SVG based Marketing Company is looking for a business bank account

[Billneon]

Hi.

Long story short, I have a SVG-based marketing company and looking to get the business bank account. I believe it would be relatively more easier than those of high-risk businesses.

Please give me some suggestions apart from Minstertango

Thanks

 

[bizniz]

Boslil in St Lucia is a good option. Well established and reliable. But their onboarding‌ compliance is very strict.

Serbia via setting up a branch is also good. We do‍ exactly that - branch of an offshore company in Serbia for internet marketing business.

 

[VESTANON]

@OP are you leaning towards an outright EMI or Physical bank.?
Moreso how long your⁤ comp been in existence/operational?
whats the current outgoing/incoming payment structure?
average jurisdictional location of clients?⁣

 

[Martin Everson]

You can try Paxum Bank in Dominica or Al Salam Bank in Seychelles or basically‌ any Puerto Rico Bank. You can find a list of a few I posted in‍ other threads.

 

[Gediminas]

Hey,

Based on the information you have provided, this would be a fit for the⁤ Bankera client portfolio. I had similar cases where I helped my clients to open accounts⁣ there, and it was a success. Also depends on personal circumstances (such as your tax⁢ residency country, biography, SOW/SOF, and similar).

Send me an email if you wish, then we︀ can speak about it more in-depth.

G.

 

[kokunut]

would they be your best suggestion in‍ 2025 still ?

Was you able to open an account with Paxum or Al Salam⁣ bank ?

 

[Martin Everson]

If they accept an SVG company then yes.

 

[kokunut]

Has anyone applied with Paxum and / AL Salam Bank for an SVG company and‌ moved money through the accounts ?

 

[cionide]

Paxum won't even reply‍ to emails or their contact form when I tried. Currenxie will accept SVG company.

 

[kokunut]

That's something, do you have‌ a know about a realiable agent for SVG company ? what are the costs for‍ basic company we are looking into?

 

[cionide]

I used https://incorporations.io/ in the past for it but there's probably cheaper ones. They⁠ did what I paid them to do.

 

[kokunut]

how is the support, are they responsive ?

 

[cionide]

Yes. They‌ were overall super knowledgable about substance requirements etc as well. I know I overpaid there‍ but it was worth it for the info I got.

 

[Fred]

SVG is not a good Place of Incorporation if you require proper Transactional Retail Banking‌ as you are left alone with Caribbean Banks having questionable Wire Instructions someone needs to‍ ask himself if clients are willing to deposit.

Just as an Example see below the⁠ Wire Instructions from BONI LTD a Nevis based Bank focusing on onboarding Clients with Small⁤ Island Shell Companies:



Correspondent Bank / Beneficiary Bank is a Bank in Egypt.

If you send out an︁ invoice to clients from a SVG Company with Beneficiary a Bank in Nevis which holds︂ actually a Bank Account in Egypt - more red flags are basically not possible -︃ avoid and stay away.

This goes for all Small Island Shell Companies in 2025 no︄ matter if Nevis, SVG, Seychelles or Samoa - you are limited to Caribbean Banking in︅ places like Nevis, Dominica, Belize etc. - so bad that it's even worth to consider︆ rather going for Eastern European EMI's even when they are lacking USD most of the︇ time and are limited to EUR payments / SEPA Payments.

Look in 2025 and onwards︈ rather in Mainland Offshore Jurisdictions like Panama for 0% Tax or if you don't mind︉ paying some tax Dubai UAE, Labuan Malaysia etc.

For all this jurisdictions you can at︊ least get proper Transactional Retail Banking in your Companies Name for all major Currencies.

 

[SCHLOSSFINANZ]

sorry but Panama is exactly in the same league as SVG, Nevis etc....

 

[Fred]

Definitely not when it comes to Banking - as you can see‍ we get banking in Hong Kong done and even for someone new to the Offshore⁠ World has 50+ Banks locally available in Panama to open a Bank Account - with⁤ proper Correspondent Bank as you can see here for Example:

https://cdn.prod.website-files.com/...nstructions for international transfers 2.pdf⁣

 

[cionide]

I agree with @Fred - I ended up not really using my SVG corp because‌ of banking issue. It's next to impossible to get card processing or any "normal" banking.‍ It really only makes sense if you are using it as the holding company for⁠ something sketchy or are going to be dealing with mostly crypto.

 

[Martin Everson]

Sorry but the African Export Import⁤ Bank is a serious leading multilateral development bank and financial institution with an investment grade⁣ rating. It is in fact a critical bank for the continent with offices across Africa⁢ and even Caribbean (Barbados). The owner of BONI Michael Prest (a Nigerian tycoon) is︀ a respected African commodities guy himself and so makes sense the relationship with his bank︁ and African Export Import Bank. If BONI have managed now to get African Export Import︂ Bank as their correspondence bank then that tells you they have probably sorting past issues︃ out and passed serious due diligence a relationship with a multilateral bank requires.

https://media.afreximbank.com/afrexim/Afreximbank-1Q2025-Abridged-unaudited-financial-statements.pdf

In short you don't need to disparage in this way to push your services. You can︄ end up doing more harm than good to your reputation and offering.

 

[Fred]

I did spend the entire last year to see what's working and what's not⁣ and I did setup in almost every single Offshore Jurisdiction you can imagine and it⁢ comes all down to Banking at the end.

SVG is fine for Crypto Only related︀ Activities as Crypto is not yet regulated in SVG.

Card Processing is anyway a major︁ problem of this Small Caribbean Islands even with the couple domestic Banks each Islands has︂ even as a Resident Company it's difficult to achieve and like back in the 90's.︃

Small Caribbean Islands can make sense for SPV's and Wealth Management with low frequent first︄ party transfers as mentioned earlier and then the "Exotic" Wire Instructions are even not a︅ problem however if you have a day to day Business things getting complicated or unworkable︆ when the Beneficiary on your Invoice is a Bank holding Bank Accounts on the other︇ end of the world.

If you still want to try your luck with a Small︈ Islands Offshore Company in 2025 try to get at least a Bank Account in Mauritius︉ with a dedicated Mauritius IBAN and Western Correspondent Banks.

Martin don't get me wrong - I'm not saying that the Egypt⁣ Bank itself or BONI itself is not a serious Business and yes as you mentioned⁢ it can make sense to work with an Egypt Bank when you are a big︀ guy from Nigeria who has most likely long Business History with this Egypt Bank already.︁

I understand that the Egypt Bank is happy to help a long and profitable Customer︂ to provide Correspondent Banking but the reality remains the same - Wire Instructions are terrible︃ to work with and almost impossible for day to day Banking.

I can't think of︄ many Jurisdictions the Banks are fine to Wire you USD to a SVG Company with︅ a Nevis Bank as Beneficiary holding an Account in Egypt especially when most Forum Users︆ are Westerns.

I understand when something like what I mentioned here is seen as a︇ pitch for our own Business and indeed we have a reason why we did end︈ up working with Panama as a Jurisdiction however it should rather be seen as Feedback︉ & Experience someone is not wasting money on certain things like @cionide did.

 

[SCHLOSSFINANZ]

do you really think Hong Kong banks or Panama banks are in anyway better? Both‌ is a big red-flag for european banks nowadays