BVI (British Virgin Islands)- Company Incorporation

[mrsgrey]

Hi there

I am looking at incorporating a BVI and setting up a bank account.

Please let me know:
- if anyone has done it themselves and the costs/process
- if anyone can assist in the incorporation, please let me know (in public if possible) your fees (and any government/other fees)
- once the BVI corporation is setup, what the process (documentation and cost) is like for setting up a bank account with a large bank (e.g. DBS or Shanghai HK bank etc). Which bank do you recommend?

Cheers
Mrs Grey

 

[JohnLocke]

I tried it a year ago, it was so impossible or should we say useless. They should have so much information there that you might as well go down to your local bank and create a bank account and call it an offshroe account! If you finally want to set up something in BVI then use Fidelity they are good. But you have to be prepared to hand out a lot of documents.

 

[sullyferdinand]

Hi there

I am looking at incorporating a BVI and setting up a bank account.

Please let me know:
- if anyone has done it themselves and the costs/process
- if anyone can assist in the incorporation, please let me know (in public if possible) your fees (and any government/other fees)
- once the BVI corporation is setup, what the process (documentation and cost) is like for setting up a bank account with a large bank (e.g. DBS or Shanghai HK bank etc). Which bank do you recommend?

Cheers
Mrs Grey

unless you have a valid link in China (clients or customers) i dont think you will manage to open the account there

 

[onemansomewhere]

Some singaporian bank accounts accepts companies from BVI. But there is required a very high initial deposit and very high monthly minimum and due dilligence will be a huge bunch of papers. And you have to be willing to travel to Singapore.

Openning a BVI company - no problem at all, if you are ready to provide some documents.

Open a bank account for a BVI company - real challenge. It is possible to do it. But it is not cheap nor fast.

Do you have at least 325000 SGD to wire to Singapore and do not touch that money all the time?
Are you willing to travel to Singapore?
Are you a citizen of so called low risk country?
Are you a resident of so called low risk country?
Are you a fiscal resident of so called low risk country?
Is your business legal?
Are all your suppliers from so called low risk countries?
Are all your customers from so called low risk countries?
Do you have website, bsuiness cards, letterhead, local ohone number, local mobile number, ...?
Is going to be your tornover at least 1 million SGD per year?

If you answered all questions as YES, so it is possible for you to sep up a company in BVI and hav a bank account in Singapore for this company.

But if you have such money and business, BVI is probably not the best option and you can consider absolutely different structure.