Opening a BVI company bank account is a common request that we receive from our members.
And, it makes sense… there have been over 750,000 BVI offshore companies registered since the mid-80s. That’s a lot of entities.
While many of these are undoubtedly used as holding companies to enhance personal privacy and don’t necessarily require bank accounts, many BVI companies do need suitable bank accounts.
Interestingly, when compared to other offshore options that struggle to find banks (such as Seychelles entities), BVI companies are still accepted by banks in many jurisdictions.
In this article, we’re going to talk about how to open a BVI company bank account and some of the challenges business owners often face.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- BVI Company Bank Account 101
- Banking in the British Virgin Islands?
- Frequently Asked Questions
- Ready to Explore Your Options?
BVI Company Bank Account 101
Surprisingly, there are many jurisdictions to choose from when it comes to opening a BVI company bank account.
That said, the specific jurisdictions and banks that a BVI company can access vary widely depending on the activities of the entity, the purpose of the bank account, the profile of the shareholders, the deposit you can make, and other important variables.
In short, in order to successfully open an account for a BVI company you need to know exactly which jurisdictions and banks are best suited to your company’s specific profile.
With this in mind, our team has published a detailed report outlining the exact account opening process for a BVI company, including popular jurisdictions, account opening requirements, and how to navigate common challenges.
- How to Open International Bank Accounts for Offshore Companies
Of course, this report also provides a list of banks that accept offshore BVI companies in each jurisdiction, along with detailed profiles and information about their preferred clients and sensitivities.
You can get immediate access to this report when you join either GlobalBanks IQ or GlobalBanks Insider. You can find more details about both options below or on the products page in the navigation menu above.
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Banking in the British Virgin Islands?
When it comes to offshore jurisdictions, BVI is one of the most popular structuring jurisdictions available. In fact, with 750,000 offshore companies registered in BVI, it is home to more offshore entities than any other country, representing about 40% of all offshore companies in existence.
That said, while there are a handful of banks in BVI that cater to non-resident individuals and businesses, BVI is not a banking jurisdiction. Instead, most individuals and businesses will find many more banks and much better banking solutions in other jurisdictions.
With this in mind, we typically suggest that our members only consider structuring in BVI and look to open a BVI company bank account in other countries.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to open a BVI company bank account. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Foreign Business Owners Open Bank Accounts in BVI?
If you have a BVI offshore company, it is unlikely that you will bank in the British Virgin Islands. Instead, most people choose to register entities in the British Virgin Islands and then bank elsewhere. The reason for this is that other banking jurisdictions often have a wider range of banks to choose from, more sophisticated banking services, and much lower-cost banking options. In other words, only on very rare occasions would it ever make sense to bank in BVI for a BVI company.
Ready to Explore Your Options?
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.
You can learn more on the products page from the main menu above.