One of the first problems that you will face as a newly minted IBC or offshore trust owner is finding, and opening, banking facilities online. Unfortunately, the last few years have seen a general increase in compliance requirements, and banks are definitely getting itchy feet. Subsequently, it has become harder to remotely open accounts and this is especially the case with the Belize IBC. However, in this guide, I will show you exactly How to Open Belize Bank Account Online.
What Banks Are Available in Belize
The Belizean banking sector is relatively small, by western standards, but they do definitely provide a full range of services to support the offshore sector. You can expect to be able to access everything from general banking and transaction accounts, international and trade services, and wealth management. In short, most of the banks in Belize cater very strongly to the offshore sector and are absolutely used to dealing with onshore and offshore companies and trust structures.
Institutions That Will Allow You to Open Belize Bank Account Online
Caye International Bank Limited
Caye International Bank provides an excellent offering for offshore companies and is a full-service banking operation. To their credit, they also offer a gold loan program which is quite attractive and unique in the region. Their management team possesses extensive experience in the offshore world and is a great resource when you need a little help or advice on your banking options.
- Minimum Deposit – US$1,000
- Normal KYC Documents and checks required
- Application Fee of: US$100
- FATCA Fee of: US$250 (only for US persons)
Belize Bank
Belize Bank is also a good option and provides a full range of banking and commercial services. They are one of the bigger banks in the country and have a very strong reputation for service. I would say they are definitely less of a “boutique” bank and, therefore, the general services are less bespoke. They actively operate in the offshore banking sector and are well versed in remote account openings. However, at the time of writing, they are unable to offer you either a Debit or Credit Card.
- Minimum Deposit: US$4,000
- Normal KYC Documents Required
- Application Fee: circa US$100
- FATCA Fee: US$250 (Only for US Persons)
Heritage Bank
Heritage Bank was formed in 1999 in response to a perceived need for more generalized offshore banking options in the Central American country. The bank was conceived initially from a merger between two local banking institutions with common shareholders. The bank offers general international services including on-demand accounts and commercial loans. Standard Mastercards are available for account holders and require a US$1,000 minimum block.
- Minimum Deposit: US$3,000
- Normal KYC Documents Required
What Documents Will I Need
As mentioned, there has been a greater move towards AML and KYC compliance over the past few years and Belizean banks have definitely taken the track of requiring more documentation. At the minimum you will be required to provide the following documentation for a corporate/business account:
- Application Form
- Signed Bank Mandate
- Certified Extract of a Board Meeting authorizing the account opening
- Notarized Company Documents including, a certificate of incorporation, Articles of Association, Subscribers Agreement, Letter of Undertaking, Certificate of Shareholders, or Corporate Extract.
- Potentially, certified copies of your latest financial statements
- Website Details and Full Business Details
- Source of Funds Declaration
- Notarized identity documents and proof of address (not older than 3 months)
Can I Open the Bank Account Remotely
Thankfully, most Belizean Banks do not insist upon an in-person visit for the opening of a business or corporate account. This is primarily why the list of notarized documentation is quite extensive. The primary reason is that they are protecting themselves, through the KYC process, and relying upon the Notary to certify your documents.
Subsequently, as long as you can provide most of your corporate documents, in a notarized form, proof of address, and your passport copy, you will be able to open an account remotely. In some cases, they may require a video/skype call with you to match you against your passport. Ultimately, it’s a fairly seamless process when you have gathered all of the documentation together.
In fact, that’s what we primarily assist you with given that we fully understand the opening procedures and already have preexisting relationships with the banking teams.
My Recommendation for a Bank
Open Belize Bank Account Online
If you choose to bank in Belize then my recommendation is to seek out Caye International Bank and pursue an account opening with them. They are a great boutique financial institution that provides a great mix of bespoke services. Additionally, they have a bunch of experience in the offshore sector and are very generous with their time.
If you are thinking about moving ahead with Caye International Bank then consider using our introduction service as you will definitely have an easier time gathering your documents and being successful in obtaining an account. Caye bank is in a position to sometimes be quite selective as to who they work with and we can definitely shortcut this process for you. Talk to our consulting arm at:
https://www.ocbfconsulting.com
Conclusions on How to Open Belize Bank Account Online
Belize IBCs are facing a harder time in finding working banking solutions in 2022. However, you don’t need to be hamstrung just because of the location of your company and Belize still has some great banking options that you can avail yourself of. As long as your company is legitimate, and your business operations are not high risk, then you should have no problems in setting up working, and valuable, corporate bank accounts in Belize.
If you are in any doubt or want to talk through your options, please feel free to contact or message us direct.
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