How to open an account for a freelancer?

Among the options for withdrawing funds, employers can offer a transfer of money to a bank card, to electronic wallets and accounts in payment systems.

However, opening a freelance account, especially if the remuneration is offered in foreign currency, is not so simple. Opening a non-resident account for a private entrepreneur is a service, offered by smaller number of international institutions.

A choice is not particularly large, however, in this situation, novice freelancers should give preference to proven options, in order to save money and personal time.

Our experts carefully analyzed a number of banks and payment systems, in which you can open a non-resident account for a freelancer remotely. We suggest focusing on the following of them.

Banking institutions

Free workers, planning to work with international companies or offer their services through foreign freelance exchanges, can open a non-resident account to an individual entrepreneur in Europe, Asia or America. Below are the most promising options, that do not require a personal presence, when opening an account.

Europe
Asia
  • To open an account for a private entrepreneur in Singapore. Advantages of the banks: multicurrency accounts may be opened for non-residents (with a personal visit/remotely), a wide range of services and modern Internet banking, a high level of service;
  • To open an account for a freelancer in Hong Kong. Advantages of the banks: a large selection of prestigious institutions, a reliable protection of assets, opening accounts in EUR, HKD, USD, RMB and other currencies, a full range of banking services and products;
  • To open a non-resident personal account in Malaysia/open a freelance account in Labuan remotely. Advantages of the banks: opening accounts in more than 10 currencies (USD, EUR, AED, GBP), a wide range of services, including online banking, favorable rates, short terms for processing applications;
  • To open an account for an entrepreneur in China. Advantages of the banks: globally recognized institutions, a high level of service, opening accounts for non-residents (with a personal visit/remotely), it is possible to open an account for a partnership.

* The list is not exhaustive. You can learn more details during professional advice on opening a freelance account for a non-resident remotely from IQD Consulting experts.

Payment institutions

Another option, that is popular among freelancers, is to open an account for a non-resident in the payment system.

In this case, we suggest you consider the following solutions:

* The above list of payment institutions, where you can open a freelance account without a visit, is not final. Details, you will find out during qualified advice on opening an account for a private entrepreneur in Europe and other regions from our professional team.

Additional features

Those, who are interested in where to open an account for a freelancer in 2020, should also pay attention to jurisdictions, such as the United Arab Emirates.

Opening a non-resident account for an individual entrepreneur in the UAE requires to obtain a freelancer license in Dubai, Ajman and other Free Zones of the emirates. This license allows free workers to conduct legal business activities in the country remotely.

The key advantages of opening an account for a freelancer in the UAE (in Free Zones) are:
  • The exemption from taxes on income for a certain period. For example, if you decide to open a freelance account in Dubai remotely, you will not pay an income tax for 50 years;
  • In the future, it is possible to obtain a resident visa in the United Arab Emirates (in the selected FZ);
  • A wide range of professions, for which you can obtain a freelance license in the UAE.

To find out the details, we recommend ordering personal advice on opening an account for a freelancer in the UAE and the provision of related services.

IQD consulting services

By referring to the specialists of our company, you can order professional support in opening an account for a freelancer in Europe or receive competent advice on opening an account for a private entrepreneur in the USA, UAE and other jurisdictions.

To contact us, fill out a special form. To order individual advice on opening a non-resident bank account, use the contacts, listed below.

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