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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

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

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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