When a company makes profits, the most important thing to do next is to keep these profits secure. Especially for offshore companies like British Virgin Islands (BVI) incorporations, the security of assets and wealth needs to be assuring and tight. In the BVI area or territory, banking and bank accounts have a very prominent characteristic of security and most notably, that of privacy.
Secure and safe banking in the BVI will require extensive and detailed information about the business of the BVI incorporation from the owners and controllers of the bank account. Banking in the BVI is easier in the sense that owners need not personally make a physical trip to the banks. However, owners do need to know their clientele very well and follows the laws of banking regulations.
To set up bank accounts in the BVI, the identities of beneficial owners and controllers of the BVI incorporation will need to be verified. This is done through the turning in of copies of passports and a second mode of identification. A banker’s or a professional reference is also required, along with a description of the business details and a cashflow forecast or management report. Overall, important elements of the process of setting up a bank account in the BVI include the identities of owners and controllers, information about the company’s business and the BVI incorporation’s method of operation.
Banking in the BVI entails a high level of secrecy. Although a lot of information has to be exchanged with the banks in order to ensure that the incorporation’s wealth is secure, this information is still protected by the law within the BVI. If such information is disclosed, BVI incorporation owners can be rest assured that there will be severe consequences for the disclosure. Any sort of foreign access (no matter governmental or any other party) to such information is prohibited. Hence, BVI incorporations can be confident that their banking information would remain secure and access to such will be highly restricted. Any access to banking information of information about the BVI incorporation will have to be supported and granted permission by court order.
Owners of BVI incorporations can also choose other methods of securing their wealth and their company profits. They can choose to bank with their preferred banks overseas, or banks that they are familiar with and used to. However, it will pose a disadvantage to them such that they will not be able to reap from the BVI territory’s tax circumstances and benefits. Also, the banking process will be subjected to more scrutiny and will not enjoy as much privacy and secrecy.
One may also choose to put their wealth overseas in other major financial centres such as the UK, Switzerland, Luxembourg, Austria, Cayman Islands, Isle of Man and the Channel Islands. If owners of BVI incorporations choose to do as such, the BVI has many banking branches that are affiliated to such financial centres and can be of great help and convenience to the company.
The BVI also offers many other international banking means and services. Among these, the BVI has many commercial banking options and branches that make banking very dynamic for BVI incorporation owners. Such commercial banks include the First Caribbean International Bank, FirstBank BVI and VP Bank (BVI).