In this article, we’ll share how to open a business bank account in Bermuda. This will include account opening for entities registered in Bermuda, foreign jurisdictions, and of course offshore structures.
Importantly, business banking in Bermuda primarily caters to multinationals, insurance companies, large investment funds, and wealth management structures. So, if you have a newly formed company with zero revenue and you cannot make a qualifying deposit, you will likely want to consider opening elsewhere instead.
In this article, we’re going to help you navigate banking in the British Overseas Territory of Bermuda and overcome many of the factors that can impact your banking options.
This article is part of our free series on how to open a bank account in Bermuda, which shares unique insights on the territory, account opening options for foreign entities, available banking services, and much more.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Open a Business Bank Account in Bermuda
- Can a Foreign Open a Business Bank Account in Bermuda?
- Benefits of Business Banking in Bermuda
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
How to Open a Business Bank Account in Bermuda
To open a business bank account in Bermuda you will need to have a qualifying entity, which may include a domestic, foreign, or offshore structure. Importantly, banks in Bermuda do not cater to small offshore operating companies. Instead, banking in Bermuda targets large operations with sophisticated financial service requirements.
That said, corporate structures registered in a wide range of jurisdictions can qualify to open accounts in Bermuda. However, in almost all instances, they are registered (and operating) as part of a broader wealth management strategy. This may include offshore trust structures, certain private interest foundations, and limited liability companies that are held within these structures.
Not surprisingly, the specific jurisdictions of registration and source of transaction activity to send money to Bermuda will impact account opening. Likewise, the citizenship and nationalities of the ultimate beneficiaries (and other variables) will also impact account opening success.
Of course, wealth management structures are not the only entities that can open in Bermuda. In fact, a wide range of operating businesses can consider opening international bank accounts and Bermuda offshore banking as well. But, in order to qualify for an account, banks generally want to see a reasonably high turnover, a large initial deposit, and/or a clear rationale for banking in the territory.
In short, banks in Bermuda have no shortage of large valuable clients looking to open accounts. So, they have limited incentive to onboard small businesses with limited operating history. With this in mind, these smaller (early-stage) businesses can usually find more accessible, affordable, and accommodating business banking options in other countries.
Additionally, it’s important to note that the opening procedures, deposit amounts, bank account fees, and other Bermuda banking costs will vary greatly depending on the type of company applying for an account.
In the following sections of the article, we’ll share how you can find documented banking groups and a list of banks in Bermuda that actively accept foreign businesses and those that allow remote opening.
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Can a Foreigner Open a Business Bank Account in Bermuda?
Yes, a foreigner can open a business bank account in Bermuda. In fact, all of the top-rated banking corporations and the best banks in Bermuda will consider opening accounts for foreign companies, especially those foreign and offshore entities involved in wealth management. Account opening is almost always completed remotely, though the deposit required will vary by bank and client profile.
Let’s take a closer look at the types of clients who can open business bank accounts in Bermuda.
Clients That Can Open a Corporate Offshore Bank Account in Bermuda
- Bermuda local companies
- Bermuda exempted companies
- Bermuda trusts
- Bermuda charitable structures
- Foreign & offshore wealth management structures
- Foreign & offshore companies
Again, it’s important to keep in mind that every bank has its customer onboarding process and Bermuda banking requirements. Each bank also caters to specific entities and business activities.
With this in mind, it’s important to confirm whether each bank’s requirements match your company before applying to open an account.
Unfortunately, accessing this level of information is extremely difficult. In fact, even when contacting banks, many bankers are unaware of the compliance requirements and restrictions that applicants may face.
Benefits of Business Banking in Bermuda
The benefits of business banking here include access to Bermuda banking services such as sophisticated wealth management, strong jurisdiction and bank reputation, and a high degree of banker competence. Additionally, if you have any interest in structuring your business in Bermuda, it is a highly tax-efficient option that many business owners will find attractive.
Of course, the benefits of business banking in Bermuda ultimately depend on your specific business profile and the corporate banking services your entity requires. In other words, the industry you operate in, where your business is located, why you want to bank in Bermuda, if you require an account in the Bermudian Dollar, the currency of Bermuda, and any additional corporate banking services you require. This is because not all the top financial parties and largest banks in Bermuda offer the same corporate banking services and benefits. So, it’s important to consider the exact wealth-related incentives and Bermuda banking benefits you’re looking for prior to applying for a Bermuda bank account.
You can do this by using the information available in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.
Benefits of Opening a Business Account With a Bank in Bermuda
- Sophisticated business banking services
- Competent bankers familiar with international business
- Appetite for international business clients
- Stable jurisdiction pegged to the dollar at a rate of 1:1
- Strong international banks with strong reputations
- Accepting of offshore and foreign entities
- Access to most major currencies
- Remote account opening
- And more
Frequently Asked Questions
Below are a few of the most common questions we receive from people exploring how to open a business bank account in Bermuda. If you have further questions you would like us to answer, don’t hesitate to contact us directly.
Can a Foreigner Open a Business Bank Account in Bermuda?
Yes, a foreigner can open a business bank account in Bermuda. However, the banks available to you will depend on several factors, including the industry your business operates in, where your business is located, the citizenship and residency of all shareholders, and more. That said, like banking anywhere, it’s important to consider the economic concerns and Bermuda banking risks before choosing to bank here.
How to Open an HSBC Bank Account in Bermuda?
Like banking in any jurisdiction, to open an HSBC bank account in Bermuda as a non-resident, you will need to complete the bank’s application paperwork, provide multiple forms of identification for shareholders and directors, submit corporate registration, provide proof of company financials, and more. That said, HSBC in Bermuda is not always a suitable option, this is especially true if you are operating a relatively new company with a limited operating history that is unable to make a sizable deposit and show reasonable annual turnover. In these instances, other banks (and other jurisdictions) are usually worth exploring.
Can a Foreigner Open a Bank Account in Bermuda?
Yes, a foreigner can open a bank account in Bermuda. In fact, foreigners and non-residents can hold personal funds with a Bermuda personal bank account 100% remotely. That said, banks in Bermuda cater to individuals seeking wealth management, investment banking services, and Bermuda private banking. So, if you are not looking for this level of banking or service, you may want to consider opening elsewhere instead.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.