Bank Account Opening for Cayman Islands Companies Remotely

Multiple Banks

Available Banking Options

Check out the banks that welcome companies incorporated in the Cayman Islands

Traditional Banks

Traditional brick-and-mortar banks offer a well-established, trusted banking experience with a comprehensive suite of financial services. These institutions provide a range of banking solutions, including multi-currency accounts, secure deposits, and international transfer capabilities. Known for their stringent compliance standards, traditional banks cater to offshore companies that value personal support and enhanced privacy for their financial transactions.

Bank's Location	Bank Name	Personal Visit	Initial Deposit	Online Banking
Belize	Belize Bank	Not required	US$ 4,000	Available
Belize	Caye International Bank Ltd.	Not required	US$ 1,000	Available
Belize	Heritage Bank	Not required	US$ 3,000	Available
British Virgin Islands	Bank of Asia	Not required	US$ 20,000	Available
British Virgin Islands	First Caribbean International Bank	Not required	US$ 25,000	Available
Cayman Islands	FirstCaribbean International Bank	Not required	US$ 10,000	Available
Hong Kong	Bank of China	Required	HKD 300,000	Available
Malaysia	Standard Chartered Bank (Malaysia)	Required	US$ 20,000	Available
Mauritius	Mauritius Commercial Bank	Not required	US$ 50,000	Available
Mauritius	Investec Bank	Not required	US$ 50,000	Available
Mauritius	MauBank Ltd	Not required	US$ 5,000	Available
Mauritius	Bank One	Not required	US$ 5,000	Available
St. Kitts & Nevis	Bank of Nevis International	Not required	US$ 10,000	Available
St. Kitts & Nevis	International Merchant Bank	Not required	US$ 25,000	Available
St. Lucia	Proven Bank	Not required	US$ 5,000	Available
Singapore	DBS	Required	SGD 250,000	Available
Singapore	HSBC	Required	US$ 200,000	Available
Singapore	OCBC Bank	Required	SGD 30,000	Available
Singapore	United Overseas Bank (UOB)	Required	US$ 100,000	Available
U.A.E.	Emirates Islamic Bank	Required	AED 10,000	Available
U.A.E.	RAK Bank	Required	US$ 10,000	Available
Vanuatu	Pacific Private Bank	Not required	US$ 1,500	Available

Digital Banking Providers

Electronic Money Institutions (EMIs), commonly referred to as digital banks, cater to offshore companies, offering online banking services. They provide faster transactions, lower fees, and innovative financial products compared to traditional banks, often making their internet banking infrastructure more advanced and secure than brick-and-mortar banks.

Location	Institution Name	Personal Visit	Initial Deposit	Online Banking
Hong Kong	Airwallex	Not required	Not required	Available
Hong Kong	Currenxie	Not required	Not required	Available
Hong Kong	Rapyd	Not required	Not required	Available
Hong Kong	Statrys	Not required	Not required	Available
Singapore	Aspire	Not required	Not required	Available
Singapore	Wallex	Not required	Not required	Available
United Kingdom	MultiPass	Not required	Not required	Available
United States	Mercury	Not required	Not required	Available
United States	Payoneer	Not required	Not required	Available

ADVANTAGES

Open your offshore bank account

Find out the benefits and reasons to take advantage of our expertise for your Cayman Islands company's bank account opening

Remote Opening Options

Our service facilitates the hassle-free opening of offshore bank accounts worldwide, sparing you the need for a physical presence and streamlining the process for international clients seeking banking solutions.

Documentation Clarity

Our experts meticulously gather and organize all required documentation, ensuring clarity and completeness to expedite the bank's review process and enhance the likelihood of successful account openings.

Application Follow-up

We provide ongoing support by proactively tracking and following up with banks, promptly addressing any inquiries or requests for clarification, and ensuring a smooth and timely account opening process for our clients.

Valuable Expertise

Benefit from the experience and expertise of our team, who possess in-depth knowledge of offshore banking regulations and procedures, to navigate complexities and optimize success rates for account openings.

Affordable Pricing

Our services are competitively priced, offering a one-time fee for multiple bank applications. In the event of initial unsuccessful attempts, we will continue to assist you in applying to alternative banks at no extra cost to you.

Banking Relationships

With established connections and relationships with reputable traditional as well as digital-only banks worldwide, we help you access tailored banking solutions that meet your business’s specific needs.

