From A to Z: Belize international business company (IBC)
This article will cast light upon Belize IBCs - which is the most prevalent type of offshore corporation and its key features that you should know.
Bahamas has been well-known for its privacy and security of the banking system. Recently the country has implemented changes to its long-standing history of international financial services to meet EU and OECD demands. As a result, Bahamas is a member of Tax Information Exchange Agreement (TIEA) with nearly 40 countries.
Financial services, specifically international banking are the second-most important factor to the Bahamas economy, which contributing up to approximately 17% of total GDP. Bahamas has promulgated International Business Companies Act in 1990, and subsequent initiatives to enhance the country’s status as a leading offshore financial center.
The Bahamas has a sound and well-regulated banking system comprised of domestic and large international banks from across the globe, which provides easy access to global capital markets. The central bank of Bahamas, established in 1974, pursues its legal mandate of maintaining the country financial stability.
We currently don’t support opening bank accounts in Bahamas. However, a Bahamas IBC can open its account in most offshore banks including Singapore.
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Intial Deposit|
|Belize||Caye International Bank Ltd.||USD 1,000|
|Heritage Bank||USD 3,000|
|British Virgin Island||First Caribbean International Bank||USD 25,000|
|Mauritius||ABC Banking Corporation||USD 5,000|
|Bank One Limited||USD 10,000|
|Mauritius Commercial Bank||USD 50,000|
|Investec Bank||USD 50,000|
|Puerto Rico||Euro Pacific Bank||USD 500|
|Singapore||Citi Bank||USD 300,000|
|OCBC Bank||USD 30,000|
|UAE||RAK Bank||USD 10,000|
Additional supportive documents beyond the listed above might be requested to open your Bahamas company bank account depending on each local regulation, your business fields and on a case-by-case basis. Please contact us to know the exact documents needed for your case.
Final Rules of BVI Economic Substance Released
For those who are BVI legal entities, it should be noted that amendments have been made on The Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) which was enacted in the British Virgin Islands on 31 December 2018 and came into effect on 1 January 2019.