Overview of Banking in the British Virgin Islands
The BVI has the status of one of the top offshore jurisdictions and, at the same time, a high level of reliability. The banking system is controlled by the BVI Financial Services Commission (FSC), which guarantees strict compliance with AML/CFT standards, security in banking payments, and compliance with all applicable requirements (FATF, OECD, CRS, Basel).
Processing Time
2 – 6 Weeks
Average Opening timeline
Initial Share Capital
$10 000
Minimum required capital
Bank Fees
0,1%–0,3%
Per Transaction
When opening a bank account in the British Virgin Islands, clients can choose from:
7 commercial banks (6 with a general license and 1 with a limited license).
3 branches, 3 subsidiaries, and 1 local bank. Total deposits amount to $2.4 billion, with VP Bank holding
$500 million, First Caribbean $476 million, and Banco Popular $412 million.
Features of the BVI banking system:
Focus on the international corporate market, which means: providing services to international holding companies and funds; opening multi-currency accounts and conducting trust and investment payments; wealth management. Approximately 750,000 registered offshore companies.
Remote service and account opening, enhanced development of digital financial transactions, which is especially convenient for large corporations.
Full integration into the global financial system, which means: compliance with AML CFT, UBO identification, verification of the sources of funds, riskiness of transactions; conducting KYC checks with the provision of personal data of managers/representatives, confirmation of address, etc.
Compliance with CRS (tax information exchange) and FATF requirements, which significantly enhances the reputation of the jurisdiction.
UBO information is not public and is disclosed upon request by authorized government agencies.
Accounts are available in most currencies: USD, EUR, GBP, CHF, CAD, HKD.
Comparison of BVI vs Other Offshore Jurisdictions
| **Parameter | BVI | Cayman Islands | Belize | Seychelles** |
|---|---|---|---|---|
| Number of banks | 7 | 6 | 5 | 7 |
| Corporate income tax | 0% | 0% | 0% | 1–1.5% |
| Confidentiality | High | High | Medium | Medium |
| Reputation | Very high | Very high | Medium | Medium |
| Remote account opening | + | + | + | + (with specific conditions) |
Tax Advantages of Opening a Bank account in BVI
Zero corporate tax on offshore transactions.
Income earned outside the country is fully retained in the accounts of holding companies and investment structures without withholding taxes.
No capital gains tax.
Investors do not pay tax when selling assets or shares in a company.
No tax on dividends and interest.
Interest received by corporations from deposits or dividends from shareholders is exempt from taxation.
A number of TIEAs (tax information exchange agreements) have been signed.
The country has signed a large number of TIEAs with Australia, Canada, Denmark, and India, which helps simplify tax planning for investors and large companies.
Compliance with FATCA and CRS requirements.
Banks must provide account data to foreign tax authorities only in accordance with applicable requirements. Compliance is also mandatory, and it is prohibited to open anonymous bank accounts in the British Virgin Islands.
Data confidentiality.
UBO registers are not public, and holding companies, funds, and trusts are used to protect data. It is also possible to use nominee directors and shareholders.
Can You Open a BVI Corporate Bank Account Remotely?
Most banks accept applications for opening a British Virgin Islands offshore bank account remotely, but it is worth clarifying the details in advance, namely:
- The ability to submit an application entirely remotely. For complex corporate structures and high-risk clients, personal presence may be required when undergoing AML/KYC.
- The need to undergo video verification or a digital KYC process. Some banks use Zoom, specialized banking portals to ensure compliance with all AML/FATCA/CRS requirements at the initial stage.
- Account opening time. The remote account opening process can take 2-6 weeks, while the personal presence of the manager/representative can speed up the process by 1-3 weeks.
- Opening conditions. It is necessary to determine which set of documents is required, as well as whether the documents need to be notarized or apostilled.
Required Documents for BVI Corporate Account OPening
Opening an international bank account in the British Virgin Islands requires detailed preparation of all documentation. In most cases, references and certificates must be issued no later than 3-6 months ago, and statements from other banks must be submitted for the last 6 months.
Before contacting a banking institution, you should make sure that you have all the necessary documents, namely:
- Certificate of incorporation.
- Articles of association, agreements, memorandum.
- Certificate of Good Standing for already active companies.
- UBO register.
- Personal identification data of managers and shareholders: certified copies of valid passports (ID cards), proof of residence. Resumes, professional references, bank letters, certificates. Documents issued in another jurisdiction must be notarized and apostilled.
- Description of business activities with a forecast of the volume of operations, transactions, types of services, and main clients.
- Confirmation of the source of authorized capital (statements, contracts, receipts, etc.).
Requirements for BVI Offshore Banking
The country’s legislation requires compliance with fairly strict requirements for offshore bank accounts in the British Virgin Islands, such as:
Compliance with AML/KYC standards.
When establishing business relationships, financial institutions verify complete information about the client, shareholders, and UBO.
Clear and legal business model.
Banks do not work with companies that sell prohibited substances or operate in prohibited areas, have not obtained the appropriate license (insurance, investment, etc.) or have a negative reputation in the market.
Minimum authorized capital.
Most banks work with companies that have at least $10,000 in authorized capital and a confirmed source of its origin.
Legal capacity of managers/beneficiaries.
When opening an account, directors and UBOs undergo due diligence, which includes reputation analysis, checking for inclusion in sanctions lists, determining the degree of risk of the business profile, and obtaining minutes/decisions of the board of directors regarding the granting of relevant powers.
Economic presence.
Some companies must have a local office and hire employees (changes from 2025).
