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.

 

[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.

 

[DeutschSamoaner]

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 to︀ open a personal account and then open a corporate account. This is the detailed pricing︁. In your case of a software development company, if it's not international, it should︂ cost you 10 euros to open an account and 3 euros for monthly maintenance.

I hope this helps and best regards,
Samoaner

 

[VeronicaKat]

Than
Thank you very much. Samoaner

 

[clemens]

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

 

[VeronicaKat]

Hello is there a suggestion bank?

 

[Sols]

Why did you form‌ a BVI company?

 

[VeronicaKat]

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]

OK, so it's for tax evasion purposes?

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

 

[VeronicaKat]

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

 

[Sols]

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.

 

[Forester]

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 to︄ avoid Wise as much as possible.

@VeronicaKat, quite generally – I've learned that you︅ were rejected by Statrys. As Statrys is usually quite open to new clients, it seems︆ 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 ago︈ in general but it is a past, hopefully (?).)

 

[Kadafen]

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

 

[Forester]

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?

 

[Meta]

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]

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 a︀ local company now.

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

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

Unfortunately a pointless exercise, in my︅ 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 bank︇ say yes to a BVI or similar company for a modest minimum deposit/turnover and reject︈ another company which had significantly more cash.

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

 

[Kadafen]

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]

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