BMI Offshore Bank Limited

Relationship was terminated

GSL reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

We started our cooperation with BMI Offshore Bank in 2009. However, the cooperation is now terminated due to the recent changes in the Seychelles AML Act and the situation in the banking sector which these changes created.
The amended AML Act gave unlimited powers to the FIU - Financial Investigation Unit with Central Bank of Seychelles. FIU was granted the right to block clients’ funds in accounts at financial institutions, which can cause substantial losses to client’s business. The amendments to the law also resulted in stricter procedures of the bank’s Compliance Department, so it now takes longer to open an account and in certain cases can be as long as several months.
Besides, BMI Offshore Bank has recently lowered its quality standards in handling clients’ enquiries. We received many complaints about the inefficiency of the bank’s managers and sometimes complete disregard by the bank of clients’ enquiries.
This fact is an unpleasant issue for us because, being just intermediaries, we have a very limited influence on the bank’s employees and management

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated BBB-
    Year of foundation 2008
    History BMIO Bank obtained the license to conduct offshore banking business in the Seychelles, both for corporate and private customers on 12th March 2008. This is only the 2nd Offshore Banking license issued by the Central Bank of Seychelles over the last 7 years. The Bank formally launched its operations on 7th July 2008
    Personnel English-speaking
    Bank’s shareholders BMIO Bank is a joint venture between Bahrein Muscat International (BMI) Bank and Nouvobanq Seychelles (each with 50% shareholdings). BMI’s shareholders are BankMuscat (Oman), Royal Court Affairs (Oman), Overseas Investment (Bahrain), Istithmar World (UAE), Global Investment House (Kuwait) and Financial Assets Bahrain (Bahrain). Nouvobanq is one of the largest Banks in the Seychelles and is jointly owned by Government of Seychelles (78%) and Standard Chartered (22%)

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    3 720 1 0
    Transactions permitted per month Нет ограничений
    Initial deposit of funds, € При открытии счета необходимо сделать первоначальный взнос в размере 5000 USD
    Deadline for the initial deposit, month Первоначальный взнос необходимо сделать в течение месяца
    Minimum turnover, €/year No restrictions
    How fast payments are executed The ordinary international transfer is executed during 2-3 days

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    18 0 150 0 0
    Outcoming transfer, € Out-coming transfer fee is 25 USD
    Incoming transfer, € In-coming transfers are free
    Account maintenance, €/year Annual account maintenance fee is 200 USD
    Distant access to the account Internet banking (free)
    Financial products Term deposit, mortgage loan
    Credit/debit cards Option to link the account to a VISA Debit Card

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    N/A N/A Not necessary Detailed Current
    Visit to the bank Not obligatory
    Required 1. Certified passport copy and utility bill for: - director - shareholder - beneficiary owner - signatory 2. Brief business plan for the company 3. Copies of corporate documents certified by notary or by registered agent 4. Signed bank forms
    Types of accounts Personal; Corporate; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located; It is possible to open an account without meeting the banker
    Chances to open an account Predictable
     
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