Types of Companies Eligible for BVI Bank Accounts
Opening a business bank account in the British Virgin Islands is available to a wide range of business structures, such as:
- BC BVI is the main type of company that is best used for asset management and holding structures.
- IBC is the most popular type of offshore company used for international trade.
- LLCs can operate in various business areas.
- Holdings and SPVs are used for structuring assets and investments.
- Investment funds must obtain an appropriate license for asset management.
- Trusts, funds.
- Trading companies, e-commerce, and corporations must provide statements of turnover and business plans.
- Consulting, IT projects, and service companies working with clients from all over the world.
Types of Bank Accounts in BVI
Corporate clients have a fairly wide choice between types of BVI bank accounts depending on the volume of transactions and the direction of business activity:
- Current accounts for daily transactions, receiving payments, paying for services, etc.
- Deposit accounts for storing funds for a specific period.
- Multicurrency accounts for conducting transactions in different currencies.
- Merchant for accepting online payments.
- Investment necessary for purchasing stocks and bonds.
- Escrow for saving funds when concluding agreements and trade contracts.
- Credit accounts are opened upon receiving approval from banks.
Average Bank Deposit Requirements in BVI
| Type of Fee | Description |
|---|---|
| Minimum initial deposit | Average for offshore companies starts from $25,000. VP Bank requires a minimum balance of $50,000. |
| Monthly fee | VP Bank: balance > $100,000 — $25/month; balance < $100,000 — $80/month. CIBC Caribbean: required average balance $5,000 — $15/month. |
| Additional charges | VP Bank account closure fee — $250. |
Step-by-Step Process to Open a BVI Corporate Account
The process of bvi company formation and bank account is complex and multi-stage and consists of:
Stage 1. Assessing business needs.
When choosing the optimal bank, it is necessary to determine the main goals of the business, its needs in foreign exchange transactions, regulation and compliance with AML/KYC standards, and minimum deposit requirements. The entire process takes 4-12 weeks, depending on the accuracy and validity of the documents provided.
4-12 weeks
Stage 2. Preparing documents.
In addition to collecting all corporate and personal documents, it is also necessary to have them notarized and translated.
1-3 weeks
Stage 3. Due diligence.
This is a particularly important stage, as the bank must verify the accuracy of all data, determine the risk level of the client’s business profile, check sanctions lists, and request additional meetings and information if necessary.
1-3 weeks
Stage 4. Account approval and activation.
After the account is approved, the company makes a minimum deposit ($10,000-$50,000) and gets access to e-banking, IBAN, SWIFT/BIC.
3–7 business days
How to Choose the Right Bank in BVI
Choosing a financial structure when opening a BVI bank account is one of the key decisions, as it will subsequently affect the quality and speed of service, as well as the security of funds:
- First Caribbean International Bank has a good reputation and offers a wide range of services.
- Banco serves international corporations.
- VP Bank offers multi-currency transactions.
- Other licensed banks offer privacy, e-banking, integration with ERP/CRM, and support in several languages.
- Some banks have a mobile app, the ability to open virtual accounts, and integration with payment systems.
Packages of services for opening a corporate offshore account in BVI
The basic support package for a bank account for a BVI company includes the following services:
- Many years of experience and in-depth knowledge not only in company registration and account opening, but also in obtaining licenses.
- Expertise in choosing the right business structure and type of company (BC, LLC) adapted to strategic goals. This is especially important if a corporation with a complex structure and ownership scheme is opening a bank account international bvi.
- A comprehensive approach from preparing a business plan, assisting in complying with AML/KYC standards, letters of recommendation, extracts from registers, drafting protocols, contracts to notarizing documents.
- Optimization of administrative costs, since the choice of a banking institution is made taking into account the minimum deposit amount, cash management fees, the possibility of issuing a card, e-banking, connection to payment systems, and more.
Such services will be particularly useful for businesses that intend to grow globally and enter new markets while complying with all regulatory requirements.
FAQ About Bank account opening in BVI
Who is eligible for a corporate account in BVI?
Provided that the BVI company bank account opening requirements (AML/KYC, transparent UBO structure) are met, any business structure or entrepreneur can achieve success.
Which bank is good to open a corporate account?
Among the most popular are: CIBC, VP Bank, Banco Popular. It all depends on the client’s profile, choice of currency, and deposit amount. In addition, it is possible to open a BVI company bank account in the US at Zenus Bank and CBi Bank without US residency requirements.
Can I open a UK bank account for my BVI offshore company?
Yes, but British financial institutions require economic presence and a rigorous verification process. Therefore, a more optimal option is to open a BVI bank account.
What are the benefits of BVI incorporation?
When setting up a company and opening an offshore BVI bank account, the client receives 0% taxes, confidentiality, and international recognition.
Is it expensive to incorporate in BVI?
It depends on the provider and the service package, but one of the advantages is a favorable taxation system. At the same time, an online offshore BVI bank account allows you to work with counterparties from all over the world.
Who guarantees the security of funds deposited in BVI offshore banks?
The FSC regulator controls the activities of banks, their compliance with all FATF standards, does not allow anonymous bank accounts in the BVI, and guarantees the security of financial deposits for residents of the country.
How long does the BVI bank account opening process take?
It takes 2-6 weeks to review documents and verify data. Upon approval, the account must be activated, so a minimum balance is required for a BVI company bank account.
Are there any minimum deposit requirements for a BVI bank account?
Yes, for an overseas bank account in the BVI, you must have a balance of between $5,000 and $50,000.
What is the currency used in BVI bank accounts?
In addition to being able to open a bank account for a BVI company online, you can also choose from several currencies: USD, EUR, GBP, and others.
