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.
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.
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.
- Opening an account for a freelancer with Bank of Georgia. Advantages: one of the leading commercial banks in Georgia, low tariffs, the opening of multicurrency accounts (EUR, GBP, USD, GEL);
- Opening an account for an individual entrepreneur with CIM Banque. Advantages: a large private bank in Switzerland, the ability to open accounts in 7 major currencies, including EUR, USD, RUB and HKD, the presence of Russian-speaking staff;
- Opening a non-resident personal account with Raiffeisen banka Srbija. Advantages: one of the largest banks in Serbia, SWIFT transfers, favorable rates, a minimum package of documents.
- 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.
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:
- To open a personal account in Bilderlings Pay. Advantages: no requirements for a personal visit, obtaining an individual IBAN in a respectable jurisdiction (UK), multicurrency accounts (EUR, USD, RUB, GBP), favorable rates;
- To open an account for a freelancer in DynaPay remotely (UK). Advantages: individual European IBAN, opening current accounts for individuals, affordable rates, a wide range of services.
* 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.
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 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.
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.