Looking for open a offshore business bank account

[VeronicaKat]

Hello, I want to open a corporate bank account online for my software development company. I've been trying to open an account with several banks, but unfortunately, my applications have been rejected. My company is registered in the British Virgin Islands, and our BOs live in European countries. Here's a list of the banks I've approached:

1. Statrys: They rejected my application.
2. Airwallex: My application was also rejected.
3. Paxum Bank: Unfortunately, they rejected my application.
4. Caye International Bank: I transferred the required opening balance, but they claim they haven't received it even after two weeks.
5. Rak Bank: They rejected my application.
6. Heritage Bank: My application was rejected by them as well.
7. Magom Bank: I haven't received a response from them.
8. Verto: My application to Verto was also rejected.

I'm unsure why these banks are not accepting my application. Could you please advise me where I can easily open a bank account? Thank you very much

 

[myhand]

You won't get successful with a BVI company without traveling to the banks for personal visit and have a ultra good business plan prepared and in hand! Have you tried WISE for banking? I'm not aware they want to take on your company!

Intergiro and Bankera are good alternatives if all fails.

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[VeronicaKat]

Thank you for you advise. I will look for it.

It would be great if other people can share their experiences with me.

 

[Sols]

Why did you form a BVI company not a European company? That's going to be the first thing banks ask when they receive the application.

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This is the probably the answer to your question.

 

[DeutschSamoaner]

VeronicaKat said:
Thank you for you advise. I will look for it.

It would be great if other people can share their experiences with me.
Click to expand...

Hello, I've noticed that Paysera, which is also an EMI provider like Wise, is a great solution for people who want EUR accounts. It can also receive EUR via SEPA and Swift, so you can receive money from abroad, not just Europe itself. I've read on their website that they accept BVI companies, but I don't know anything about the exact terms for that jurisdiction, so you can try and test it out. First you need to open a personal account and then open a corporate account. This is the detailed pricing. In your case of a software development company, if it's not international, it should cost you 10 euros to open an account and 3 euros for monthly maintenance.

I hope this helps and best regards,
Samoaner

 

[VeronicaKat]

Than

DeutschSamoaner said:
Hello, I've noticed that Paysera, which is also an EMI provider like Wise, is a great solution for people who want EUR accounts. It can also receive EUR via SEPA and Swift, so you can receive money from abroad, not just Europe itself. I've read on their website that they accept BVI companies, but I don't know anything about the exact terms for that jurisdiction, so you can try and test it out. First you need to open a personal account and then open a corporate account. This is the detailed pricing. In your case of a software development company, if it's not international, it should cost you 10 euros to open an account and 3 euros for monthly maintenance.

I hope this helps and best regards,
Samoaner
Click to expand...

Thank you very much. Samoaner

 

[clemens]

DeutschSamoaner said:
Hello, I've noticed that Paysera, which is also an EMI provider like Wise, is a great solution for people who want EUR accounts.
Click to expand...

What you say is that paysera is opening accounts for BVI companies? plesase post back if that is the case.

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[VeronicaKat]

Hello is there a suggestion bank?

 

[Sols]

VeronicaKat said:
Hello is there a suggestion bank?
Click to expand...

Why did you form a BVI company?

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This is the probably the answer to your question.

 

[VeronicaKat]

Sols said:
Why did you form a BVI company?
Click to expand...

BVI is one of the most prominent jurisdictions to set up an offshore company. It is under UK control and it shares a lot of tax benefits for investors looking to invest in foreign companies. In the UK it is extremely common to open a company in BVI because of all the legal agreements that are present between the 2 countries.

 

[Sols]

VeronicaKat said:
BVI is one of the most prominent jurisdictions to set up an offshore company. It is under UK control and it shares a lot of tax benefits for investors looking to invest in foreign companies. In the UK it is extremely common to open a company in BVI because of all the legal agreements that are present between the 2 countries.
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OK, so it's for tax evasion purposes?

That's what banks are going to think, at least, and reject you accordingly.

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This is the probably the answer to your question.

 

[VeronicaKat]

Sols said:
OK, so it's for tax evasion purposes?

That's what banks are going to think, at least, and reject you accordingly.
Click to expand...

Make sense but my question is if that's the case how other BVIs company are getting a bank account?

 

[Sols]

VeronicaKat said:
Make sense but my question is if that's the case how other BVIs company are getting a bank account?
Click to expand...

By depositing large sums of money, having pre-existing relations with banks, operating different kind of business activities, not evading tax (resident in tax havens), and/or agreeing to pay very high fees.

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This is the probably the answer to your question.

 

[Forester]

myhand said:
Intergiro and Bankera are good alternatives if all fails.
Click to expand...

