BVI reputation

[zeeoffshore]

Does BVI have good reputation? Is it easy to open an offshore bank account, receive wire transfers from our clients...? What are the cons of this jurisdiction?

 

[boom123psy]

Does BVI have good reputation? Is it easy to open an offshore bank account, receive wire transfers from our clients...? What are the cons of this jurisdiction?

From my experience so far:
- It has really bad reputation and it is getting worse day by day
- I believe you can open a bank account with TW

 

[Sols]

Compared to what? For what purpose?

 

[zeeoffshore]

Compared to what? For what purpose?

can we open an offshore bank account with for a BVI company? Once the bank account is open, will we face any problem receiving wire transfers from our clients?

 

[Sols]

can we open an offshore bank account with for a BVI company? Once the bank account is open, will we face any problem receiving wire transfers from our clients?

It depends on what the company does, but it will be difficult in any case.

Following Brexit, the EU might be about to blacklist BVI which will complicate things further.

 

[Konstanz]

It will be very hard to open an account to almost impossible depending on activity. It was easy~ maybe 20 years ago..
However, some offshore banks can open. You can ask @Gediminas. He is professional at it...

 

[LoveMyLife]

There is possible to open EMI account for BVI company in some Hong Kong EMIs. Forget about real bank account.

Singaporean banks still open bank accounts for BVI companies, but they require very high initial deposit, very high minimum balance, and account can be openned in person only.

Reputation of BVI is not very good. But it is still better than Seychelles, Belize, Nevis etc..

 

[abchongkong]

Does BVI have good reputation? Is it easy to open an offshore bank account, receive wire transfers from our clients...? What are the cons of this jurisdiction?

BVI has a fine reputation as an offshore jurisdiction, while the bank account will rely upon your business nature and the countries you are dealing with. The cons will depend on your company's needs, but one main weakness is that currently they don't have the same access to banking solutions as Hong Kong or Singapore companies due to their offshore status.

Every case is different, so it is suggested to get some professional advice first before determining whether you should go for Hong Kong, Singapore, or BVI as an important early decision. All these 3 are popular choices among our clients with distinctive strengths and weaknesses, like tax rate, annual cost, etc.