Seeking an Online Bank for BVI Businesses with UBO Based in Another Country

[Kadafen]

I've scoured this forum for online banking options that accommodate businesses registered in the British Virgin Islands (BVI) with an Ultimate Beneficial Owner (UBO) residing elsewhere. Though I came across options like Wise, bunq, and Atlantic Money, it appears that none currently support BVI-based businesses.

While my preference leans towards online, neo, or challenger banks due to their cost-effectiveness, I'm open to exploring alternative recommendations if finding such a bank proves too challenging.

I understand there are many banks mentioned, but I am stil trying to distinguish heads from tails.

 

[myhand]

To find banking for a BVI company is going to be complicated and with lot's of hassle. You may go there to open a bank account or accept some of the more shady banking available for instant in the marketplace forums.

 

[TheCryptoAnt]

PaySet will onboard you depending on your BA

 

[Clearsky Network]

Any Lithuanian EMI is relevant. Some UK EMIs might onboard you as well, depending on UBO nationality, business type ect...
Do yourself a favor and dont waste time on physical banks

 

[Kadafen]

To find banking for a BVI company is going to be complicated and with lot's of hassle. You may go there to open a bank account or accept some of the more shady banking available for instant in the marketplace for forums.

Thanks for the tip, not being able at current stage to differentiate between the shady from the prober, made me create a thread.

PaySet will onboard you depending on your BA

Will give them a look, thank you.

Any Lithuanian EMI is relevant. Some UK EMIs might onboard you as well, depending on UBO nationality, business type ect...
Do yourself a favor and dont waste time on physical banks

Should I care about CRS ? - Appreciate the tip, but could you shed some light why not to go for the physical banks?

***

My current entity is acting as a holding(ltd) and dont have any business activity yet. I am currently trying to get a bank and optimize my setup to be as tax optimised as possible. As I preferebly dont want my tax office to nip me in the but..

 

[Clearsky Network]

I wish to emphasize that I am not a certified tax advisor. Therefore, I strongly recommend seeking guidance from a qualified professional regarding tax matters.
In regards to the physical bank accounts, its extremely hard to open an account for an offshore company with a reputable bank. Moreover, it can take a few months (3-6 months) and you will be asked endless annoying compliance questions, video calls and in some cases even physical visits that involve travel expenses.
Make yourself a favor, choose a good EMI (preferably UK licensed) get some good history and only after 6 months of smooth operation apply for a bank account.
Will be happy to help if you need any. Good Luck!

 

[Kadafen]

I wish to emphasize that I am not a certified tax advisor. Therefore, I strongly recommend seeking guidance from a qualified professional regarding tax matters.
In regards to the physical bank accounts, its extremely hard to open an account for an offshore company with a reputable bank. Moreover, it can take a few months (3-6 months) and you will be asked endless annoying compliance questions, video calls and in some cases even physical visits that involve travel expenses.
Make yourself a favor, choose a good EMI (preferably UK licensed) get some good history and only after 6 months of smooth operation apply for a bank account.
Will be happy to help if you need any. Good Luck!

Thank you, appreciate the details, will look for an EMI to begin with.

I would happily accept some pointers, if you could PM me (im not sure i can yet), to ask a few question which is off the topic for this thread.

Much apreciated!

***

If anyone knows a good EMI accepting BVI based entity please feel free to mention them.

 

[Clearsky Network]

Most welcome!
The choice of the EMI would depend on several factors, will be happy to assist with matching the best solution and assist in onboarding.
As advised above, Payset can be suitable and I always highly recommend them. In addition Klarpay, Equals Money, Zen can also work well.

 

[Kadafen]

Most welcome!
The choice of the EMI would depend on several factors, will be happy to assist with matching the best solution and assist in onboarding.
As advised above, Payset can be suitable and I always highly recommend them. In addition Klarpay, Equals Money, Zen can also work well.

Thank you, very usefull.

What is your experience with Payset to be so high in your recommendation list ?

 

[Clearsky Network]

They have excellent service, never had issues with SWIFT, offer crypto OTC, multicurrency etc..
So far, none of my clients complained about their service

 

[Kadafen]

Update:
So far of the banks mentioned, Zen.com did not approve bvi company with the message they don't support the jurisdiction.

Feel free to mention any alternative online banks accepting BVI based companies. Highly appreciated.

Will keep this thread updated.

 

[Clank]

If you are ok with EMIS like zen instead of actual banks, Currenxie or Airwallex would work

 

[Kadafen]

If you are ok with EMIS like zen instead of actual banks, Currenxie or Airwallex would work

Much appreciated, I will try emis as it would suffice and try real banks in the future.

Could you provide your experience with these 2 you mention pros and cons between the 2?

 

[reimmarkus]

Which bank do you now use?