Crypto friendly bank for BVI entity, or other options

[mrq]

I have been wanting to open a bank account for a BVI entity, have been looking at different options such as: bank of asia, ocbc singapore, uob

The main use case would be crypto trading, depositing fiat into crypto exchanges & withdrawing from crypto to fiat
(bank of asia is small so even if we do open an account there we'll mainly just use it to transfer funds in and out)

The main questions I have are:

1. Are the above banks viable options, will they open an account for a BVI entity? (open to hear other banking options too)
2. I want to set up a new company in another country for the same purpose if we can't get decent bank accounts opened for BVI entities, one that has 0 tax, good anonymity, and can open a bank account that is crypto friendly, what are the best options?

Any help or suggestions is greatly appreciated! Thank you in advance kind people!

 

[Onassis]

bank of asia, ocbc singapore, uob

As far as I know all of these will require at least a 100k USD minimum deposit. Some may even want to see substance in BVI which costs approx. at least $10k/year. There are of course no guarantees that they'll be OK with crypto-related transactions.

Your best bet would be to go with a high risk EMI and swallow the onboarding and transaction fees which there will be plenty of.

 

[Gediminas]

I have been wanting to open a bank account for a BVI entity, have been looking at different options such as: bank of asia, ocbc singapore, uob

The main use case would be crypto trading, depositing fiat into crypto exchanges & withdrawing from crypto to fiat
(bank of asia is small so even if we do open an account there we'll mainly just use it to transfer funds in and out)

The main questions I have are:

1. Are the above banks viable options, will they open an account for a BVI entity? (open to hear other banking options too)
2. I want to set up a new company in another country for the same purpose if we can't get decent bank accounts opened for BVI entities, one that has 0 tax, good anonymity, and can open a bank account that is crypto friendly, what are the best options?

Any help or suggestions is greatly appreciated! Thank you in advance kind people!

Hey,

I suggest we schedule a call and speak about your plans and see how we could help.

Drop me an email and let's schedule the time.

 

[mrq]

As far as I know all of these will require at least a 100k USD minimum deposit. Some may even want to see substance in BVI which costs approx. at least $10k/year. There are of course no guarantees that they'll be OK with crypto-related transactions.

Your best bet would be to go with a high risk EMI and swallow the onboarding and transaction fees which there will be plenty of.

Ok I've heard of a few such as bankera and verifo, but uncertain about using high risk EMI if higher transaction volume is needed.

What about opening an entity in the Cayman Islands?

 

[Onassis]

You can't just throw darts at the map as if you're picking a country to take a vacation in... lol.

First and foremost which country are you resident of? What's your citizenship/passport?

Btw any accounts you open for the company - be it in the Caymans, Bahamas or some other country - WILL get reported back to your home country through CRS.

 

[thinkaliyum]

It can be reported. It's all about volume. You need to call attention, I guess.

Today I was thinking about BVI for the first time because I saw that some brokerage open accounts for business incorporated there. It was interesting for me.
The fact that you don;'t need to make tax report or anything annually, also.

For the persons with experience: how do you deal with crypto, for example? After you make some gains, do you withdraw to your bank, keep in a wallet... How to spend in this case, if the jurisdiction doesn't "bother" with tax information...?

 

[I'mRobot]

Well BVI is reporting!

http://www.bvi.gov.vg/sites/default/files/ITA/BVI%20Updated%20Guidance%20Notes%20for%20Common%20Reporting%20Standards.pdf

 

[oldtimer2]

If you already have a BVI co then you know there is annual reporting required to the BVI authorities (about your residency and your company activities and the location of your company’s economic substance) that needs to be submitted via your BVI Registered Agent. For example, Trident Trust has an online system for their customers to complete the data that they then submit as Registered Agent. So i think basically a BVI co will be reported to your jurisdiction of residence and / or economic substance or both.
For more serious types of business (for example dealing with large corporate customers) where your end customers want to know a lot about your company and for example if it has rights to use any DTA (if any from the jurisdiction where your BVI co has economic substance and is ‘paying / reporting tax etc) then it seems using a BVI co just adds complications and extra costs these days for smaller players.

 

[DSoz]

Did you figure it out?