|
BVI registered corporation, is regulated by the Economic Substances Law, 2019 when it is considered as licenced financial institution by law. If my corporation only invests in capital markets without hosting customers as a financial service provider, it is not required to hold a licence as financial institution. In US W-8BEN-E Tax regulation, this corporation is defined as investment entity, a financial institution. However, according to the instructions of submitting forms, this corporation is not owned by any US status person, and it is registered in a territory which does not include it as financial institution, so it is classified into a territory NFFI in tax application form, when I open a corporate bank account in a US territory bank. In CRS regulation, if the business activities of this entity are not operated for a customer, it is not classified into financial institute as well. Once this is not a financial account, it would be easier to open. |
|