Banking for BVI

[Roo]

Hi,

A few incorporation agents recommended BVI to me and said it's easy to bank which I have some doubts about. Are there any decent banking options, preferably EMIs? I would need one to support AUD preferably and no crazy FX fees.

Is substance/accounting and yearly paperwork needed for software development over there? They mentioned very simple nearly no reporting necessary.

 

[Clearsky Network]

many EMIs will accept BVI as long as the business activity is legit.
Can recommend Payset and Zen they both support AUD

 

[Roo]

Thanks @Clearsky Network I was concerned that it may just be incorporation agents making promises trying to sell.

 

[Forester]

Banking for BVI companies is nowadays – suprisingly – not as horrible as it was some time ago. Try to search here at forums, at this moment I recall (as possible options) HK EMIs – Statrys, Airwallex and probably Currenxie, too. (All support AUD.) Zen is worth trying, too.

 

[Meta]

Gentlemen, there are some economic substance requirements imposed by BVI. "Directed and managed in BVI", "income-generating activities in BVI", "adequate spending" etc. So, not your typical nominee director, but rather something north to $50K/year I would say.

As far as I understand those apply only to some designated activities: insurance, banking, headquarters, holding, intellectual property and some more. Then I believe "software development" usually involves intellectual property so some heavy economic substance is required, isn't it?

 

[Roo]

Gentlemen, there are some economic substance requirements imposed by BVI. "Directed and managed in BVI", "income-generating activities in BVI", "adequate spending" etc. So, not your typical nominee director, but rather something north to $50K/year I would say.

As far as I understand those apply only to some designated activities: insurance, banking, headquarters, holding, intellectual property and some more. Then I believe "software development" usually involves intellectual property so some heavy economic substance is required, isn't it?

All incorporation agents said that software development doesn't fall under substance requirements. Since it's developed for clients it's not my intellectual property. Am I and the agents wrong ?

 

[daniels27]

All incorporation agents said that software development doesn't fall under substance requirements. Since it's developed for clients it's not my intellectual property. Am I and the agents wrong ?

If you do contract work for unrelated parties, you are fine. If you develop software for your BVI company and licence it, you will need economic substance. If you do contract work for another company owned by you or your husband, you will also need economic substance.

 

[tacokai]

many EMIs will accept BVI as long as the business activity is legit.
Can recommend Payset and Zen they both support AUD

What are these many EMI's the one listed in the thread are the one listed most no other?

 

[Clearsky Network]

What are these many EMI's the one listed in the thread are the one listed most no other?

I think BVNK, Paydo and Verifo also supports AUD, but always better to email the EMI and make

 

[Kadafen]

How did OP end up getting a bank account?

 

[Clank]

OCBC will open you an account.

 

[linusAG]

OCBC will open you an account.

Yes, OCBC do provide bank accounts to BVI entities, but it needs some economic connections to Singapore or East Asia.

 

[Clank]

Yes, OCBC do provide bank accounts to BVI entities, but it needs some economic connections to Singapore or East Asia.

For my Belize company they didn’t ask for connections apart from me living in Asia and being an OCBC customer for long time.

Maybe you can start by opening a personal account and handling it with your RM?

 

[linusAG]

me living in Asia and being an OCBC customer for long time.

 

[JackAlabama]

For my Belize company they didn’t ask for connections apart from me living in Asia and being an OCBC customer for long time.

thats a connection right here

Maybe you can start by opening a personal account and handling it with your RM?