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Product Information
- This Product Does Not Attract Interest.
- Opening balance of $500.00 and upwards.
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Features & Benefits
- Monthly E-Statements at end of month.
- Cheque Books available.
- Overdraft Facilities.
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Rates & Fees
- Maintenance fee of USD 10.00 per month.
- Branch Debit: USD 1.00 Per Transaction.
- Branch Credit: USD 1.00 Per Transaction.
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Requirements to Open a Business Account
Document Checklist for Company Accounts:
- Certificate of Incorporation
- Business or Trade License
- Compliance Manual (if applicable)
- Certificate of Good Standing (if Company is more than 1 year in existence) or Annual Return
- Memorandum & Articles of Association & By Laws
- Registers of Directors, Officers and Members/Shareholders or Certificate of Incumbency
- Copies of contracts/agreements for major clients
- At least one Banker’s reference from a primary banker evidencing a satisfactory banking relationship has been maintained for at least three years. The banker’s reference must provide full details of the account holder(s) banking relationship including the date of establishment of the account, type of account, the currency of account, present balance, average balance over the previous twelve-month period and the credit history. All original bankers’ references must be specifically addressed to Republic Bank (BVI) Limited
- Financial Statements (for the last 3 years) or Cash Flow Projections (3 years) for new entity
- Corporate Family Tree showing ownership of the structure tracing back to the ultimate beneficial owners
Note that, for every Shareholder with 10% or more ownership, the below is required:
Individuals with 10% or more ownership- Passport and Driver’s License
- Verification of physical address via any of the following: (i) utility bill, (ii) lease agreement, (iii)company letter confirming address
- Bank Reference
Entities holding 10% or more ownership- Certificate of Incorporation
- Memorandum & Articles of Association & By Laws
- Registers of Directors, Officers and Members/Shareholders or Certificate of Incumbency
- Certificate of Good Standing
- Bank Reference
- Verification of operating/business address. This may be in the form of a (i) water bill, (ii) electricity bill, (iii)telephone bill-landline only, (iv) cable bill or (v) other local bank statement.
- Names of persons who will be authorized to obtain account balance details:
Valid Passport and Driver’s License for each person
For each Director and Authorized Signatory:- Passport
- Driver’s License
- Verification of physical address via copy of a utility bill
- Telephone contact details, occupation, and email addresses
- Bank Reference
Additionally:- Substantiation of source of funds and expected levels of deposits
- Completion of the Bank’s Application Forms