BVI Banking - Bank Account Opening

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BVI BANKING – BANK ACCOUNT OPENING

Table of contents

  1. Why choose BVI banking?
  2. Which BVI offshore bank is the right choice for you?
  3. What is the process for opening a BVI bank account?
  4. FAQ about BVI banking.

 

WHY CHOOSE BVI BANKING?

The British Virgin Islands is a tiny archipelago of sixty islands located in the warm waters of the Atlantic Ocean and the Caribbean Sea. The BVI is a British Overseas Territory, whose blue ensign on the national flag signifies a strong cultural, economic and political connection to the former Empire.

 

British Virgin Islands banks have earned clients’ trust by maintaining a sufficient degree of confidentiality. At the same time, the BVI banking industry remains compliant with the latest requirements of CRS and FATCA. As of 2001, a specially designated British Virgin Islands Financial Services Commission has supervised the island’s banking and fiduciary activities.

 

BVI laws governing banking jurisdiction are relatively strict. For example, the effective Banks and Trust Companies Act of 1990 (subsequently amended in 2018) provides three categories of banking licences for BVI offshore banks: a general banking licence, restricted Class I banking licence and restricted Class II banking licence.

 

Each licence category imposes specific restrictions on the range of banking operations that British Virgin Islands banks may perform.

 

So, what specific reasons make BVI offshore banking so appealing to businesses worldwide?

 

1. BVI banking’s reputation

Along with the Cayman Islands, the BVI has for decades been earning itself a reputation as a stable financial centre that can take care of its clients’ funds. Moreover, the British Virgin Islands has never been implicated in any major political scandals related to the disclosure of sensitive information about their offshore clients.

 

The British Virgin Islands Financial Services Commission’s prudent control guarantees that the BVI banking sector does not serve businesses associated with drugs, trafficking and other illegal activities.

 

The list of British Virgin Islands banks is relatively small and comprises seven banks with full banking licences and one bank holding a Class I restricted banking licence.

 

2. A major centre for offshore companies

The British Virgin Islands is a popular jurisdiction for the incorporation of offshore companies (IBCs) and BVI trusts. According to recently released data, the current number of registered BVI offshore companies exceeds 400k entities.

 

BVI offshore banking can be the ideal solution for those BVI companies that might find it difficult to open an offshore bank account in other jurisdictions.

 

3. International environment

Thanks to the legacy of the Union Jack, all locals, including BVI banking personnel, speak English fluently. This translates not only into a high quality of service but also the opportunity to settle on the island for a longer period of time.

 

The British Virgin Islands’ infrastructure has all the necessary facilities to make life here quite comfortable. Furthermore, the variety of air links to nearby Caribbean islands, including the Cayman Islands, gives many options for travel and leisure.

 

4. BVI laws protect your money

Unlike some other comparable offshore financial centres, the British Virgin Islands imposes high standards on institutions seeking to obtain a BVI offshore banking licence.

 

The minimum paid share capital of the prospective bank must be at least USD 2,000,000 in order to apply for a general banking licence. In addition, all BVI offshore banks must undergo an obligatory annual audit to ensure their compliance with BVI laws.

 

WHICH BVI OFFSHORE BANK IS THE RIGHT CHOICE FOR YOU?

BANK OF ASIA

Bank of Asia (BOA) became the first bank in the British Virgin Islands to receive a full banking licence in the last 20 years. The BOA focuses its activities on providing an extensive range of banking services to offshore companies.

The bank takes on clients from various industries, including crypto, forex and gaming. At the same time, its robust KYC procedure and internal compliance checks ensure that only sound offshore companies are granted access to the BVI offshore banking system. By virtue of local BVI laws, BOA does not open bank accounts for local companies and residents of the British Virgin Islands.

BOA makes the process of opening an offshore bank account easy and flexible. The fintech platform used for BOA’s daily operations guarantees that offshore companies have 24/7 customer support. Having a BVI bank account with BOA means instant access to your bank account at any time using advanced mobile and web banking solutions.

BOA clients can open a BVI bank account for their offshore companies, funds, partnerships or foundations. You can also open a bank account for your family trust to house your trust assets.

  • Corporate account
  • Individual Account
Location
BANK OF ASIA
Personal Visit
100% online
Type of Account
Current Account
Online Banking
Yes
Currencies
USD only
Card
No cards currently
Minimum Initial Deposit
N/A, but USD 1000 (application fee, non-refundable)
Time to Open
Up to 3 weeks
Minimum Monthly Balance
N/A (but annual fees at the bank’s discretion)
Service Fee
GBP 399
Location
British Virgin Islands (Tortola)
Personal Visit
100% online
Type of Account
Current Account
Online Banking
Yes
Currencies
USD only
Card
No cards currently
Minimum Initial Deposit
Not required
Time to Open
Up to 3 weeks
Minimum Monthly Balance
Not required
Service Fee
GBP 399
Additional fees
USD 150 once account is opened
Additional requirements
Bank account for non-residents only
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee

WHAT IS THE PROCESS FOR OPENING A BVI BANK ACCOUNT?

