Reputable bank for an Incorporated company in BVI?

[ARM1]

Seeking Information

My business partner and I hired "One IBC LTD" to incorporate an off-shore company for our global forex company. The Forex Broker we currently use is in the United Kingdom.
The challenges we are experiencing is finding a “reputable” banking institution that will accept an off-shore company registered in the BVI.
We both hold dual citizenships. (Canadian and United Kingdom.) It will not be an issue to go in person to the right banking institution if need be.
If anybody has any experience or can offer any guidance it would be greatly apricated.
Thank You

 

[JohnLocke]

Why isn't it possible for your agent to help you with an bank account for‌ your BVI company?

Have you looked into EMI accounts or checked the list of service‍ available here List of Banks, EMI's, Payment processors and BTC to FIAT institutions.

 

[enceladus]

I have a BVI company and US bank account.

 

[ARM1]

Thank you for your feedback. Below is the response from the agent.⁤

1. OCBC Bank - Singapore (personal visit required) 2. Heritage Swiss Bank - Switzerland 3.⁣ Euro Pacific Bank - Puerto Rico 4. Belize International Bank - Belize 5. Maubank -⁢ Mauritius .

I am waiting for a response on OCBC in Singapore and Heritage Bank︀ in Switzerland.

My main question is if anybody could offer any other suggestions based on︁ personal experience for reputable banking institutions by name for a company registered in the BVI.︂

 

[JohnLocke]

With the activity of the company it is going to be complicated, however, if you‌ succeed with hte account opening with OCBC Singapore then please post here so we may‍ know.

 

[abdulkaddir]

I think your agent should help you with this, they should find a bank for‌ you.

 

[ARM1]

• OCBC Singapore - Initial deposit: US$ 30,000 OR SGD⁠ 30,000 - Require a personal visit
  
• Heritage Swiss Bank - Initial deposit US$ 250,000 OR⁤ CHF 250,000 - Require a personal visit.
  

Below documents is required for bank application

1. Certified copies of the valid identification document (passport/ID card) for all Beneficial Owners and Authorised Signatories⁣
   
2. Proof of Residential Address for all Beneficial Owners and Authorised Signatories (not older than 6⁢ months)
   
3. Certificate of Incorporation or Extract from the local Commerce register (not older than 6︀ months)
   
4. Signed and Certified Memorandum & Articles of Association
   
5. Register of Shareholders
   
6. Register of Directors︁ of the Company, or equivalent document
   
7. Document listing Authorized Signatories of the Company and defining︂ capacities
   
8. Minutes/Power of Attorney authorizing the opening of the account, signing this Form and related︃ documentation
   
9. Copy of recent financial statement or audited statement (if mandatory)
   
10. Ownership structure explaining the︄ control of the Company (if complicated)
    

 

[JohnLocke]

and why you posted the requirements?

 

[halaba]

Maybe some people are interested on those information..

 

[Andrew Gooden]

Does Maubank - Mauritius need personal visit or can be︄ opened remote online?

 

[Mark Rucken]

If you manage to get an account in OCBC that would be quite an achievement,‌ please keep us updated.

Regarding Heritage Swiss Bank, they would probably onboard you ... if‍ you are ready to transfer that deposit.

Mauritius banks do not require personal visit.

 

[enceladus]

Apart from a personal visit‍ to Singapore and a $30k deposit, why would OCBC be hard to achieve?

 

[JohnLocke]

Any idea‌ what Mauritius banks require to open an account with them? if you can list some‍ of the basic requirements maybe?

 

[Mark Rucken]

As far as‍ I know, you would need to have a local introducer to open an account in⁠ Mauritius. I tried on my own and every time they asked me to apply through⁤ an authorized introducer, therefore, I do not have much info on Mauritius banks, except that⁣ I have been told that a personal visit is not a must since an introducer⁢ will additionally certify KYC documents.

Because almost︁ no reliable bank wants to do anything with BVI company without tax ID, accounting, FS︂ etc. Plus, I assume you have no partners and business in Singapore to justify the︃ reason why do you want to bank in that country.

 

[JohnLocke]

and you‍ didn't find any introducer yet or where are you with the bank account at the⁠ moment, what stage?

 

[Mark Rucken]

No, I did not find‍ an introducer because I do not need Mauritius account desperately (I have alternative accounts) since⁠ I need to pay some EUR 500 - 1000 to the introducer, I gave up⁤ on this project.

 

[JohnLocke]

Okay, I assume you are using an EMI account or similar for your business.

 

[Mark Rucken]

I actually have an account in Cyprus for my Delaware company‍ ... it still works. EMI is a backup if Cyprus bank closes my account.

 

[blizz]

You should try to keep that Cyprus account, you won't find anything better that⁠ is possible to open for your Delaware company.

 

[Nyep]

Is there a required minimum balance to keep as⁠ well, or just initial deposits (which can then be taken out)? How are the fees⁤ looking?