How to open a bank account in BMI Offshore Bank Limited

GSL reference about the bank What is it?

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Relationship was terminated

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

Relationship was terminated

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General information and rating
General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
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%)
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    Minimum requirements
    Minimum requirements

    Minimum balance, €
    Transactions permitted per month
    3 720
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    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
    Tariffs and services

    18
    Outcoming transfer, €
    0
    Incoming transfer, €
    150
    Account maintenance, €/year
    0
    Payment limit for credit cards, €/day
    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
    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    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
    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
    Need a consultation from a specialist?
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