1. If you need a BVI bank account – call Astra Trust

We live in an age where opening an offshore bank account means obligatory compliance checks. Well, banks’ requests for documents not only take a lot of time but usually don’t lead to any results.

 

For many years we have been guiding people through the “compliance jungle” and helping them to open a bank account easily and quickly. We are sure you know how to use the Internet, so we don’t merely provide you with Google ready-made tips for opening an offshore bank account.

 

If you are looking for a BVI bank account and need a solution to your problem today, contact us, and we will figure out how we can help you.

 

2. Preparation of documents for a BVI company bank account

You have probably heard dozens of times that before opening a bank account with any bank, including a BVI offshore bank, a list of specific documents should be prepared beforehand.

 

But did you know that such a list can vary depending on many factors?

 

For instance, if we are talking about a BVI company bank account, the set of documents may change depending on: (i) the principal activity of an offshore company; (ii) tax residency and citizenship of shareholders/directors; (iii) the list of a company’s clients, and so on.

 

In our experience, banks usually do not specify in detail the exact documents that need to be submitted. So you either have to guess or resubmit the documents over and over again until they are accepted.

 

However, if you are looking for someone who will not only prepare a list of documents for a BVI bank account, but also ensure this list is correct and complete, then you should contact Astra Trust. We will guide you through the whole process and make sure that the bank takes you on board.

 

The preliminary list of documents for BVI bank account opening is as follows:

British virgin islands bank account for companies

British virgin islands bank account for individuals

1. Filled in application and KYC documents in accordance with BVI laws 1. Filled in application and KYC documents in accordance with BVI laws
2. Corporate documents (certificate of incorporation, certificate of incumbency, ownership structure, etc.) 2. Identity documents (passport, ID, proof of address, recommendation letter, etc.)
3. Additional documents (proof of physical address for the company, resolution of the company’s board of directors to open a bank account) 3. FATCA/CRS documentation (where applicable)

 

3. Evaluation of documents by BVI offshore banks

Once the initial set of documents has been delivered to the BVI offshore bank, the compliance checks begin. The main goal of a bank at this stage is “de-risking”, which means denying all clients that may pose a potential risk to the bank’s reputation.

 

Thus, our task at this stage is to persuade the bank that you or your offshore company deserves a bank account. But how do we do this? Well, we simply know what the “right” set of documents should look like, plus we would never recommend unworkable BVI banking options to you.

 

4. BVI bank account is ready

Even though the process of opening a bank account is full of hurdles, it is always worth it in the end. Now you can enjoy all the benefits of BVI offshore banking.

 

But wait a second. To start using your account, you would first need to activate online banking services to send and receive payments online, check the account balance and view a list of recent transactions. Don’t worry, as this can all be done remotely, so there is no need for a personal visit.

 

FAQ ABOUT BVI BANKING

  • Who guarantees the security of funds deposited in BVI offshore banks?

The British Virgin Islands is a reputable banking jurisdiction that is trusted by many businesses worldwide. The stable political environment has guaranteed the security of clients’ financial assets for many years.

 

Currently, BVI laws provide for deposit guarantee schemes for domestic depositors only. Thus, if you are a local resident who holds a BVI bank account, you will be covered by the deposit guarantee scheme.

 

  • Can you help me to open a BVI bank account for an MSB/crypto business?

Yes. The biggest advantage of British Virgin Islands banks is that they do not have a pre-defined list of non-cooperative industries. So you can always apply for a BVI bank account, regardless of the business you are currently involved in.

 

Needless to say, however, BVI offshore banks would never deal with offshore companies and foreign individuals involved in any sort of illegal activities – drug and human trafficking, arms dealing and so on.

 

  • Can you assist in setting up a BVI offshore company?

Yes. We can simultaneously help with BVI company formation and bank account opening. Even though such a company only has offshore status in the British Virgin Islands, BVI banks are nevertheless willing to proceed more quickly with the opening of an account.

 

So, if you are interested in registering a BVI offshore company with a bank account, contact us by filling in the form or by sending us an email: info@astra-trust.com.

 

  • Can you help me find the best bank for BVI company I have?

Yes. But we will start by asking you a counter-question: “Are you 100% sure that BVI offshore banking is something your business currently needs?” It is essential to understand that different banking jurisdictions may need to be considered for each type of industry in which a company operates. Needless to say, the list of your clients and contractors with whom you plan to transact on a daily basis would also determine the most suitable banking jurisdiction.

 

All in all, we are of course ready to assist you in opening a bank account in the British Virgin Islands. However, we would also be happy to show you an even bigger set of banking opportunities that the modern financial world offers to offshore companies today.