Any foreigner can open a bank account in Anguilla, as long as he or she qualifies under the conditions imposed by the commercial bank of choice. When opening an offshore bank account, financial institutions will require customers to provide information on their identity, their funds, source of capital, etc.
The requirements can vary from one bank to another, but also on the type of account the foreigner wants to set up. In general, there are 2 major categories of accounts, designed for the needs of natural persons, and accounts for business purposes. Our team of consultants can help you open a bank account in Anguilla for both individuals and companies.
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Institution supervising the banking industry in Anguilla
The banking industry in Anguilla is supervised by the Central Bank of Eastern Caribbean (ECCB), which regulates the activity of all banking institutions operating here. Thus, foreigners who want to open an offshore bank account or an onshore one will need to abide by the rules of the same institution, regardless of the type of account they need.
Basic requirements for opening an account in Anguilla
The requirements differ based on the nature of the client. In the case of natural persons who want to set up an account in their own name, for personal usage, the identity documentation and proof of address are the basic documentation needed.
However, customers who open an offshore accountas corporate entities need to prepare a larger set of documents. In this case, the bank will typically ask for the company’s statutory documents and registration certificates, along with the identity documents of the persons who act as the company’s shareholders and directors.
Additionally, it is necessary to provide proof of having a registered business address and financial papers that show the source of capital. Here, the banks must verify that the money funding the business respects the anti-money laundering regulations.
Why choose Anguilla for offshore bank account setup?
Although there aren’t many banks in Anguilla, those that operate here provide top quality services to their customers. One of the reasons for selecting this jurisdiction is that it is not mandatory to arrive in person for the setup of the account, as clients can open an overseas bank account.
Anguilla is an attractive destination as the account setup procedure can be completed in a matter of days. Also, banks charge reasonable fees for their services.
It is also possible to open the account with the assistance of our team, who can represent you in front of the bank representatives. More than this, you canrely on our specialistsfor professional offshore company formation services, as our team has the necessary legal expertise in handling incorporation procedures, including completing formalities with local competent authorities.
The banking system in Anguilla
The national currency in Anguilla is theEastern Caribbean Dollar (XCD). This currency is shared with other 7 nations that are part of the Organization for Eastern Caribbean States (OECS). In the list below, we invite you to discover a few elements of the banking industry in Anguilla:
- domestic banks must be licensed in accordance with the rules of the Banking Act 2015;
- according to theAnguilla Financial Services Commission, it is also possible to incorporate offshore banks as per the rules of the Trust Companies and Offshore Banking Act (offshore banks need to deposit a capital of minimum $250,000 in order to be incorporated and licensed);
- there are 5 banks in Anguilla, out of which 2 are domestic, and 3 are offshore banks.
Individuals who need further information on the minimum requirements to set up an offshore bank account (such as the minimum deposit) are invited to address our consultants. You can also contact us if you want to know how to open an offshore merchant account.