Open a Business Bank Account in Guernsey

Most of the time, yes, you need a company registered in Guernsey to open a bank account, especially if you intend to operate with a traditional island-based bank. Some international banks can also open an account in case you have a clear company structure and purpose, regardless of your business’s residency in the country.

Expect anywhere from 1 to 3 months before you get the bank’s approval and access to your account due to the island’s strict due diligence rules, ownership reviews, substance checks, and residency structuring.

A simple list of documents that you require to set up your bank account includes the company’s registration certificate, MOA/AOA, UBO declaration, fund/wealth source statement, passport copies, address proof, the company’s official address, profiles of all directors and shareholders, and a business plan.

Guernsey is one of the most preferred jurisdictions for global financial businesses and low tax rates- 0% for most activities, with no capital gains or wealth tax- which is why the government applies strict KYC, AML, and CFT regulations, and international exchange of tax information between countries.
Banks want to know the main source of your investment and wealth because there's a lot of risk involved when it comes to anti-money laundering and other finance-related crimes.

As per the law, there is no such national rule or law that requires a specific amount to be present in your bank account, but some banks may have a rule on a monthly basis, especially for global and private banking clients. Get in touch with us and find out if your selected bank has a minimum fund mandate or not.

Some key banking institutions are Northern Trust, Julius Baer, EFG Private Bank, HSBC, Lloyds Bank International, Royal Bank of Canada, Royal Bank of Scotland International, Barclays, and Investec. Some digital solutions are also available, like Wise Business, Revolut, Payoneer, and Xapo Bank, that support online and quick onboarding for small businesses and new companies.

Yes, a lot of banks accept digital and video verifications along with remote document KYC for a lot of business activities, but you will have to attend an in-person interview if you’re involved in a high-risk business. Your chances of approval depend on how clear and accurate your documentation is, along with your business intent.

Businesses like funds, captive insurance, fiduciary, holding company, international consulting, family offices, cross-border multi-currency, and private wealth structures need a business bank account in Guernsey.

Absolutely, your business bank account in Guernsey will help you operate in currencies like GBP, USD, EUR, and others that suit your international operations, holding company business, and cross-border transactions.

A rejection for your bank account doesn’t mean your company is bad for business- it's more about a weak, non-compliant, and mismatched application. Some key scenarios are:

• Incomplete or wrong source of funds and wealth.
• Missing or wrong/outdated KYC documentation.
• Vague or confusing beneficial ownership information of the company.
• Lack of proper business activity and substance in Guernsey.
• Application made to a bank that doesn’t fit or align with your business profile, industry, or balance level. Partner with Enterslice to avoid these issues and find your right match.

Banks nowadays are more interested in companies with actual operations and management compared to letterbox entities with unclear intentions and no genuine activities.
You can increase the chances of approval by showing real substance, like management on the island with at least one or two employees in the physical office if your business activity is a regulated one.

No, a director doesn’t automatically have to visit the bank in person (physical visit). This requirement varies from bank to bank- some banks accept virtual identification, and some need an in-person visit by your director.
Regulated and trust-related services are high-risk businesses that often require businesses to have their key management and senior directors visit the office for meetings.

You can expect maintenance fees, minimum capital charge, remittance fees, and FX spreads depending on your company’s structure, your bank’s individual rules, and additional services on your account.

Yes, you can set up a bank account as a fund or insurance entity on the island, given that you prepare in advance, go through each and every due diligence check, and make sure to disclose your funds properly.