Docs & Info

Documents Required

Below are the documents required to open a bank account for your company in the Cayman Islands.

Company Setup Documents

These include your company's certificate of incorporation, memorandum, and articles of association. They establish the legal existence and structure of your Cayman entity.

Certificate of Good Standing

The Certificate of Good Standing (CGS) confirms that your company is compliant with local laws and regulations and has no pending legal issues or outstanding liabilities.

Previous Bank Statements

Banks may request statements from your existing business accounts to assess your financial history, cash flow, parties involved, and transaction activities.

Bank Reference Letters

This letter, provided by your current or previous bank, serves as a testimonial of your company's banking relationship, financial stability, and creditworthiness.

Identity and Address Proofs

Certified copies of identification documents, such as passports, and address documents like utility bills for each director and shareholder are necessary.

Detailed Business Plan

This comprehensive document should outline your company's objectives, market analysis, competitive strategy, financial projections, and growth plans.

Business Trading Proofs

These documents provide evidence of your company's commercial activities, including sales contracts, purchase orders, invoices, and vendor agreements.

Account Opening Forms

These forms collect essential information about your company, its ownership structure, business activities, and intended banking services.

Mandatory Disclosures

You are required to disclose information, including but not limited to political exposure, previous insolvencies, pending police or authority charges, etc.

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" Our Cayman incorporation ... was done entirely online. ...took extra time to help me understand economic substance and annual filing requirements. I will recommend it to my network of offshore investors and business owners. "

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My company formation experience was just smooth and quick. Vepapu folks did an amazing job. They are extremely professional with their work and extremely friendly and understanding in their behaviour.

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Made my journey really smooth. I recently incorporated in Caymans and Vepapu’s clear approach and their team’s eagerness to help me really made me very impressed.

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Kevin

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My experience was great. Got my Caymanian company incorporated without any hassle. They are the absolute professionals and experts in this field.

Martin Luther

Product Designer at Uber.INC

Martin Luther

Product Designer at Uber.INC

ACP Guy

Verified review on Trustpilot

Martin Luther

Product Designer at Uber.INC

Martin Luther

Product Designer at Uber.INC

FAQ

Frequently Asked Questions

Find answers to frequently asked questions on opening a company bank account for your offshore company in the Cayman Islands

Are there any restrictions on the types of businesses that can open bank account?

While most legitimate businesses can open bank accounts, certain high-risk industries, such as gambling or cryptocurrency, may face additional scrutiny or restrictions. Banks in the Cayman Islands adhere to strict compliance standards and may assess the risk profile of businesses before approving account openings. However, most standard commercial enterprises should encounter no significant obstacles in opening accounts.
‍
Banks may have policies in place to monitor and report certain transactions, such as large cash deposits or withdrawals, international wire transfers, or transactions involving high-risk jurisdictions or industries.

Can I open a bank account remotely?

While physical presence may not always be required, some banks may prefer or mandate an in-person visit for identity verification purposes, especially for higher-risk transactions or accounts. However, many offshore banks offer remote account opening services, allowing you to complete the process online or through authorized representatives.

Some banks that are known to offer completely remote account opening services for offshore companies include: Euro Pacific Bank in Puerto Rico, Caye International Bank in Belize, Neat in Hong Kong, and OCBC Bank in Singapore. These banks typically allow you to complete the account opening process online or through authorized representatives without the need for a physical visit to the bank's branch.

Are there any restrictions on the currencies I can use?

Offshore banks in the Cayman Islands typically support major currencies such as USD, EUR, GBP, and sometimes others like CAD or AUD, providing flexibility for international transactions. Some banks may also offer multi-currency accounts, allowing businesses to hold and transact in multiple currencies within a single account, facilitating seamless global operations and currency diversification strategies.

What types of company structures are eligible to open bank accounts in the Cayman Islands?

Various offshore company structures, including exempted companies, exempted limited partnerships, trusts, and limited liability companies (LLCs), are eligible to open bank accounts in the Cayman Islands. The specific requirements and documentation may vary based on the type of entity and the bank's policies.

Are there any minimum deposit requirements for opening a bank account?

