Where to open an account for a freelancer in 2020?

With the COVID-19 pandemic showing no signs of letting up, more and more people are looking for ways to earn their living online. Putting it simply, they are considering becoming freelancers. And here, the question inevitably arises: How do they get paid for providing their services?

Opening an account for freelancing purposes in 2020 or a non-resident individual entrepreneur account may well be a viable option. So, let’s take a closer a look at various financial institutions providing one with such an opportunity.

How Can a Freelancer Open an Account?

Some of the most popular ways of transferring money involve using credit cards, e-wallets or payment systems accounts.

However, opening an account for freelancing purposes, especially one offering remuneration in a foreign currency, is not that simple. Another thing that one should keep in mind is that opening a non-resident account for private entrepreneurs is a service offered by a mere handful of international institutions.

There is not much of a choice, so going with proven and time-tested options will let you save money and time. Our experts have carefully analyzed banks and payment systems offering an option of remotely opening a non-resident account for freelancers and are eager to let you know about them.

Banking Institutions

Freelancers planning to work with international companies or offering their services through foreign freelance exchanges can consider opening a non-resident account for an individual entrepreneur in Europe, Asia or America. Let’s have a look at some of the most attractive options that do not require entrepreneurs to be physically present when opening an account.

Europe

Advantages of opening an account for a freelancer with the Bank of Georgia:

  • one of the leading commercial banks in Georgia,
  • low tariffs, the opening of multicurrency accounts (EUR, GBP, USD, GEL);

Advantages of opening an account for an individual entrepreneur with CIM Banque:

  • a large private bank in Switzerland;
  • the ability to open accounts in 7 major currencies, including EUR, USD, RUB and HKD,
  • Russian-speaking staff;

Advantages of opening a non-resident personal account with Raiffeisen Banka Srbija:

  • one of the largest banks in Serbia;
  • SWIFT transfers;
  • favorable rates;
  • a minimum package of documents.

Asia, Africa

Advantages of opening an account for a private entrepreneur in Singapore:

  • multicurrency accounts for non-residents (physical presence/remotely),
  • a wide range of services and modern Internet banking,
  • a high level of service;

Advantages of opening an account for a freelancer in Hong Kong.

  • 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.

Advantages of opening a non-resident personal account in Mauritius:

  • opening accounts in more than 10 currencies, including USD, EUR, AED, and GBP;
  • a wide range of services, including online banking;
  • favorable rates;
  • quick processing of applications.

Advantages of opening an account for an entrepreneur in Kazahstan:

  • globally recognized institutions;
  • high level of service, opening accounts for non-residents (physical presence/remotely);
  • possibility to open an account for a partnership.

Please, keep in mind that the above list is by far not an exhaustive one. You can get more information on remotely opening a freelance account for a non-resident by signing up for an individual consultation with YB Case experts.

Payment Institutions

Another popular option among freelancers is opening an account for a non-resident in a payment system.

Advantages of remotely opening an account for a freelancer in World First (UK):

  • individual European IBAN,
  • opening current accounts for individuals,
  • affordable rates,
  • a wide range of services.

The above list of payment institutions offering an option of opening a freelance account remotely is not an exhaustive one. You can get advice on opening an account for a private entrepreneur in Europe and other regions of the world by contacting our team of experts.

Additional Features

Those interested in opening an account for a freelancer in 2020 should definitely consider doing this in the United Arab Emirates.

Opening a non-resident account for an individual entrepreneur in the UAE requires obtaining a freelancer license in Dubai, Ajman and other free economic zones. This license allows freelancers to conduct legal business activities in the country remotely.

Advantages of opening an account for a freelancer in the UAE (in Free Zones) include:

  • exemption from taxes on income for a certain period (e.g. if you decide to open a freelance account in Dubai remotely, you will not have to pay an income tax for 50 years);
  • possibility to obtain a resident visa in the United Arab Emirates (in a FZ) of your choice);
  • a wide range of professions for which you can obtain a freelance license in the UAE.

For more information on opening an account for a freelancer or provision of related services in the UAE, please consider signing up for an individual consultation.