Main Menu
Articles Home
Most Popular Articles
Top Authors
Submit Articles
Submission Guidelines
Link to Us
Contact Us

Translate this page

Home / Business / E-Commerce

BVI Banking: One Of The Best Developed Tax Havens In The World

By:Ramapati Singhania

The banking sector of the British Virgin Islands is strong and dynamic with the availability of modern international banking services. It offers access to clients 365 days a year and though it also offers internet banking with a USD account, other major currency deposits are also accepted.

However BVI banks do not issue corporate debit cards and companies involved in ecommerce are not accepted but it offers customers USD corporate chequing accounts. On the other hand BVI banking services offers debit cards on personal accounts.

The first Caribbean International bank (FCIB), First bank BVI and VP bank (BVI) are the prominent banks of British Virgin Islands with FCIB specializing in international banking, offshore banking services for IBCs, internet banking facilities and international credit cards.

Certain documents are required by the banks prior to opening an account in BVI. Below is a general guideline for existing BVI banking services.

The documents that banks generally ask for are permanent address verification report, a duly completed and signed bank application form, certificate of incorporation certified copy, memorandum and articles of association certified copy, two picture IDs in the form of passport/drivers license (certified copy), a reference letter from a bank and a board resolution appointing authorized signatories.

BVI banks consider the passport to be the most authentic document for identification purposes and hence the passport should be notarized. Once the bank related documents are submitted to the concerned bank the particular BVI bank account should be activated within two working days from the receipt of the documents by depositing the minimum initial deposit which is 2,500 US dollars. Though documentary requirements may vary from bank to bank generally, they will need to know and identify the actual owner/owners and everyone else who has been given account signatory rights.

Although personal appearance of the owner of the company is not necessary while opening an account in a BVI bank, still laws regulating the banking industry make it mandatory for banks to know their clients background thoroughly, and they also require an account introduction through an approved intermediary. Approved intermediaries are in the form of professional incorporation service providers based in the British Virgin Islands.

Banking secrecy is a fundamental cornerstone of BVI banking services and under no circumstances can a clients background information be leaked to a third party. This is the reason why BVI banks are very particular with documents prior to opening an account because while protecting a clients background they never want to be caught on the wrong foot.

However there are instances when a clients information may be divulged by a BVI bank and these may be under a proper criminal investigation carried out by local police authorities in-land or when ordered by a court in BVI.

BVI Information: British Virgin Islands is one of the most beautiful territories in the Caribbean. Its total area is just around 150 sq km compromising of 60 islands and even the population is in few thousands.

British Virgin Islands is under British authority and some key points are summarized below:

* Many mutual and hedge funds, insurance companies, trading companies, expatriate individuals, intellectual property rights owners, property investors and just high net worth individuals use BVI banking offshore to pay fewer taxes and save wealth.
* There is no restriction on the nationality of the bank account owner, however most banks prefer that the individual accounts be opened along with corporate accounts, of companies incorporated in the BVI.
* Privacy and confidentiality come as a given but we have to wait and see how the UK reacts to pressures from the EU for BVI bank disclosures.
* Account holders are just charged with few thousand dollars every year for the license fees of banks.
* 9/11 has changed the concept of privacy as it was accepted by us. Now governments, in the name of anti-terror laws have started usurping authority to look into anyones personal information for no strong reason.
* Its not just about privacy and taxes, banking BVI Offshore gives you all the luxuries that you can get in a world class bank.
* World class infrastructure, communication systems, modern day facilities like credit cards, internet, online banking and courier services are available in British Virgin Islands.
* You will also be saved from the tensions of legal issues as someone rarely thinks of filing a suit in a far away country and even if someone does plan to, there is legal protection provided to you in the British Virgin Islands, as in other offshore tax havens.

Digg Blink Stumble Spurl Reddit Netscape Furl

Article keywords: bvi banking

Article Source:

Ramapati Singhania specializes in creating and managing web businesses. His latest website focuses on helping you to incorporate offshore companies in Seychelles, Mauritius and BVI. You can also visit his blog,

Related Articles
  • 4). Is The Future of Your Ecommerce Promising?  By : HAZEL LEONG
    The growing potential of ecommerce has convinced a lot to try it out. Although ecommerce has a very great potential in providing you with the necessary income, you also have to consider that there is a very steep competition in this business. Find out how you could make the future of your ecommerce promising.

  • 5). Elements of a Successful Minisite  By : Jonathan Hook
    A minisite is just what the word suggests, a mini website. When set up correctly, it is a great way to direct targeted traffic to your main site or online store. For that to happen though, you need to have all the elements of a successful minisite in place.

  • 6). Auction Work at Home Jobs - Do They Exist?  By : Steve Albright
    These days there are many different ways to make money online and start a supplemental income stream. These alternative online jobs and opportunities are getting more and more attention with our current economic situation. Everyday more people find themselves in need of a second paycheck or even worse a new job.

  • 8). 3 Absolutes for Healthy Ecommerce  By : Scott Lindsay
    Are you sure your website is an ecommerce winner? Have you followed the three primary steps to success in ecommerce? Have you executed your marketing plans with creativity? This article could help you.

  • 10). How Warehouse Inventory Software Works  By : scott gallagher
    Warehousing is termed as the second important component of the physical distribution of the data. When you want to know the warehouse inventory software, you first need to have some information about the warehouse management. Warehouse management have the two parts, first is relating to creation and running of the network storage points.


2013 - Privacy Policy