Yes, there are minimum deposit requirements for opening bank accounts for Cayman Islands companies, although they vary depending on the jurisdiction and the specific bank. For instance, in Belize, banks such as Belize Bank require an initial deposit of US$4,000, while Caye International Bank Ltd. mandates US$1,000, and Heritage Bank stipulates US$3,000. In the British Virgin Islands, First Caribbean International Bank imposes a higher initial deposit of US$25,000. Similarly, in Mauritius, both Mauritius Commercial Bank and Investec Bank require US$50,000 as an initial deposit. In Singapore, banks like DBS set the initial deposit at SGD 250,000, while HSBC requires US$200,000, and UOB mandates US$100,000. These minimum deposit requirements may vary further based on factors such as account type, currency, and the banking institution's policies.

Can I use a nominee director or shareholder to open a bank account?

Yes, nominee directors or shareholders can be used to open bank accounts for offshore companies in the Cayman Islands. Nominee services offer privacy and confidentiality for company owners while complying with regulatory requirements. Please note that banks generally require you to disclose the ultimate beneficial owners (UBOs) even if you use a nominee director and/or nominee shareholder for your company in the Cayman Islands.

Can I open a corporate investment account for my company in the Cayman Islands?

Yes, many banks in the Cayman Islands offer corporate investment accounts tailored to the needs of offshore companies. These accounts may provide access to a wide range of investment products and services, including equities, bonds, mutual funds, and alternative investments. Corporate investment accounts allow offshore companies to manage surplus funds, earn returns on idle cash, and diversify their investment portfolios in accordance with their financial objectives and risk tolerance.

Can I open a business account with online banking capabilities?

Yes, many banks in the Cayman Islands and in any other jurisdiction that support companies that are incorporated in the Cayman Islands offer business accounts with robust online banking platforms that provide convenient access to account information, transaction services, and financial management tools. Online banking capabilities allow offshore companies to conduct banking transactions securely from anywhere in the world, streamline cash management processes, and monitor account activity in real-time. Additionally, online banking platforms may offer features such as electronic fund transfers, bill payments, and customizable reporting options to meet the specific needs of offshore businesses.

Can I apply for corporate credit or debit cards for my company bank account?

Yes, many banks in the Cayman Islands and other countries offer corporate credit or debit cards as part of their business banking services for offshore companies. These cards allow offshore companies to make purchases, pay bills, and access funds conveniently while providing a record of transactions for accounting and auditing purposes. Corporate credit or debit cards may offer benefits such as rewards programs, expense tracking tools, and customizable spending limits tailored to the needs of offshore businesses.

What are the best banks for companies registered in the Cayman Islands?

Here's the list of banks along with their respective initial deposit requirements for opening an account:
‍
‍Belize:
‍Belize Bank - Initial Deposit: US$4,000
Caye International Bank Ltd. - Initial Deposit: US$1,000
Heritage Bank - Initial Deposit: US$3,000
‍
‍British Virgin Islands:
‍First Caribbean International Bank - Initial Deposit: US$25,000
‍
‍Mauritius:
‍Mauritius Commercial Bank - Initial Deposit: US$50,000
Investec Bank - Initial Deposit: US$50,000
‍
‍Singapore:
‍DBS - Initial Deposit: SGD 250,000
HSBC - Initial Deposit: US$200,000
UOB - Initial Deposit: US$100,000

Bank Account Opening for Companies in the Cayman Islands

Available Banking Options

Traditional Banks

Digital Banking Providers

Open your offshore bank account

Remote Opening Options

Documentation Clarity

Application Follow-up

Valuable Expertise

Affordable Pricing

Banking Relationships

Documents Required

Company Setup Documents

Certificate of Good Standing

Previous Bank Statements

Bank Reference Letters

Identity and Address Proofs

Detailed Business Plan

Business Trading Proofs

Account Opening Forms

Mandatory Disclosures

Individuals and Businesses Worldwide Of All Sizes Count On

Frequently Asked Questions

Are there any restrictions on the types of businesses that can open bank account?

Can I open a bank account remotely?

Are there any restrictions on the currencies I can use?

What types of company structures are eligible to open bank accounts in the Cayman Islands?

Are there any minimum deposit requirements for opening a bank account?

Can I use a nominee director or shareholder to open a bank account?

Can I open a corporate investment account for my company in the Cayman Islands?

Can I open a business account with online banking capabilities?

Can I apply for corporate credit or debit cards for my company bank account?

What are the best banks for companies registered in the Cayman Islands?

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