BVI corporate banking services in 2023
Since 2003, Healy Consultants Group PLC will assist our Clients to open a multi-currency corporate bank account for multi-national clients in British Virgin Islands, both for local and overseas companies.
Opening a BVI bank account for a BVI company requires strong due diligence and know-how. Learn how our team of experts guarantee corporate bank account approval.
Table of BVI banking problems and solutions
No. BVI banking problems Solutions 1. Most Banks insists signatory travels to BVI for a one hour bank interview.
Healy Consultants Group PLC’s client travel policy will apply. Our staff will organise the bank meeting in our BVI’s affilifate office and assist our client during the bank interviews
Alternatively where possible, Healy Consultants Group PLC’s banking team negotiates with the BVI bank to have our client visit the bank’s international branch in their country of residence.
2. BVI Banking options are limited as BVI despite being a popular incorporation jurisdiction is not a financial center.
Healy Consultants Group PLC will provide our clients with global non-resident corporate account options for their BVI entity.
We can secure bank accounts for BVI entities in Asia, US, Europe and Africa.
3. Like most international banks, BVI banks often close corporate bank accounts without giving an open, transparent reason to their customers. To close a customer bank account without giving the bank signatory an opportunity to explain ‘unusual transactions activity in the account’ is unfair and unresoanable and places our multi-national clients’ business under stress We recommend our multinational clients open multiple multi currency corporate bank accounts for their entity. It is unwise to open one corporate bank account and have your business be dependent on one bank.
The BVI banking sector
Healy Consultants Summary View
BVI does implement FATCA regulations, however does not require the disclosure of the beneficial ownership of each corporate bank account opened in the BVI.
Details of the directors and shareholders of a BVI company are not publicly available.
Opening non resident accounts for BVI continues to be challenging. Overall Healy Consultants Group PLC recommends not to setup companies which have activities that can be considered high risk by the banks such as (crypto, oil and gas, gold and precious metal trading)
Before setting up a corporate bank account for a BVI company, our Clients should be aware that:
- British Virgin Islands is a well-regulated and very popular jurisdiction where companies are being formed and managed in large numbers for all manner of international business purposes. However the banking options in BVI are relatively less and very few cater to International Business.
- In many banks account opening through an approved intermediary (like us) is still often possible without personal appearance of the owner of the company in the bank, however most banks do require personal visit of the beneficial owner before the account opening – or shortly after.
Healy Consultants Group PLC fees to help open a corporate bank account in BVI
Healy Consultants Group PLC guarantees a BVI company’s corporate bank account approval. Our fees for different banking services include:
BVI banking task Our Client travels US$ BVI corporate bank account No US$5,950 BVI personal bank account Yes US$5,950
Our multi-currency corporate bank account opening fees cover the following support services:
- During the engagement, our Firm will; i) contact multiple banking institutions to secure their confirmation of interests for our Client’s business; ii) organize a meeting at the branch office of the bank; and iii) prepare a quality corporate bank account opening application package for our Client’s review and signature.
- Preparing a quality business plan for our Client’s review. Then use the same to maximise the probability of a successful multi-currency corporate bank account approval with our Client’s preferred bank.
- Healy Consultants Group PLC’s Banking Team will complete, on our Client’s behalf, the multi-currency corporate bank account application forms and collating Know Your Customer (KYC) due diligence documents.
- Over the following weeks, our Banking Team will prepare any and all requested documents required for the bank account opening file and Compliance Department.
- Four weeks following the engagement commencement, we will provide our Client with a corporate bank account number if required and assist in activating internet banking facilities on behalf of our Client.
- In addition to corporate finance, our in-house consultants may also provide our Clients with assistance to secure trade finances, including; i) bank guarantees; ii) letters of credit; iii) finance against trust receipts (for imported goods); and iv) documents against payment and against acceptance.
- See this webpage to understand our guaranteed multi-currency corporate bank account solutions.
Multi-currency corporate bank account opening for BVI companies can be challenging. Contact Healy Consultants Group PLC if your Firm needs assistance navigating through the banking solutions.