New Bank in BVI for offshore companies launched.

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
Hi All,

There is a new that has been established in the BVI to address the needs of offshore companies and their owners. Just in case you are a high value person or business and have connections with Asia in particular this bank has opened up for you. The bank is called Bank of Asia. The bank is offering personal accounts and corporate accounts with a focus on opening accounts for BVI companies but will in future support trusts, brokerage services etc. They are not cheap so if the fees are too much you are probably not their target customer....see fee link below. Currently the bank only offers USD currency accounts and services are really limited to wires it seems. The bank was licensed last year but is now taking on clients on a limited basis since last few weeks. You can open an account from anywhere as long as you have internet access and a smart phone or computer with camera and video functionality.

I am not affiliated with the bank but understand this maybe of interest to people considering setting up a BVI company and needing a bank. Please direct any questions you have directly to them and let us know how you get on.

Bank of Asia


Their fees are below

Bank of Asia

Faq Page

Bank of Asia
 

John Spectre

Building Trust
Entrepreneur
From their faq:
19. Do you accept cryptocurrencies?

We understand the growing demand and are closely monitoring the development of cryptocurrencies. At this stage, we are not accepting cryptocurrencies


If it changes in future, they could get a lot of customers with a lot of money:)
 

negon

hannibal the cannibal
BANNED MEMBER
Entrepreneur
They must! however, for normal people and the small guy on the street it's not a bank!
 

David97255

Banned User
BANNED MEMBER
Business Angel
Nice found i ll give a try .
They are expensive an i appreciate it . All those emi almost without fees are non trustable. Their business is to take a lot of customers and then F.... them. ( it s understable since they havent eaten on you , no bank/emi will live with free transfers, free cards etc... )
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
Nice found i ll give a try .
They are expensive an i appreciate it . All those emi almost without fees are non trustable. Their business is to take a lot of customers and then F.... them. ( it s understable since they havent eaten on you , no bank/emi will live with free transfers, free cards etc... )
Glad you get it. Basically I agree 100% with what you say. If I use an EMI or bank and cannot workout how they make their money as they are offering no monthly fees and low cost SEPA wires etc then be very worried. nai¤%

Companies like Revolut, Mistertango are all running at a MASSIVE loss....lol. MisterTango at least has taken steps to address this with new fee structure. Revolut however is making no money if you look at their last UK filing in 2017. They made a near £7m loss annual loss in 2016 up from £1.7m in 2015.ja334¤¤# None of these EMI's including Transferwise are making any real money while people enjoy free banking. Yes it maybe the usual J curve in startups but deliberately running your business at a loss just to get freeloading customers is not sustainable over the long term....lol.

Revolut Filing
REVOLUT LTD - Filing history (free information from Companies House)

Transferwise Filing
TRANSFERWISE LTD - Filing history (free information from Companies House)

There is no such thing as free banking - just companies running their business at a loss to get market share. Then they either later raise more capital, sell the business it or go bankrupt....rant over. smi(&%
 

David97255

Banned User
BANNED MEMBER
Business Angel
right Martin, or sale of business or bankrupcy but you know.... there is no a lot of miracles :)
I have never felt so good when cyprus bank 6-7 years go was taking from me 1500-2000 euros per wire transfer, i knew that if they eat they will not F.... and they never F... me.
 

Nyep

Trusted Member
Business Angel
I have never felt so good when cyprus bank 6-7 years go was taking from me 1500-2000 euros per wire transfer
I hope you're being sarcastic, because 1500-2000 per transfer sounds like pretty rough F... to me!
 

Takeshi

Active Member
After looking at them, the fee structure looks decent, not the best but not the worst and you have to pay somehow somebody somewhere.

Thanks for sharing, really appreciated.
 

MrTony

Trusted Member
Business Angel
Very-very hard compliance. A lot of documents, questions and requirements.
But maybe this is as it should be...
 

Larry

Banned User
BANNED MEMBER
Entrepreneur
News? Somebody opened successful account with them?

I see they have still the remittance issues mentioned on their website like couple of months ago.

I think about trying to open account with them because of the waived 1,000$ opening fee.
But I'm not sure what to think about there USD loss within the first weeks of start.

Any thoughts?
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
They have no currency processing ability I believe as they only offered USD. Anyone opening an account will have an account you can neither send money too or send money from. However it will be free of charges until June.
 

BTCNG

Building Trust
Entrepreneur
Anyone know when they will be able to have a correspondent bank? seems that nothing much is happening with them now.
 

TurnedToRobot

Trusted Member
Business Angel
I'm afraid that will never happen. Almost anytime a bank or emi lost some of their facilitated services they never come back.
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
The picture is bleak for them. Chances are the bank will be sold to another banking player who already has correspondence relationships available.
 

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