10 Reasons Why You Need an Offshore Bank Account Today
You may have wondered: “What can an offshore bank account give me that an account at Bank of America can’t?”
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.
|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|
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.
Please contact us to know the exact documents needed for your case.