BANK ACCOUNT INTRODUCTIONS

A logical choice for bank account opening for a BVI Business Company is in a bank, located in the British Virgin Islands. BVI has a strong and dynamic banking sector, with modern international banking services available. The most prominent commercial banks operating in the British Virgin Islands are the First Caribbean International Bank (BVI) and Bank of Nova Scotia (BVI). The First Caribbean International Bank (CIBC) is particularly specialised in international banking and offshore banking services for International Business Companies.

Banking secrecy remains a fundamental cornerstone of all offshore finance centres, which certainly includes BVI. Banking secrecy means that, while the bank will hold substantial information about its client, such information is strongly protected by the law and severe financial and criminal penalties await any person, who divulges such information. The confidential information on a banks' client may only be divulged under a proper criminal investigation, carried out in-land by a local police authority. Release of banking information to any foreign party or government simply is not possible, unless ordered by a court in the BVI.

However, it does not mean, that a BVI company must choose a bank account in BVI. Many clients may find it more practical to open the offshore bank account in a country situated closer to the place of the actual business of the company or to the actual location of its beneficial owners. Many owners of offshore companies tend to operate the companies directly by themselves and open the offshore accounts independently, in a location and with bankers that they may already be familiar with. However, certain solutions may also strongly diminish the owners' personal tax circumstances and put him/her under additional risk of undesired scrutiny (see our Company Management section for a more detailed explanation of those risks).

Quite often non-resident companies hold their bank accounts in another offshore financial centre or in a country that is known as a "financial centre". Examples of widely known financial centres are Hong Kong, Switzerland, Austria or Luxembourg.

We offer bank account introductions in several other jurisdictions, and in many cases, depending on client business profile and needs, this may actually be a better choice.

Following are general guidelines for an account opening for an offshore company.

To open the account for an offshore company, all reputable banks will require a very detailed personal and business information from the owners and controllers of the offshore account.

In particular, the bank will need to know and identify the actual beneficial owner(s) of the offshore company. All such persons, as well as everyone who will be granted account signatory rights, will have to be properly identified and will have to provide a number of documents - such as certified passport copy, proof of address (utility bill or bank account statement), bankers and/or professional reference, detailed business description/plan and a cash flow forecast. (These documentary requirements may vary, depending on chosen bank.)

While account introduction through an approved intermediary (like us) is still often possible without personal appearance of the owner of the company in the bank, the banks will require to know their clients in very substantial detail. This is simply required by the laws that regulate banking industry.

The standard set of IBC documentation (if properly certified by notary and legalised by apostille) will usually correspond to all formal requirements of most banks, as far as the internal structure and set-up of the company itself is concerned. However, as indicated above, in order to open a bank account for an offshore company, the most important aspect is that of the actual owners and controllers of the company, its business and manner of operation.

When our directorship services are provided to Your BVI company important to note the below

When directorship services are provided by BVI local, licensed and regulated service provider (us), we are to sign as either joint signatory or sole signatory on all of the Company’s bank accounts, therefore we charge an annual fee ($ 300) for acting as authorized signatory on each bank account. Also, do note that we charge $75.00 for the execution of any prepared wire transfer instruction or for our electronic execution.

Wire transfers of USD 10,000.00 (or its equivalent if in another currency) or greater will require a source of fund declaration in order for wire transfers to be processed, that is proof or evidence of what funds will be used for. This is usually in the form of an invoice, signed agreement or contract.

The above is in safe keeping with our BVI due diligence requirements and four eyes policy as director. Under BVI Law the directors are seen to run the day to day affairs of the Company and can be held liable for money laundering, drug trafficking, terrorist financing and mis-management of Company funds just to name a few.

Do note that if the beneficial owner wishes to retain some level of control the bank account, a Limited Power of Attorney ("POA") can be granted to the beneficial owner or other attorney. See our Questions (F.A.Q) section for a more detailed explanation of what type of POA`s can be issued).

We have established successful relationships with the below banks

Austria

Hypo Bank Hypo Bank

Belize

Caye Bank Caye Bank
Heritage International Bank Heritage International Bank

British Virgin Islands (BVI)

CIBC - First Caribbean International Bank CIBC - First Caribbean International Bank
Bank of Nova Scotia Bank of Nova Scotia

Hong Kong

HSBC Bank HSBC Bank

Liechtenstein

Valartis Bank Valartis Bank

Latvia

Rietumu Bank Rietumu Bank

Mauritius

AfrAsia Bank Limited AfrAsia Bank Limited

Saint Vincent and the Grenadines

Euro Pacific Bank Euro Pacific Bank

Switzerland

BSI Bank BSI Bank

Please feel free to contact us with a more detailed information on Your banking requirements and we just might be able to suggest You a suitable bank.

Please note that the bank account introduction fee, as quoted in our fees schedule, is not a fee payable for a bank account opening. Payment of this fee does not guarantee the opening of the account. As the name suggests, the account introduction fee is payable for a professional service rendered by us during the introduction of a client to a particular bank. In particular, this service includes the provision of and the assistance with the completion of bank account application forms, support and advice during the compiling of the client due diligence information and documents and assistance with submission of the account opening application file to the bank. However, we cannot and we do not guarantee the success of the account opening. The success of a bank account opening for an offshore company is mostly dependent on the particulars of the client himself and his business, and banks routinely reject new clients based on their internal considerations and their new client acceptance guidelines. While we apply all possible effort to determine in advance whether a particular client might be accepted by a bank, this does not in any way guarantee the success of the account opening.