Unfortunately, Intergiro does not accept non-EEA companies; so with BVI it is not manageable.
Personally I would not recommend Bankera.
But you can try Verifo.

DeutschSamoaner said:
Hello, I've noticed that Paysera, which is also an EMI provider like Wise, is a great solution for people who want EUR accounts. It can also receive EUR via SEPA and Swift, so you can receive money from abroad, not just Europe itself. I've read on their website that they accept BVI companies, but I don't know anything about the exact terms for that jurisdiction, so you can try and test it out. First you need to open a personal account and then open a corporate account. This is the detailed pricing. In your case of a software development company, if it's not international, it should cost you 10 euros to open an account and 3 euros for monthly maintenance.

I hope this helps and best regards,
Samoaner
Click to expand...

Yes, Paysera can be OK.
Try to avoid Wise as much as possible.

@VeronicaKat, quite generally ”“ I've learned that you were rejected by Statrys. As Statrys is usually quite open to new clients, it seems strange to me... Software development company, UBOs residing in Europe... what about UBOs passports (citizenship)?
(It is true that Statrys ”“ reportedly ”“ stopped opening IBAN accounts some time ago in general but it is a past, hopefully (?).)

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[Kadafen]

Forester said:
Unfortunately, Intergiro does not accept non-EEA companies; so with BVI it is not manageable.
Personally I would not recommend Bankera.
But you can try Verifo.


Yes, Paysera can be OK.
Try to avoid Wise as much as possible.

@VeronicaKat, quite generally ”“ I've learned that you were rejected by Statrys. As Statrys is usually quite open to new clients, it seems strange to me... Software development company, UBOs residing in Europe... what about UBOs passports (citizenship)?
(It is true that Statrys ”“ reportedly ”“ stopped opening IBAN accounts some time ago in general but it is a past, hopefully (?).)
Click to expand...

Why is wise to be avoided, is this in general ?

 

[Forester]

Kadafen said:
Why is wise to be avoided, is this in general ?
Click to expand...

Yes, it is. Search here at the forum for a plenty of explanations.
My personal opinion re: Wise can be found e.g. here Question - Wise (Revolut) Whats the benefit/cons? Should I have one?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Meta]

Sols said:
By depositing large sums of money, having pre-existing relations with banks, operating different kind of business activities, not evading tax (resident in tax havens), and/or agreeing to pay very high fees.
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Could you please elaborate a bit? "not evading tax (resident in tax havens)" means "got a substance package from a provider" or you are talking about bona fide moving staff to reside there? Also if you could mention what are the "large sums" and which banks can be approached it would be appreciated. Regards.

 

[Sols]

Meta said:
Could you please elaborate a bit? "not evading tax (resident in tax havens)" means "got a substance package from a provider" or you are talking about bona fide moving staff to reside there?
Click to expand...

Banks don't want to deal with tax evaders (at least less so than in times past). If you show up with a BVI company with the operations taking place in UK, the bank is going to assume you're engaged in tax evasion. You can try registering the BVI company with the local tax authority, get a TIN for it, and hope the bank views it as a local company now.

If you show up with a BVI company with operations taking a place where conceivably foreign income would ordinarily be exempt from income, you look a lot less suspicious to the bank.

Substance in BVI can help but banks know it's just substance on paper. Just satisfies a compliance requirement so they can tick a checkbox.

Meta said:
Also if you could mention what are the "large sums" and which banks can be approached it would be appreciated.
Click to expand...

Unfortunately a pointless exercise, in my experience. It's about more than money and place of incorporation. It's also about business activities, required banking services, currencies, UBO residence/nationality, and so much more.

I've seen the same bank say yes to a BVI or similar company for a modest minimum deposit/turnover and reject another company which had significantly more cash.

Best to work with an advisor (reputable lawyer/service provider) who can look at all the details and make a proper recommendation, and/or speak with banks directly yourself.

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This is the probably the answer to your question.

 

[Kadafen]

Ancova said:
We use the following banks when opening a BVI company:

View attachment 5318
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This is great, could you provide your experience with these banks?

Maybe rate them from 1 - 10 based on how Analoge - Digital they are?

My plan was to use wise and find a secondary backup bank with as low fees as possible. Love how streamlined and digital wise is.

 

[Ancova]

Kadafen said:
This is great, could you provide your experience with these banks?

Maybe rate them from 1 - 10 based on how Analoge - Digital they are?

My plan was to use wise and find a secondary backup bank with as low fees as possible. Love how streamlined and digital wise is.
Click to expand...

I would say the Singaporean Bank is quite straight forward and very digital, however the others follow quite closely. If you require assistance with opening the account, feel free to reach out