Business Bank Accounts for British Virgin Isle (BVI) Company

[PSenghani]

Hi all, totally newbie to off shore companies and banking so any assistance is much appreciated.

I've formed a company in the BVI with a group of friends and we are exploring how to open a bank account for it. We will be using the company to invest in private companies mainly on the tech space. Can anyone recommend any banks or EMIs where I wouldn't physically have to go to the branch. I am based in the UAE.

Thanks in advance for the advice.

 

[Kyriacos Zographos]

Hello, if the company will be used explicitly for investing then you can open an‌ account in Cyprus. But whoever the shareholder is, still needs to provide information about their‍ financial possessions

 

[PSenghani]

No issues with providing financial possessions, everything is above board. Can you recommend any banks‌ in Cyprus?

 

[Kyriacos Zographos]

Easiest one to work with is Bank of Cyprus. But you will still need a‌ locally approved provider to do this service for you

 

[Fred]

Without any economic relationship to Cyprus it will be very hard to get accounts opened‌ there.

Beside of what mentioned here in the past it was possibly to get BVI‍ company banked with OCBC - they change internal compliance frequently. Maybe @Outlander can mentioned if⁠ his BVI company account with OCBC is still up and running.

We had last call⁤ with OCBC 2 weeks ago and so far they are not open for new Offshore⁣ Accounts for such entities but maybe change in future again.

Beside of that you are⁢ left alone to the typical shell banks in Belize, Dominica and Puerto Rico. Bank of︀ Asia BVI with some EMI as correspondence bank should be work as well and if︁ you are serious about investment take a look at VP Bank BVI.

However if nothing︂ works I can only repeat myself and recommend you a company structure that grants you︃ a Residence Visa like the Dubai Company Formation. You have beside of the Company Formation︄ with the Residence Visa already created an additional nexus in the country of incorporationa -︅ in this case the UAE. Of course it can be helpful and make things easier︆ when it comes to CRS reproting.

 

[For Free]

You can open at OCBC Singapore but the KYC is very strict now.
1. Your‌ nationality matters (US, EU, Australia passports are very difficult)
2. You should have business somewhere‍ else before opening your new BVI company
3. You must have good business relations with⁠ Singapore (proved by documents/transactions with several Singaporian companies)
4. If you have personal account/business account⁤ in Singapore before, very helpful
5. The banker who supports you is important. Some are⁣ very patient and helpful, some just reject you if any uncomfortable evidence
This is case⁢ by case and most of applications are rejected at early state

 

[JohnLocke]

Any introducer you can suggest, would be interesting to learn about.‍

 

[OffshoreDurian]

Last time I talked to OCBC, you also need to be in business for at‌ least two years.

 

[bizniz]

What is your country of citizenship? (And that of your partners). That makes a difference,︀ as other posters have said. I might have a few ideas for you.

 

[PSenghani]

We are all British Citizens residing in the United Arab Emirates

 

[Konstanz]

Contact @Gediminas he can help you with that matter

However, I am not sure if‌ BVI company is the best set-up to invest into tech companies. BVI company has to‍ have substance in BVI to be able to use it as holding company. This is⁠ new BVI regulations.
There are other structuring possibilities you can use. You can set-up Liechtenstein⁤ holding company for these investments. Liechtenstein is in Europe , in EEA and you don't⁣ pay tax there. It looks much better than BVI.

Sorry, but being UAE resident with⁢ BVI company is almost impossible set-up to have bank account 🙂

 

[Cetme308win]

actually it's posible in Panama and BVI with banco popular bvi

 

[Konstanz]

I never said it's impossible but it's close to impossible. Also banking in Panama‍ or BVI is not so convenient as having account in Europe.
As I said there⁠ are better set-ups for investments into tech companies.
Anyway, @Gediminas is helping with such cases⁤ as discussed here. Open bank accounts for BVIs.

I noticed that banco popular is in⁣ Virgin Islands (US), not British Virgin Islands. I don't believe such account to be opened⁢ in Panama too.

 

[Cetme308win]

it depends of⁤ what you are trying to archieve...

 

[Gediminas]

thanks, @Konstanz, always happy to help!

 

[JohnLocke]

Some simple but sometimes very powerful step to take is to ask the agent or‌ law firm that helped you with the setup. If they are good connected they can‍ help.

 

[Cetme308win]

I agree 200% with you adding as well that⁠ work fantastically with agents with local presence in the jurisdiction you wanna bank