Where to open an account in the BVI
The BVI is considered one of the most successful offshore territories. Many believe that it is not difficult to open a banking business on these islands. You can open an account with an offshore company in many financial institutions. To the present day, there is a few registered banks in the jurisdiction, where you can buy a BVI bank account.
Where to open an account
One of the popular banks where you can open a BVI account is VP BANK LIMITED, which is the only offshore banking institution. It is a subsidiary of one of the largest banks in Liechtenstein, which has had a tendency to grow in recent years.
The bank has subsidiaries in other countries of the world, such as a representative office in Moscow. There is a certain specialization of the bank's institutes. VP bank is an investment bank, where you can open savings accounts. There are restrictions on the performance of commercial operations.
Another popular bank in the BVI is Banko Popular of the Islands. It is the largest financial institution in Puerto Rico. The institution has branches in the United States, Europe.
First Bank Virgin Islands is aimed at serving individuals. First Caribbean International Bank LTD is the offspring of merging major Canadian institution and Caribbean business. The conditions for opening an account are rather strict. There are some requirements for letters of recommendation, documents with proof of address of residence and financial statements of the company. Scotiabank Limited mainly serves legal entities. The procedure for creating an account is relatively complicated.
The necessary documents
Most banks carefully conduct checks on their customers and choose those with whom it will be easier to cooperate. If the documentation is not complete or is not in accordance with the standards, there is a high risk of refusal to open an account.
The following documents are required to open a corporate account:
- Company information - charter, registration information, etc;
- Information about the type of business, data on the structure of the organization, sources of profit, business plan, partners, availability of an office;
- Confirmation of the satisfactory condition of the company;
- Statements of accounts;
- Recommendations from the bank;
- Correctly completed form;
- Documents allowing to identify the beneficiary;
- Confirmation of beneficiary's place of residence.
It is easier to open a personal account. Passport information has to be provided. To clarify the possibility of opening an account remotely, please contact our experts at IT-OFFSHORE.