The British Virgin Islands are a popular location for basing an offshore business, particularly due to their reputation for lack of business taxation and high investor confidentiality.
The requirements for bank accounts
and banking matters are some of the most popular issues about British Virgin Islands company formation
. Our team of experts answers some of the frequently asked questions on how to open a bank account in BVI.
Does the bank account for the company need to be based in BVI?
It is not mandatory for a BVI company
to open its bank account in the British Virgin Islands
. The corporate bank account can be opened in another jurisdiction, as the foreign investors prefer. The chosen bank is an important issue to consider, depending on the services for account management and, even more importantly, the associated costs.
What are the documents needed for opening a BVI bank account?
The documents needed to open a bank account are different for companies compared to individuals. Companies will need to submit proof of company registration, information about the company directors including their identification documents and, in some cases, their signature specimen. The process is simplified for individuals.
What are the services offered for banking in BVI?
The services will depend on the chosen bank and will typically include bank account administration and management, online banking options and a range of other services, as needed. Investors should choose the bank they work with based on a few criteria, including the applicable fees and the types of services they provide to foreign investors in BVI
How long does it take to open a bank account in BVI?
The bank will need some time to analyze the application of the client and issue the acceptance letter. This is a process that may take a few days or as long as one month. In special cases, it can last even more. However, the application process is aided if the applicant is able to properly submit all of the application documents and the requested forms as fast as possible and as requested by the bank in order to avoid any delays.
One of our BVI company formation agents
can help answer any questions about banking matters for your offshore company in the British Virgin Islands.
Please do not hesitate to contact us
for more information and advice on offshore companies and offshore bank accounts in the BVI