Open Revolut Business Account for BVI Companies [Workaround]

If you're running a British Virgin Islands-incorporated company and considering Revolut BVI for your business banking needs, here's what you need to know upfront: Revolut doesn't accept BVI companies for business accounts. This isn't unique to Revolut—it reflects a broader trend affecting many offshore jurisdictions in the digital banking space.

Why Revolut Business Matters for Modern Businesses

Revolut Business has become a significant player in digital banking. With over 50 million customers globally as of 2024¹ and business revenue reaching approximately £460 million, the platform has attracted hundreds of thousands of businesses worldwide. The appeal is clear: multi-currency accounts supporting 34 currencies, competitive interbank exchange rates, accounting software integrations with Xero and QuickBooks, and expense management tools.

For businesses dealing with international payments, remote teams, or cross-border operations, Revolut offers fast, affordable, and flexible banking solutions. Business customer numbers surged 56% year-over-year in 2024, demonstrating strong demand for these services.

However, accessing Revolut when you're incorporated in certain jurisdictions—including the British Virgin Islands—remains challenging due to regulatory and compliance requirements.

Can BVI Companies Open Revolut Business Accounts?

No. Opening a Revolut BVI business account for British Virgin Islands-incorporated companies is not possible.

Revolut Business accounts are only available to companies that are fully incorporated, registered, and can prove physical presence in the United Kingdom, the European Economic Area (EEA), or the United States.² BVI doesn't appear on this list of supported jurisdictions.

This restriction exists because Revolut operates under strict regulatory frameworks requiring enhanced due diligence for certain offshore jurisdictions. The platform prioritizes compliance with anti-money laundering regulations and Know Your Customer requirements. Jurisdictions like BVI face additional scrutiny from financial institutions worldwide, even though the BVI has made significant strides in meeting international compliance standards.

The Subsidiary Workaround for BVI Companies

There's one potential path forward: establishing a subsidiary or operational company in a supported jurisdiction.

You could incorporate a subsidiary in the UK, US, or another Revolut-supported country. This subsidiary would then be eligible to apply for a Revolut Business account. However, there's a critical caveat.

Even if you incorporate in a supported jurisdiction, the person who applies for the business account must reside in a supported country or territory, such as the United Kingdom, the EEA, the United States, Brazil, Australia, or Singapore. The specific residency requirements vary depending on where your company is registered.³

For UK or EEA-registered companies, applicants must reside in the UK, EEA, US, Switzerland (for EEA companies), or supported territories. US-registered companies have different residency requirements. These countries vary depending on where you incorporate, so users should refer to Revolut's official eligibility page for specific details.

This approach has both advantages and drawbacks:

Alternative Solutions: Other Options for BVI Companies

If setting up a subsidiary seems impractical or the residency requirements don't work for your situation, alternative providers do work with BVI-incorporated companies.

Airwallex is an Australian fintech offering business banking services to companies registered in more than 50 different jurisdictions, including BVI. They provide up to 12 different currency accounts with FX markup fees of 0.5% for major currencies (USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY) and 1% for other currencies.

Traditional banks in jurisdictions like Singapore, Hong Kong, or within BVI itself also offer accounts to BVI companies, though approval processes are typically more rigorous.

Frequently Asked Questions

Can I use a Revolut personal account for my BVI business?

No. Revolut requires businesses to use business accounts rather than personal accounts for commercial transactions. Mixing personal and business finances violates their terms of service and could result in account closure.

If I have UK residency but a BVI company, can I open a Revolut BVI Business account?

Not directly. Your company must be incorporated in a supported jurisdiction (UK, EEA, or US), and you must meet the residency requirements. Simply having UK residency with a BVI company won't qualify.

Are there any fintech platforms similar to Revolut that accept BVI companies?

Yes. Airwallex is one notable alternative that works with BVI-incorporated businesses. Each provider has its own features, fee structures, and supported currencies.

Will incorporating a UK subsidiary for the purpose of opening a Revolut account affect my BVI company's tax status?

Potentially, yes. A UK subsidiary would be subject to UK corporate tax on its profits. The tax treatment depends on how you structure the relationship between the parent company and subsidiary. Professional tax advice is essential.

Can I open multiple business accounts with different providers?

Yes. Many businesses maintain accounts with multiple providers to diversify their banking relationships, access different currency options, or ensure redundancy.

Conclusion

While Revolut doesn't support BVI companies directly, you have options. Whether you pursue the subsidiary route or choose an alternative provider that welcomes BVI-incorporated businesses, focus on finding the solution that serves your operational needs.