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: email@example.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.