Open a Bank Account in Anguilla

Overview of Opening a Bank Account in Anguilla

Anguilla is a British Overseas Territory. Which is an Island situated in the Caribbean Sea. The major part of the population is of African descent. Anguilla is famous for its snow-white beaches. Tourism and financial services are the main economic activities of the island. Opening a bank account in Anguilla is a simple and easy process. No personal visit or signatory travel is required to open a bank account in Anguilla. It has the world’s first online computerized registration system. Anguilla is a jurisdiction that offers its clients and investors an English Common Law system with a modern infrastructure and flexible corporate environment. This makes Anguilla a treasure in the world’s offshore financial market.

Key Features of Banking in Anguilla

The key features of banking in Anguilla are as follows

• A variety of financial products are offered.
• Good banking reputation.
• Minimum bank support fee.
• Bank executive’s support throughout the process.
• No physical meeting is required.
• Bank applications can be submitted remotely subject to the bank’s policies and procedures.
• Politically and Economically Stable Economy.
• The Eastern Caribbean Central Bank is the governing body regulating the banking activities in Anguilla.
• Financial Service Commission oversees the license operations in the industry.
• The financial landscape in Anguilla comprises of domestic banks, insurance companies, money services, mutual funds, and offshore banks.
• Anguilla has 5 banks in total out of which 2 banks are domestic banks and 3 banks are offshore banks.

Types of Bank Accounts in Anguilla

The following are the types of bank accounts that can be opened in Anguilla

Regular Checking Account

A regular checking account is a simple account which has no limit on the number of transactions and no per-transaction fee is charged. The key requirements of a regular checking account are as follows

• The minimum balance required to open this bank account is $ 200.
• To avoid any service charge, a minimum balance of $ 500 is required to be maintained.
• A service charge of $ 8 is imposed on every statement cycle if the balance falls below $ 300 on any day in the monthly statement cycle.
• If in a month, your balance is $ 300 every day in a monthly statement and falls below $ 500 on any day during the monthly statement cycle, then a service charge of $7 is imposed once during the statement cycle.
• Paper statement fees and dormancy fees apply.

Online Account

Online bank accounts are designed for those who do everything online. With an online account, one can receive monthly statements electronically. The Bank sends a reminder via email when a new statement is available. Online bank account facilities available are e-statements, mobile banking, mobile text banking, etc.

Student Account

A student account with the bank in Anguilla which is a checking account for students. There is no monthly service charge in it to allow students to learn to manage their money while using the checking account and debit card. It provides the opportunity to “test run” to become a responsible account holder.

Necessary papers required for opening a Bank account in Anguilla

With proper paperwork, it is possible for a foreign resident to open a bank account in Anguilla. The necessary papers needed to open a bank account in Anguilla are as follows

• Duly filled application form
• Bank reference letter from your domestic bank
• Bank statements from your domestic bank showing your credibility
• Certified copies of passports
• Proof of residence of all directors and shareholders
• Business plan
• Sales or purchase orders, invoices, etc of the business
• Certified copies of necessary papers relating to Anguilla company incorporation
• Government certification showing the good standing status of the company

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Procedure to Open a bank account in Anguilla

Provide government-issued identification

Arrange a government-issued ID card with a photograph and signature such as a passport, national ID or voter ID card, Driving License, Permanent Resident Card, et

Provide a secondary piece of identification

A secondary piece of identification includes a birth certificate, credit card, debit card, tax ID card, employee ID, or letter from the employer, etc.

Proof of address of the business

A valid proof of address of the business in Anguilla such as a utility bill, a copy of the lease or letter from the landlord, or a bank account statement (if applicable).

Duly fill out the Application Form

Appropriately filing up the application form to get your account opened without any hurdles. Provide all the details required for opening an account in Anguilla.

Submit the Application Form

After filling out the application form, submit it and wait for approval from the bank.