Bvi Banks | Secrecy Is A Fundamental Cornerstone Of Bvi Banking

Several questions arise in regards on how to open a BVI offshore bank account and how long will it take? Most of the answer provided is not to worry about it. Since, the procedure entails much simplicity and only takes fewer days once the Know Your Client documents already receive by BVI banks. But most accounts are opened for BVI offshore companies and to their beneficiaries. If planning to open a personal account then it requires of providing a certified passport copy, local bank reference and notarized documents confirming the client address. For a company account, it's important to comply the following bank reference, certified copies of Articles incorporation & Articles of Association, certified copy of passport and official approval from board of directors from the company that appoints the client as their representative.

There are very few international banks in British Virgin Islands banking sector that basically try and exclude money laundering. All banks in British Virgin Islands are regulated with the help of banks and trust companies act of 1990. It is mandatory for banks in BVI to acquire supervision by Banking Inspector, Companies and Trusts and also by official of Financial Services Commission [FSC]. This financial services commission or FSC was created on 1st January 2002 by the government as independent regulatory body. As per norms of this act banking licenses of British Virgin Islands are divided into three categories. The BVI banks will conduct banking business within and also the outside portion of BVI Jurisdiction with general banking license and there would be no restrictions on business itself. With the annual fee for this license of $20,000, the bank wishes of doing business should however have a minimum paid up to capital of $2 million and moreover the bank must deposit $ 500,000.

The Class I restricted banking license requires a minimum paid up capital of $ 1 million and annual license fee is $ 16,000 with bank deposit of $ 500,000. This license restricts banks from taking any deposits from any BVI resident except from another license or as an IBC. Similar to this license the Class II restricted banking license has the same fees and deposits. However, BVI banks that come under this license will only take deposits or funds from those undertakings that mentioned on their license. There should be at least two directors in every bank and those banks and trust companies exempted from the provision of section 14 of act shall have their names published in Gazette every year in the month of January. It is mandatory for banks to have a principal office with an authorized agent who will act as intermediary between licensee and commission.

All banking licenses banks in BVI will expire on 31st of December every year and will be renewed in January the following year upon payment of annual renewal fee. Apart from the above there are also certain other norms that BVI banks must adhere on per British Virgin Islands banking laws. The accounts of all banks irrespective of their banking license category must be audited by an auditor annually or at times when asked by Financial Services Commission. Once audited, the accounts must be forwarded within three months from the end of financial year to the commission. Extension might be given to certain banks depending on prior written approval granted by the commission. If for some reasons bank changes or replaces its auditor then bank has to inform the commission about the changes that takes place along with the reasons for effecting any change or replacement. Banks applying for a license as to do banking business in British Virgin Islands must furnish a diligent document to FSC for requirement satisfaction.