If you’re looking for the best bank for a BVI company, then you’ve already stumbled upon one of the greatest secrets in the offshore industry…
BVI companies are like Delaware Corps but on steroids.
They pay nothing in taxes. They’re easy to run. And there’s no special reporting or annual audits.
Plus, there’s the added benefit of privacy: the owner’s name isn’t splashed all over the internet or a public registry.
In short, BVI companies are an excellent tool for business and wealth building. That’s why there are 750,000 of them.
But there’s a snag: banks don’t want to open accounts for them…
Account opening is a serious problem. And many people are getting frustrated. They’re getting stuck with BVI companies that they can’t open bank accounts for.
And, what good is a BVI company that can’t open a bank account? It’s useless.
In this article, we’ll show you how to find the best bank for a BVI company. We’ll do this by uncovering some of the challenges, the strategies, and the tools you can use to open accounts today.
If you’d like to get a head start on account opening for your business then download our FREE Business Banking Starter Guide right now!
These days, opening a bank account for a BVI company is difficult. Some call it bureaucratic torture.
Long, invasive applications. Never-ending requests for supporting documents. Constant rejection.
Plus, if you don’t have the right information or don’t know what you’re doing, it can get painfully expensive–all in, it can cost over US $2,000 just to submit one application.
But, it doesn’t have to be that way. In fact, we help our members, GlobalBanks Insiders, open bank accounts for BVI companies all the time–that’s one of the benefits of being a GlobalBanks Insider.
Before rushing to open a bank account for your BVI company, it’s important to understand the challenges and pitfalls that can ruin your chances of opening an account.
This is one of the most common reasons why people fail. They apply for accounts at banks that don’t even accept BVI companies as clients.
But if you work with a service provider, they won’t tell you if that’s the case. Even if they know for a fact that a bank doesn’t accept BVI companies, they’ll leave you in the dark. And bankers can’t help you, they can only tell you “you’ve been rejected” once the account is submitted.
With so much inaccurate information splashed all over the internet, it’s hard to know what’s real and what’s not.
You just created a BVI company, aren’t doing business yet, and don’t have any customers. The problem? The bank wants proof that your business is real and has legitimate sources of income.
Banks don’t want unprofitable clients with no proof of business or income. Banks need to make money. Plus, it’s a waste of bank resources to do due diligence on clients that aren’t going to generate fees, take out loans, or invest in products.
You create a holding company. It invests in other businesses. This isn’t a problem for the bank. But it can be a costly problem for you.
Most banks want to see consolidated financials (aka: financial statements for every business or investment that your holding company owns) before opening an account.
In many cases, consolidated financials need to be audited. Unless you already have this prepared, costs can skyrocket quickly. And if you can’t afford it, you’re out of luck.
You’re a freelancer, consultant, or marketing guru with a few clients. You create a BVI company to bill your clients and reduce taxes since your business is location independent.
The problem? You’re providing “services.”
And while it might seem crazy at first, banks sometimes view offshore companies providing “services” as high-risk since they’re a favorite tool for money launderers and illicit cash.
After all, it’s hard for banks to tell if you’re actually providing real services or not. The problem (and what banks are afraid of) is companies that say they have a “consulting business,” don’t provide any actual services, and collect illicit cash.
There are several strategies you can use to find the best banks for BVI companies. We’ll list a few of them below.
Your approach will depend on your personal details, your company particulars, what your business actually does, how strong your documentation is, and how much money you have.
We detail why these variables matter and how you can use them to your advantage in our premium report called, “How to Open Bank Accounts for Offshore Companies.”
For now, here are some strategies and methods you can use to identify the best bank for a BVI company…
Find a bank that has confirmed that they’re willing and able to open accounts for BVI companies. But doing that is easier said than done.
To do this, you’ll need to contact the bank, track down an experienced banker, have a candid conversation, convince them that you’re worth talking to, and ask them if they’re really able to open accounts for offshore companies.
This is tough because at many banks you’ll be stuck with a customer service rep and won’t be able to get through to a banker. In other words, you’re getting answers from someone who doesn’t really know the answer.
Even if you do get through to a banker, most won’t give you a direct answer. Why? Because most people don’t know to talk to bankers and ask the right questions without red-flagging themselves.
The approach here is to find banks that other BVI companies have already successfully opened at and then open there.
In this scenario, there’s no need to ask the bank if they accept BVI companies– you already have confirmation that they do.
How? Based on raw data, account experiences, and reviews from your peers. If you know what others have done, which specific banks they had success at, what their client profiles were–that’s a treasure trove of data that you can use for your benefit.
Whatever gibberish service providers tell you is useless. Raw data from real people trumps everything.
Knowing where BVI companies are having success, what their client profiles look like, and what they really had to do to open an account is the best source of intelligence you can get for account opening.
One of the most important considerations when opening bank accounts for offshore companies is the owner. In this case, you.
Look for banks that already accept offshore companies owned by people like you. That means your nationality, residency, professional background, and business type.
There might be banks out there that already cater to your specific client profile. Find that bank, and you’re golden.
Banks that accept people from high-risk countries or certain regions have seen everything–especially exotic structures and offshore companies.
For example, banks that cater to Russians or the CEE market tend to also deal with offshore companies. Why? Because their client base has a deep-rooted cultural affinity for BVI companies and has used them for decades.
Odds are, if a bank is dealing with Russian or CEE clients, they’re dealing with BVI companies. Offshore companies come with the territory.
There are countless numbers of banking quirks like this. This is just one example.
The point is, banks that cater to certain nationalities may be more willing to accept BVI companies.
If you already have a BVI company and are struggling with account opening, you know how difficult it can get.
It’s frustrating. You just paid US $1,500+ to create a BVI company. But the structure is useless if you can’t open a bank account.
Worse and even more stressful is that your business is in limbo. Clients can’t pay you. You can’t set up payment processing, can’t sell stuff online. You can’t accept payments from customers. Your business is on hold until you get a bank account open.
Plus, there’s added cost pressures. If you fail to get an account open–things get more expensive. For example, you’ll have to pay to close the BVI company (around US $1,000), incorporate (again) somewhere else, and go through the process all over again…
If you’re stuck and can’t open a bank account–there’s still hope.
In our new report How to Open Bank Accounts for Offshore Companies, we help you find the best bank for a BVI company, along with all other offshore companies.
We do this by sharing the specific banks, the most successful account opening strategies, the unspoken rules, and the lesser-known account opening requirement offshore companies need to be aware of.
Here’s a glimpse of what you’ll get in this report…
Want to get more information?
If you want to find the best bank for a BVI company and need help figuring out what to do next, you can get started by using the information in this article.
But if you want to know which banks actually accept BVI companies, which countries to target, the best account opening strategies to use, and the best ways to overcome tough paperwork requirements, then we’d be happy to help you on your journey.
When you join GlobalBanks, you’ll also get instant access to our entire archive of Banking Intelligence Reports including proven strategies for opening accounts, contact information for specific banks and bankers, details on each bank’s preferences and sensitivities, customer case studies, and information on what not to do and which banks to avoid.
You will also get access to the GlobalBanks Database which includes easy-to-digest bank profiles, analyst insights, account opening contacts, and unique opportunities for the top banks in 50+ countries.
Plus, you’ll get real-time analyst support through chat and email, and get answers to your most pressing banking questions.
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