Hi all,
New EU based member here...
I guess just like you all I received this nice welcome message: "Make your first post, be awesome!"
Well... I always wanted to be awesome, so I guess this finally is my chance... a temptation hard to resist... ;-)
How awesome would I be to even put 3 questions in one single post (that being said, hoping not to make a newbie mistake here and getting banned for life because that for sure would leave a less awesome impression...)
Anyway, I feel all questions are all linked around the same topic and complete the full picture.
So...
I have this BVI holding which I maybe need to re-domicile.
Main reason: the difficulties I have in getting a bank account for the BVI holding (preferably even one that comes with IBAN).
(1) Well, I tried many banks in many countries but always the same blockade: nobody is interested in a BVI holding. At least no one in the EU, maybe except for an expensive Swiss bank. But even the banks in BVI itself -or banks on one of the many islands in that area- were also not that eager and willing. OK, I have some applications started for a bank account over there but reactions so far are slow and I anticipate that there will be a fair chance that one by one they step out.
I even looked at Seychelles, Mauritius etc. But again, very few banks were interested and I don't have much hopes so far that my applications will be accepted.
Also, I checked many digital banks, a long line but no result there either. Revolut, Wise, Payoneer, Paysera, etc, etc.
Question: does anyone here recently -let's say in the last year- got a bank account for a BVI holding company? If so, where? As mentioned before, in my case preferably with an IBAN because most transaction are EU related anyway.
(2) Because of the frustration above -and if it won't work out in getting a bank account- I feel like re-domiciling my BVI holding to end this type of problems once and for all in a structural way, and maybe even doing so anyway even if I get a backaccount just for future peace of mind. Preferably therefore to a location where A) banks don't have a problem with, B) the overall costs of doing that transfer stay doable (meaning not going for the most expensive solution, but rather a mix of value for money and therefore being cost-effective & efficient), C) local (corporate) directorship can be arranged, preferably at low costs.
Question: any advise here? Did anyone actually did this for a BVI holding and how did that turn out? I heard Gibraltar would be a good option for this. I appreciate any feedback here.
(3) And then there is that tiny little technicality that comes out at night... the bookkeeping.
Went I got my BVI a long time ago I was delighted at first by the fact that no accountancy interference was needed; just me and my Excel file was enough according to BVI rules. So yes, according to those rules I personally -as shareholder- have ongoing a crystal clear insight of the financial position of the BVI company. However, once the de-domiciling takes place the new country probably will have new rules which might include annual figures done by an accountant.
Question: how to solve that puzzle? Day one for the BVI company is more than 20 years ago and not all data is kept or complete from that moment onward. I doubt if an accountant will accept the -absolutely perfect- end result of my Excel file as starting point for his balance sheet. Anyone having experience here in this matter or ideas how to approach this tiny detail?
New EU based member here...
I guess just like you all I received this nice welcome message: "Make your first post, be awesome!"
Well... I always wanted to be awesome, so I guess this finally is my chance... a temptation hard to resist... ;-)
How awesome would I be to even put 3 questions in one single post (that being said, hoping not to make a newbie mistake here and getting banned for life because that for sure would leave a less awesome impression...)
Anyway, I feel all questions are all linked around the same topic and complete the full picture.
So...
I have this BVI holding which I maybe need to re-domicile.
Main reason: the difficulties I have in getting a bank account for the BVI holding (preferably even one that comes with IBAN).
(1) Well, I tried many banks in many countries but always the same blockade: nobody is interested in a BVI holding. At least no one in the EU, maybe except for an expensive Swiss bank. But even the banks in BVI itself -or banks on one of the many islands in that area- were also not that eager and willing. OK, I have some applications started for a bank account over there but reactions so far are slow and I anticipate that there will be a fair chance that one by one they step out.
I even looked at Seychelles, Mauritius etc. But again, very few banks were interested and I don't have much hopes so far that my applications will be accepted.
Also, I checked many digital banks, a long line but no result there either. Revolut, Wise, Payoneer, Paysera, etc, etc.
Question: does anyone here recently -let's say in the last year- got a bank account for a BVI holding company? If so, where? As mentioned before, in my case preferably with an IBAN because most transaction are EU related anyway.
(2) Because of the frustration above -and if it won't work out in getting a bank account- I feel like re-domiciling my BVI holding to end this type of problems once and for all in a structural way, and maybe even doing so anyway even if I get a backaccount just for future peace of mind. Preferably therefore to a location where A) banks don't have a problem with, B) the overall costs of doing that transfer stay doable (meaning not going for the most expensive solution, but rather a mix of value for money and therefore being cost-effective & efficient), C) local (corporate) directorship can be arranged, preferably at low costs.
Question: any advise here? Did anyone actually did this for a BVI holding and how did that turn out? I heard Gibraltar would be a good option for this. I appreciate any feedback here.
(3) And then there is that tiny little technicality that comes out at night... the bookkeeping.
Went I got my BVI a long time ago I was delighted at first by the fact that no accountancy interference was needed; just me and my Excel file was enough according to BVI rules. So yes, according to those rules I personally -as shareholder- have ongoing a crystal clear insight of the financial position of the BVI company. However, once the de-domiciling takes place the new country probably will have new rules which might include annual figures done by an accountant.
Question: how to solve that puzzle? Day one for the BVI company is more than 20 years ago and not all data is kept or complete from that moment onward. I doubt if an accountant will accept the -absolutely perfect- end result of my Excel file as starting point for his balance sheet. Anyone having experience here in this matter or ideas how to approach this tiny detail?
