Banking for BVI

[Roo]

Hi,

A few incorporation agents recommended BVI to me and said it's easy to bank which I have some doubts about. Are there any decent banking options, preferably EMIs? I would need one to support AUD preferably and no crazy FX fees.

Is substance/accounting and yearly paperwork needed for software development over there? They mentioned very simple nearly no reporting necessary.

 

[Clearsky Network]

many EMIs will accept BVI as long as the business activity is legit.
Can recommend‌ Payset and Zen they both support AUD

 

[Roo]

Thanks @Clearsky Network I was concerned that it may just be incorporation agents making promises‌ trying to sell.

 

[Forester]

Banking for BVI companies is nowadays – suprisingly – not as horrible as it was‌ some time ago. Try to search here at forums, at this moment I recall (as‍ possible options) HK EMIs – Statrys, Airwallex and probably Currenxie, too. (All support AUD.) Zen⁠ is worth trying, too.

 

[Meta]

Gentlemen, there are some economic substance requirements imposed by BVI. "Directed and managed in BVI",‌ "income-generating activities in BVI", "adequate spending" etc. So, not your typical nominee director, but rather‍ something north to $50K/year I would say.

As far as I understand those apply only⁠ to some designated activities: insurance, banking, headquarters, holding, intellectual property and some more. Then I⁤ believe "software development" usually involves intellectual property so some heavy economic substance is required, isn't⁣ it?

 

[Roo]

All incorporation agents said that software development doesn't fall⁢ under substance requirements. Since it's developed for clients it's not my intellectual property. Am I︀ and the agents wrong ?

 

[daniels27]

If you do contract work for unrelated parties, you are fine.⁠ If you develop software for your BVI company and licence it, you will need economic⁤ substance. If you do contract work for another company owned by you or your husband,⁣ you will also need economic substance.

 

[tacokai]

What are‍ these many EMI's the one listed in the thread are the one listed most no⁠ other?

 

[Clearsky Network]

I think BVNK, Paydo and Verifo also‍ supports AUD, but always better to email the EMI and make

 

[Kadafen]

How did OP end up getting a bank account?

 

[Clank]

OCBC will open you an account.

 

[linusAG]

Yes, OCBC do provide‌ bank accounts to BVI entities, but it needs some economic connections to Singapore or East‍ Asia.

 

[Clank]

For my Belize company they‍ didn’t ask for connections apart from me living in Asia and being an OCBC customer⁠ for long time.

Maybe you can start by opening a personal account and handling it⁤ with your RM?

 

[linusAG]

😉

 

[JackAlabama]

thats a‍ connection right here