Which Reputable Banks Accept BVI LLCs in 2021?

[hdloader11]

Is it just the high deposits? Don't these banks also ask for substance and connection to Cayman Island?

I don't think so. I doubt most of these companies using cayman banks ever set foot upon the cayman islands. If you have a decent chunk for the initial deposit, you can probably get an account with a cayman bank. Much easier if you only want a personal account, as I was offered one a few years back by a wealth management guy I know. If I were to make a privacy focused structure, I would center everything around the caymans.

 

[Fred]

Can only talk about Cayman National Bank as I had a personal meeting with them in the DIFC Branch here in Dubai.

They require 100.000 USD or equal min. deposit to keep on the account or with some service of them.

They have lot of restrictions to incoming and outgoing funds from which countries you can receive and send to.

Everything in Africa, CIS and MENA except Dubai is basically black listed. The cards they offer even don't work in the UAE.

Seems like they get huge pressure due to the image of the caymans - I don't know.

They are responsible and professional - can't complain - they offer banking for funds and asset manager so they focus on wealth management in a global perspective and retail banking for the local people on the caymans itself.

Retail banking with simple needs like debit card for international customers? Forget about it.

Caymans aren't really famous like BVI because even a normal trading company incorporated in the Caymans is easy 4x price compared to BVI.

 

[gmbh]

As you asked how much time you need to spend in the UAE to get the tax residence certificate - it's 183 days at least in the first year - many get after the first year they received the certificate issued without being 6 months in the UAE - again it's practice experience.

I wouldn't worry to much about this if you don't have any plans to relocate again in 2-3 years back to Canada.

But if they refuse to give him the tax residence certificate he will be automatically tax resident in Canada for this year. So I assume even if he does not relocate to Canada he will have to pay taxes there for this year.

If my assumption is wrong it would be an option for me to live one year more than 183 days in the UAE, but I do not want to pay taxes for a whole year in Germany if the UAE maybe stop this practice one day. Or this there any other solution in this case?

 

[fshore]

Why not a US llc in this case ?

Or what about a Canadian company or partnership if you are not tax resident in Canada? I don't know Canadian rules specific, if that could make you tax resident in Canada as a Canadian citizen, but for most other countries that wouldn't be the case.

Hong Kong ltd might work if you have close connections (suppliers) in China and are in se asia. Or a Singapore Ltd. Both would still be cheaper the UAE.

Labuan is unstable and constantly changing at the moment, seems they want 24% tax for trading companies now.

 

[Fred]

Why not a US llc in this case ?

Or what about a Canadian company or partnership if you are not tax resident in Canada? I don't know Canadian rules specific, if that could make you tax resident in Canada as a Canadian citizen, but for most other countries that wouldn't be the case.

Hong Kong ltd might work if you have close connections (suppliers) in China and are in se asia. Or a Singapore Ltd. Both would still be cheaper the UAE.

Labuan is unstable and constantly changing at the moment, seems they want 24% tax for trading companies now.

Banks?

USA - paying some professional for real physical US bank can be easy 3.000$ - maybe an option with Mercury / Wise

Hong Kong - as soon as you have enough substance to satisfy the banks you are tax liable - no alternative

Singapore - tax - no alternative

UAE - 0% - alternative

Well if you want a company with all the benefits of the BVI company in combination with reputable retail banking - there is no way around UAE.

Only alternative could be the US LLC with Mercury or Wise but this isn't a setup for significant money. We have weekly clients dropping the US LLC because huge lack of banking possibilities.

Furthermore:

A Brave New World: U.S. Implements Company UBO Reporting Regime

Effective as of January 1, 2021, Congress enacted—over President Trump's veto—the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (the "NDAA"). As with any U.S.

www.natlawreview.com

 

[fshore]

USA - paying some professional for real physical US bank can be easy 3.000$ - maybe an option with Mercury / Wise

Yes this should best be done yourself in person there.

Maybe Canadian banks is a possibility for a Canadian llp as OP is Canadian.

 

[explificit]

doesn't it seem strange that a company doing business for so long in china does not know how to make payments to Chinese companies using a secure escrow system, , it reeks of fraud, doesn't it ?