USA Bank account for BVI company

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by Piri Erts, Jun 10, 2018.

  1. Piri Erts

    Piri Erts Active Member

    Hello..and thanks in advance to anyone who might be able to assist.

    I am looking to open a USA based bank account for my newly formed BVI company. I am NOT a USA person and the company has me as both sole owner and Director. Using company for asset protection, tax planning and to receive payments from limited clients who are also offshore and have bank accounts in USA .

    Does anyone know of a USA bank that would open an account for my new company? I fully expect to personally visit the bank to complete the opening process so travel is not an issue, though would prefer bank with a presence/office in New York.

    Any ideas and/or recommendations would be greatly appreciated. Cheers!
    Admin likes this.
  2. Bizfiling

    Bizfiling Active Member

    i don't think that this is possible . you can try open online with Bank of America, but they ask for an EIN number. You can register your BVI with the Dept of Corps in NY . Better to call the banks to discuss
  3. Piri Erts

    Piri Erts Active Member

    EIN not a problem to obtain and I would think all the banks would require that. I realize that this won't be easy but it IS possible as I know many companies who are in BVI with USA accounts. They have much larger balances and no doubt generate much more revenue for the USA based banks. Issue is finding a bank that will open an account for a small company with much lower revenue opportunity. Interesting that opening a PERSONAL account is easy but offshore company is not. Both could present equal issues for the USA bank AFTER opening.
  4. Piri Erts

    Piri Erts Active Member

    Care to share which NY bank? Contacted Chase and was told not possible outside Private Bank...which means LARGE account!
  5. Banker89

    Banker89 Building Trust Entrepreneur

    Yes it is generally through private banking, or you have to go through an overseas affiliate of a bank like HSBC or Citibank that has offices in NY.
  6. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    I have openned a lot of BVI companies and PNC bank in Florida, nothing difficult at all, but takes about two weeks

    also, I know that it is pssible in BB&T in NY, but have no personal experience, try to contact them
    Nyep likes this.
  7. Nyep

    Nyep Building Trust Entrepreneur

    Very interested in learning more about this. What was the procedure? Requirements? Specific branch where this was possible? PNC has branches all over Florida and the east coast. Anything you can share would be very much appreciated.
  8. negon

    negon hannibal the cannibal Mentor Group Business Angel Commercial Service

    I would like to know how you open a US bank account for a normal person say living in the USA and without a 3rd party to handle the account for you?

    If you just have found someone that is holding the account for you then it means I will have to trust this person that he won't run with my money sooner or later.
  9. Piri Erts

    Piri Erts Active Member

    Spoke with PNC branch in Florida. Indeed, they can open account for BVI company but you must register the company with the Department of Corporations in Florida and have Florida based registered agent (can be yourself) with an address in Florida for service. Initial fee is $78 with an original certificate they will send to you to show bank. From there, annual fee is $150. This allows your offshore company to do business in Florida and PNC requires it for account opening.

    BB&T has no NY branches and NJ branch was not sure if they could open account or not. Will report back if they can.

    As to opening a personal account as a non US person, this is relatively easy and probably need to visit bank branch with Passport and perhaps proof of address. Chase, BofA, etc will probably open personal account with these documents and a visit to branch.
    W4rhol and Nyep like this.
  10. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Don't do it.
  11. Piri Erts

    Piri Erts Active Member

    Care to share why, if possible, one would NOT want to have an account in the most efficient, least costly and best customer service banking system? I have nothing to hide from any tax authority so, really, I am curious to the what you see as the downside.
  12. Banker89

    Banker89 Building Trust Entrepreneur

    WELL... Also for personal accounts just try E Trade Bank... I think they can open online without a personal visit. I used to work with BB&T in Florida but they stopped opening for non-resident corporations.

    By far the most efficient and least costly banking system is the SEPA system in Europe. Transfers are typically free or cost pennies and arrive reliably same day between more than 30 countries. Banks in US will not hesitate to charge you $50 or more for a same day wire transfer just within the US which is just 1 country. It is true that writing checks in the US is quite cheap and works relarively well but writing a piece of paper is nowhere near as efficient as SEPA system.

    There are many good reasons why you want a US account (for example because you want to do business in USD) but there is no way you can say it is the most efficient and least costly system.
  13. Piri Erts

    Piri Erts Active Member

    You are correct...if you ONLY use EUR and not any other currency and don't have a credit or debit card. Otherwise, the USD banking system is equally efficient (ACH transfers are free at almost every bank...used for bill pay and to move money) and vastly superior customer service. Many banks also have free USD wire transfers...and if there is a charge the HIGHEST you will pay is $50 to move money within Fed wire system. Also, if you need to move another currency via SWIFT, the charges are much less if not free depending on bank and balance. This can not be said of the inefficient EUR banks that charge high fees if not a % of the transfer. For example, one can get completely free international transfers at Chase with personal account with about $100k in it. Try that at a non -USA bank...will never happen. Also, for those who can get a USA credit card that issues points or rebates cash, one can use it for purchases and end up getting a BETTER exchange rate than the interbank rate given the rebate or points assigned. Also, can dispute any charge and usually get a full credit. Get free insurance on rental cars. Trip delay insurance, extended warranty coverage, etc.

    The reality is that most global banks can not compete with the efficiency of the USA banks and thus cost the end-user more.

    So you did not provide any real reason to avoid the USA banking system except that it might be cheaper to use EUR system if you ONLY move EUR within SEPA system. Hopefully you never need customer service where they close for lunch, hang up or just tell they can't help you. Have bank accounts in EUR and USA system and there is no comparison...USA banks win every time.
  14. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    If your not from the US and decide to connect your financial affairs with the US then good
    W4rhol likes this.
  15. void

    void Trusted Member Business Angel

    Does this also apply to personal accounts? What is the risk having a personal account in US bank just for keeping money there (not getting any interest from the deposits).
  16. Piri Erts

    Piri Erts Active Member

    Who said anything about "connect"ing financial affairs to US bank? Are you implying all eggs to be put in one basket? First, having a US bank account (among others) for offshore company is good thing. I suppose a wire transfer from some obscure bank in the Caribbean, Eastern Europe, etc will just always sail through, no questions asked? And let's not forget about safety of the need only look right in these forums to see how that worked for those who used the little bank in the little country. Remember Cyprus?? Also, in this day and age do you actually think that a US account is any worse than one in the OECD? If you live in Europe, do you think that having a US bank account is worse than one in any other OECD/G7 country?

    So why don't you educate the forum on how a US bank account for a non-US resident is so bad compared to any other OECD/G7 country? Or do you actually believe that one can hide in some obscure bank and recommend to the forum that they should be used exclusively for offshore companies? To quote your words of wisdom: "...then good"
  17. Piri Erts

    Piri Erts Active Member

    There is no real risk relative to any other legitimate bank in any OECD/G7 country. Unless you have something to hide or other strange circumstance, that perhaps some tiny, obscure bank will ignore, at YOUR OWN peril of course!
  18. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    actually, it looks like USA would be the only one offshore jurisdiction in 5-10 years
  19. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    If you have an account in the US then you are connected. If you don't understand that then..... :(




    Your choosing the US over other G7 or maybe soon G6 me check POTUS latest tweets.

    You cannot hide in a bank
  20. Piri Erts

    Piri Erts Active Member

    So having a bank account in the USA "connects" one to the USA? Wow...what other nuggets do you have for the forum? And please elaborate on your OPINION that a USA bank account is worse than a OECD/G7-1 for an offshore company, which we will assume is USD based? I have listed my OPINION as to why USA bank account is superior so don't leave us in suspense and share your wisdom!