Reputable bank for an Incorporated company in BVI?

[TurnedToRobot]

Wonder if OP is around at all!

 

[BTCNG]

Is there a required minimum balance to keep as well, or just initial deposits (which can then be taken out)? How are the fees looking?

No bank will want just the initial deposit, without keeping the money there. It should be a fair game you know...

 

[Nyep]

No bank will want just the initial deposit

You'd be surprised. Anyway, initial deposit and minimum balance are usually two different numbers.

 

[BTCNG]

You'd be surprised. Anyway, initial deposit and minimum balance are usually two different numbers.

What the bank gets from the initial deposit if you take 50% (lets say) out a moment after it hits the account?

 

[Nyep]

What the bank gets from the initial deposit if you take 50% (lets say) out a moment after it hits the account?

They "get" the knowledge that you are able to fulfill their initial deposit requirement (i.e. you have the ability to obtain the amount required, which proves you are wealthy enough to bank with them).

 

[mnschwarz]

If you manage to get an account in OCBC that would be quite an achievement, please keep us updated.

Regarding Heritage Swiss Bank, they would probably onboard you ... if you are ready to transfer that deposit.

Mauritius banks do not require personal visit.

I opened an account with OCBC for a BVI company. Was super easy. I heard Singapore banks like BVI as a jurisdiction and is quite common, which is one of the reasons I went there to start with. Was in 2017 so not sure if it's changed since then but I never had an issue with them trying to close the account, asking for any extra info etc.

 

[TurnedToRobot]

OCBC requires a lot of starting money to put into the account "initial deposit" which means 90% of users which may read this thread are out! On top of this as you already say @mnschwarz this was in 2017 and now it's 2019 much has changed, actually very much has changed.

 

[BTCNG]

OCBC requires a lot of starting money to put into the account "initial deposit" which means 90% of users which may read this thread are out! On top of this as you already say @mnschwarz this was in 2017 and now it's 2019 much has changed, actually very much has changed.

What amounts are we talking about?

 

[Andrew Gooden]

OCBC requires a lot of starting money to put into the account "initial deposit" which means 90% of users which may read this thread are out! On top of this as you already say @mnschwarz this was in 2017 and now it's 2019 much has changed, actually very much has changed.

Are you referring to the premier banking program that require $200,000 and $1,000,00 are is there another account you are referring to?

 

[TurnedToRobot]

Are you referring to the premier banking program that require $200,000 and $1,000,00 are is there another account you are referring to?

If this is the truth it is too much to have sitting in an offshore account at time unless you have several millions somewhere else as well.

 

[Mark Rucken]

I opened an account with OCBC for a BVI company. Was super easy. I heard Singapore banks like BVI as a jurisdiction and is quite common, which is one of the reasons I went there to start with. Was in 2017 so not sure if it's changed since then but I never had an issue with them trying to close the account, asking for any extra info etc.

So much has changed in the banking and offshore formation industry in the past 2 years. 2 years in this industry is like 20 years in other business areas. In 2017 you could open an account in any Cyprus bank for BVI company within a week ... today, they do not accept BVI companies at all.

On the other hand, as far as I know, OCBC requires minimum deposit of 30 000 per currency (EUR, USD, CHF etc.). Again, this is what they told me last year, God knows how much are they asking today.

 

[TurnedToRobot]

and what are you doing right now @Mark Rucken ?

 

[Mark Rucken]

and what are you doing right now @Mark Rucken ?

I work with my Delaware company and bank in Cyprus. Always looking for alternatives though as having one account these days is risky, they might kick you out any day.

 

[Andrew Gooden]

If this is the truth it is too much to have sitting in an offshore account at time unless you have several millions somewhere else as well.

Greeting Kanakke, if you had $200 millions which is legal obtained, how would you go about placing such in offshore accounts. How many accounts would one need and how much should be placed in. Could you give an idea or a plan as to what you would do. Thank you!

 

[mnschwarz]

On the other hand, as far as I know, OCBC requires minimum deposit of 30 000 per currency (EUR, USD, CHF etc.). Again, this is what they told me last year, God knows how much are they asking today.

That's still correct as of now. It's the only downfall I had with the bank. The money earns zero interest, can't be invested or used in any way and does indeed apply per currency. It's a great bank in general but for most it's too much cash wasted on the sidelines.

 

[Milky Moon]

That's still correct as of now. It's the only downfall I had with the bank. The money earns zero interest, can't be invested or used in any way and does indeed apply per currency. It's a great bank in general but for most it's too much cash wasted on the sidelines.

Yes, but is a deposit to be able to bank. It's the cost of doing business. If that money is too much for you, you are clearly not the intended client.

 

[Milky Moon]

Greeting Kanakke, if you had $200 millions which is legal obtained, how would you go about placing such in offshore accounts. How many accounts would one need and how much should be placed in. Could you give an idea or a plan as to what you would do. Thank you!

When you have $200 mio to spend, you contact a lawyer and an accountant and have them take care of it.

 

[mnschwarz]

Yes, but is a deposit to be able to bank. It's the cost of doing business. If that money is too much for you, you are clearly not the intended client.

As mentioned, I held an account with them. It had nothing to do with wether I can afford that cost or not. It's just too much wasted money sitting on the sidelines regardless. Singapore is a fantastically stable jurisdiction and this is one of the ways they ensure it. I operate in many different currencies and having a high minimum balance "per currency" is too much.

Think about the opportunity cost.... what kind of return do you usually expect on your money invested? For arguments sake let's call it 10%. That's minimum $3000 / year / currency. If you're dealing with a dozen currencies.... better off just paying for a high cost private bank IMO. Or better yet, diversifying banks per currency. Of course if you only need one or two currencies, go for it. As I said, other than that it's a great bank to deal with. If the minimum balance was just on the main account/currency (as most banks do) I'd never have left them.

 

[Andrew Gooden]

When you have $200 mio to spend, you contact a lawyer and an accountant and have them take care of it.

I am also aware of that, but is there any other alternative one can come up with? I spend nights trying to figure out an alternative. I hate the thought of involving a lawyer and others in my affairs. I guess it just me.

 

[mnschwarz]

I am also aware of that, but is there any other alternative one can come up with? I spend nights trying to figure out an alternative. I hate the thought of involving a lawyer and others in my affairs. I guess it just me.

You should change that thinking. My lawyers are my best assets. They make me (or sometimes save me) more than they cost me!