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BVI Banking System

The British Virgin Islands (shortly BVI) is an oversea territory of the United Kingdom. Its model for international business companies is the first one in the world, which is then followed by many offshore jurisdictions seeking to enhance their international financial services.

The enactment of Financial Services Commission Act in 2001 established BVI Financial Services Commission, an autonomous regulatory body for overseeing BVI financial system including banking, insurance, investment, trustee…

Due to BVI strict control over bank licensing, today, there are only 6 commercial banks and 1 restricted licensed bank in BVI. One of them is fully owned by the government originally providing funds to local farmers and fishermen. Other banks concentrate on private banking and asset management. When it comes to offshore banking for corporates, the only one worth noting is FirstCaribbean International Bank.

One of the main advantages of banking in BVI is that, like other offshore banks, no personal visit required to open a corporate bank account.

Banking Options for BVI Company

CountryBankOnline BankingPersonal VisitCredit CardDebit CardIntial Deposit
BelizeCaye International Bank Ltd.USD 1,000
Heritage BankUSD 3,000
British Virgin IslandFirst Caribbean International BankUSD 25,000
MauritiusABC Banking CorporationUSD 5,000
Bank One LimitedUSD 10,000
Mauritius Commercial BankUSD 50,000
Investec BankUSD 50,000
Puerto RicoEuro Pacific BankUSD 500
SingaporeCiti BankUSD 300,000
DBSUSD 50,000
OCBC BankUSD 30,000
UOBUSD 100,000
UAERAK BankUSD 10,000

Required documents

The below lines will give you a reference on general required documents to open a company bank account in BVI. However, each bank might require other additional documents on a case-by-case basis.

  • Bank account application forms
  • Bank statements
  • Bank reference letter
  • Certified copies of passports, address proofs of all directors/shareholders
  • Business plan
  • Business trading proofs (sales/purchase orders, invoice…)
  • Certified copies of BVI company documents
  • Government certification of company good standing status.

Please contact us to know the exact documents needed for your case.