The BVI is attractive for various types of business, both for traders and for service providers, trusts and financial service providers. The British Virgin Islands has maintained a competitive jurisdictional position on a par with other financial centres. This article is recommended for mandatory disclosure to foreign investors, who plan to open an BVI account.
If you have questions or you have decided to open a business in the BVI, we propose you to receive qualified advice on the account opening with BVI banks from YB Case company.
If you want to open a corporate account in the British Virgin Islands, you need to know the following:
- You need to have a special document to confirm the registration of the company;
- Banks require letters of recommendation (1-2) and have the right to request documents that specify the type of your business activity;
- You will need 100,000 EUR on the account balance as the minimum deposit. The deposit should be made within 1 month;
- Details about the company founders (including copies of documents identifying the directors, CV and a signature sample).
Those, who are seek to open an account for a company in the BVI, must pay attention to the fact that most banks require a personal visit to confirm the application for account opening.
However, sometimes a bank may open an account in the BVI remotely, through an agent that provides all the necessary documents/permits from the company owner.
Various banks provide different range of services, but the common are the following:
- Account management;
- Banking (mobile, internet, etc)
- Trade finance and business finance;
- Investment projects, etc.
Entrepreneurs, who want to open the BVI corporate bank account, must consider the bank fees, requirements for initial deposit and package of documents, and types of products and services proposed for business purposes.
Before opening an account in the BVI, we recommend you familiarizing yourself with all possible options of financial institutions. For example, we propose you to draw your attention to 3 following banks:
- VP Bank (BVI) Limited: is a branch of one of the largest banks in Liechtenstein;
- FirstCaribbean International Bank (Cayman): is a subsidiary of CIBC FCIB and provides a large range of services. Has a branch in the BVI;
- National Bank of the Virgin Islands: is a commercial bank providing banking products and services for individuals and SME.
For entrepreneurs, who are interested in starting a business in this jurisdiction, we recommend asking for personal advice on opening a corporate account in the BVI. To do this, you need to call YB Case team, using the contacts, specified on the website.
We draw your attention to the fact that YB Case specialists can also offer comprehensive assistance in opening an account for a BVI company.