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Verifying your business in the British Virgin Islands 🇻🇬
Verifying your business in the British Virgin Islands 🇻🇬

This guide outlines documents required to open a Global Account if your business is registered in the British Virgin Islands (BVI)

Davin Wu avatar
Written by Davin Wu
Updated over 3 months ago

KYC Checklist for BVI Global Account Setup

Opening a Global Account for a business registered in BVI requires completing a Know Your Customer (KYC) verification process. KYC, mandated by regulators, ensures that financial services are provided responsibly by verifying and maintaining information about businesses and connected individuals.

1. Required Documents

To set up a Global Account for a BVI business, the following documents are required:

  • Certificate of incorporation

  • Certified True Copy (CTC) of the Certificate of Incumbency

    • (If the Certificate of Incumbency is certified, the Certificate of Incorporation does not need to be CTC-ed.)

  • Supporting Business Documents (if applicable)

  • ID of UBO (if applicable)

  • ID of Authorised Person (if applicable)

File Submission Guidelines

  • Ensure all documents are clear and readable.

  • File size must not exceed 10MB.

  • Accepted formats: PDF, Word, JPG, JPEG, PNG, BMP.


2. Business Information

Certificate of Incorporation

Provide a copy of the company’s Certificate of Incorporation.

Sample:

BVI Certificate of Incorporation

Certified True Copy of Certificate of Incumbency

The Certificate of Incumbency must be certified by an appropriate person. Below is a non-exhaustive list of acceptable certifiers:

  • An intermediary specified in section 18(3) of Schedule 2 of the Guidance on AML and CFT.

  • A member of the judiciary in an equivalent jurisdiction.

  • An officer of an embassy, consulate, or high commission of the country of issue of documentary verification of identity.

  • A Justice of the Peace.

  • A professional, such as:

    • Certified Public Accountant.

    • Lawyer.

    • Notary Public.

    • Chartered Secretary (e.g., a full member of the Institute of Chartered Secretaries and Administrators).

Note: Practicing Hong Kong Company Secretaries are authorised to certify true copies (CTC).

Sample:

Certificate of Incumbency

Supporting Business Documents (if applicable)

Provide any relevant additional documentation, such as:

  1. Company's memorandum and articles of association which evidence the powers that regulate and bind the company; and

  2. Details of the ownership and structure control of the company, e.g. an ownership chart.

3. Personal Information

Authorised Person

An authorised person is designated to act on behalf of the business.

Ultimate Beneficial Owner (UBO)

Ultimate Beneficial Owner refers to an individual who owns or controls, directly or indirectly, including through a trust or bearer shareholding, more than 25% of the issued share capital of the corporation.

Personal ID

Please provide images for government issued official ID with photo, such as passport, national ID or driver licence (if applicable).

Note: Please keep the ID photo clear, with complete edges, no occlusion, no reflection, no watermark, etc. and, it is recommended to lay the document flat and shoot vertically in a well-lit place.

Some valid ID examples are provided below:

  1. Passport - All Countries
    ​

    bvi passport specimen - The St Kitts Nevis Observer

    ​

  2. National ID - e.g. BVI ID Card
    ​


    ​

  3. Driver's License - e.g. Australian Driver Licence
    ​

Please note if UBO, or Authorised person is a Chinese citizen, only Chinese Resident Identity Card is acceptable, and both front and back side needed.

Chinese Resident Identity Card sample:
​

ID Submission Guidelines

  • Ensure the ID photo is clear, with no occlusion, reflection, or watermark.

  • Place the document flat in a well-lit area and shoot vertically.
    ​

4. Individual Address Proof

Address proof is required for both UBO and PPTA. If the UBO or Authorised Person is not a director, provide address proof.

Accepted Proof of Address Documents:

  • BVI Identity Card containing address.

  • Bank statement.

  • Utility bill.

  • Current lease agreement

  • Resident Permit.

  • Written declaration from the ID holder that the address on the Passport/ID is their current residential address

Requirements for Address Proof:

  • Must be issued within the last 3 months (bank statements and utility bills).

  • Must clearly display name and address.

  • Document must not be cropped or blurry.

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