If you have been interested in the Solomon Islands to carry out your operations, you have surely wondered the process to create a bank account, we have all the information that is useful for your application.
The economy in the Solomon Islands is very varied, and depends on different economic drivers, the main ones being forestry, fishing, agriculture and mineral raw materials.
At Foster Swiss, we are a Swiss tax consultancy, with more than 15 years of experience in the creation of offshore companies in more than 40 jurisdictions worldwide. We have professionals in the financial sector, with extensive experience in Europe, Latin America and Asia.
Requirements to open an offshore account
If you want to open an offshore account in this island region, the first thing you need to do is apply for the Operating License at the Central Bank of Solomon Island. Those applying for banking licenses must establish at least A$5 million in capital. After that you should wait a period of time to obtain your license of approximately 4 months.
Additionally, banks are not allowed to participate in other companies except those that comply with banking activities. The interest rate caps. are 12% per year.
Some of the features of the banking system in the Solomon Islands.
In Solomon Islands, the Ministry of Finance is legally empowered to govern tax and tax matters.
Taxes on economic activities (import duties and export taxes) are administered by the Customs and Indirect Taxes Department, as are excise duties.
Income tax and other direct taxes, such as sales and merchandise taxes, are the sole responsibility of the Ministry of Finance.
The Minister of Finance authorizes the application of exemptions, remissions and advantages in relation to taxes on economic activities and consumption and income tax.
The Price Control Service, also belonging to the Ministry of Finance, administers the price control mechanisms.
For more information on this topic or any related question about our services, you can contact directly through: info@fosterswiss.com