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Banking in Jersey
Jersey is neither part of the UK nor British oversea territory, but rather a self-governing dependency of the Crown. International financial services play a major part in contributing to Jersey total GDP.
Jersey Financial Services Commission (JFSC) is the main regulatory body responsible for regulating and supervising the development of its financial service industry including the banking sector.
The jurisdiction has adopted Basel II standard for its banking system since 2008. Very strict bank licensing conditions including top 1,000 worldwide banks in terms of Tier 1 capital size express a conservative attitude toward screening banks qualified for operation in Jersey. As of June 2019, Jersey banking sector is comprised of 25 licensed banks. Most of them are branches and subsidiaries of a half of the top 25 banks in the world such as Citibank, BNP Paribas, Deutsche Bank, HSBC…
A Jersey company literally can open its bank account in any jurisdictions.
Banking Options for Jersey Company
| 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 | ||||
| DBS | USD 50,000 | |||||
| OCBC Bank | USD 30,000 | |||||
| UOB | USD 100,000 | |||||
| UAE | RAK Bank | USD 10,000 |
Required documents
Different banks might require a distinct set of documents to open your Jersey company bank account. The basic documents requested by most banks are listed below:
- Account application forms
- Bank statements
- Bank reference letter
- Certified copies of passports, proofs of residence for all directors/shareholders
- Business plan
- Business trading proofs (sales/purchase orders, invoice…)
- Certified copies of Jersey company incorporation documents
- Government certification of company good standing status.
You had better contact BBCIncorp to know the exact documents needed for your case.
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