The British Virgin Islands are another excellent option for incorporation of IBCs and the opening of offshore bank accounts, whether corporate or personal. We generally recommend our clients to open offshore bank accounts due to the additional financial privacy that this offers. BVI enjoys a first class reputation and sophisticated IFC offshore legislation.

Against this, it is important to weigh up that the British Virgin Islands is not a sovereign independent nation – it is, as the name suggests, a British territory. This is certainly having a negative impact on the BVI’s financial sector due to the perceived threat from London to offshore financial privacy in the BVI.

Our Firm’s Incorporation and Offshore Banking Services in the British Virgin Islands

Our firm is ready to assist you with all aspects of BVI Incorporation and Bank Accounts. Please note however that he typical fees for BVI are slightly higher than Panama. We will be happy to provide a personalized quotation on request.

Financial services available in the BVI typically include Internet banking, credit and debit cards – all protected by offshore bank secrecy. Bank account opening requirements in the BVI are quite onerous but our firm will walk you through these requirements step by step, making the process a breeze!

Whilst the logical choice for bank account opening for BVI Business Company might appear to be a bank located in the British Virgin Islands, just like with Panama, choosing another jurisdiction for the bank account can often enhance financial privacy and confidentiality. That is usually the favored approach of our offshore consultancy and law firm. You will find more information on these products and services by surfing this site.

If however you decide finally to go for a BVI corporate bank account the most prominent commercial banks operating in the British Virgin Islands are the First Caribbean International Bank, FirstBank BVI and VP Bank (BVI). First Caribbean International Bank, a regional giant that is Canadian owned, is particularly specialized in international banking and offshore banking services for International Business Companies. Naturally they offer internet banking facilities and international credit cards among other standard banking services.

Requirements for Opening a BVI Bank Account

Many clients ask whether they have to travel to the BVI to open a bank account. While account introduction through an approved intermediary (like us) is still often possible without personal appearance of the beneficial owner of the company in the bank, nevertheless the banks will require to know their clients in very substantial detail. Therefore many documents will be required.  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 face any person, who divulges such information.

It may seem 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 residence 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. Quite often non-resident companies hold their bank accounts in another offshore financial centre or in a country that is know as a “financial centre”. Examples of widely known financial centres are Cyprus, Andorra, Uruguay, Cayman Islands or even Tanzania.

The standard set of IBC documentation (if properly certified by means of an 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, when opening a bank account for an offshore company, the most important aspect is that of the actual owners and controllers of the company, its business plan and the type of transactions expected.

Please feel free to contact us with a more detailed information on your offshore banking requirements or if you require more personalized advice on offshore banking and investing, you may be interested in contacting Peter Macfarlane for a consultation.