Concern for BVI Company with Offshore operation
One of the main concerns of international business owners with offshore operations is the requirement that they would need to be present at the BVI bank office in the foreign country to set up their company bank account. However, there are a few banks whereby it would be possible to open company bank accounts without having to be onshore at the time. International business owners who wish to do so, though, should bear in mind of the fact that there are legalities involved in such processes and as such, banks and financial institutions might proceed to require extensive information pertaining to both the individual owner as well as the incorporated company itself including for limited liability companies and shares information. This stringent regulation is part of the international banking framework standards. As such, it would definitely make more sense to open a BVI company bank account.
Documents and Requirements for Opening BVI Bank Account
Business owners who are keen to open and register a BVI company bank account should then be willing to follow the requirements by the bank.
- One such detail would be the identity and client identification and internal information of the actual beneficial owner of the company. Depending on the structure of the organisation, this could be the business owner himself and/or other parties such as shareholders and directors.
- It is also important to furnish to the bank identification of authorised signatories for the BVI company bank account itself. Bank officers are quite firm with this ruling and only the following documents are accepted as means of establishing such identities: certified copy of passport, copy of second identification with photo attached, a bankers reference, a professional reference, description of the business in full detail and a copy of the forecast cash flow for the company.
- To provide informative description of owners’ details, authorised signatory details, description of business and business operations information. Once all these requirements are met, it should be an easy matter to proceed with the BVI company bank account.
Benefits of BVI Company Bank Account
Once that is done, business owners can then enjoy the benefits of actually possessing BVI company bank accounts. One of the main benefits of having a BVI company bank account is the fact that the banking industry in the British Virgin Islands follow strict secrecy standards and jurisdictions. Thus, there is such high trust in the BVI financial sector. As such, business owners can rest assured that all their banking transactions will be kept in accordance to such standards. The only time when company details can be shown to a third party is if it were a part of a criminal investigation.
Alternative of BVI Bank Account Opening
Of course, another option would be for corporate owners to operate a bank account from a financial institution they are already familiar with back in their home country. This might seem like the easier choice. However, business owners are advised to take note that this means they would not be able to enjoy the benefits of having a BVI company bank account in terms of statutes of secrecy. Another point for business owners to consider when it comes to bank accounts is the fact that this makes their personal tax conditions fall under different jurisdictions all together. As such, it is still highly advisable that business owners consider BVI company bank accounts if they are thinking of or have already set up BVI companies. Business owners who are still unclear of how to proceed should contact professional help from tax and banking professionals services specialists who would have the experience to help and provide advice.
No matter what your area of interest in Myanmar, Paul and Hype Page Co. can assist you in several areas, including
– Incorporation of Tax Haven Comapnies
– Opening offshore Bank Account
– International Tax Planning