The Global Bank of Commerce, a great bank in the sunny Antigua and Barbuda

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The State of Antigua and Barbuda is located in three islands, Antigua, Barbuda and Redonda, and is part of the Small Antilles in the Caribbean. The largest of the state islands is Antigua, it is the main tourist and business center of the country. Antigua has already approved the Economic Citizenship Program, a lookalike of the Economic Citizenship Program of the Federation of St. Kitts and Nevis with the opportunity to also invest in business, so you will be hearing about the island of Antigua more and more often in our portal of Internationalwealth.info. The island has all the necessary infrastructure for recreation, life and business: banks, state institutions, luxury hotels, nightclubs, casinos, and entertainment centers. The importance of Antigua for tourists from the U.S. and Canada is the same as that of Turkey for the former USSR countries. The second largest island, Barbuda, is a real treasure of wildlife. The island is made of coral completely, and its nature survived in its original shape. Next to Barbuda there is an uninhabited island and park Redonda with an area of only 1 sq.km.

Modern Antigua and Barbuda is a member of the United Nations, the Alliance of Latin America and the Caribbean, the Commonwealth of Nations, the Caribbean Community, the Organization of American States, the World Trade Organization, the East Caribbean Regional Security System, and a member of the International Criminal Court.

The island nation of Antigua and Barbuda has a rich history, based on the friendly welcome of all visitors. This tradition of friendly and high-quality service to foreigners has survived to this day. In addition to its sites and attractions, this jurisdiction is known as an international financial center, that for more than 37 years has been providing various services to many well-off persons.

In order to create a competitive business environment, the International Commercial Corporations Act was passed in 1982 to govern international business services provided in Antigua. This law has been updated several times to meet the requirements on full transparency of the financial services and on the equality of terms and conditions for the local and international business. To keep up with the times, the government has adopted the Electronic Transactions Act to manage e-commerce and control the abuse of electronic systems, as well as to ensure the security of online activities.

The Caribbean has long been considered a safe financial haven with a stable business environment. Local banks use the experience of the Caribbean and international relations interacting with their clients. The jurisdiction is popular with people from the following countries: North America, the United Kingdom, China, Europe, the Caribbean and the CIS.

The jurisdiction is a member of the Caribbean Financial Action Task Force (CFATF). In 2014, FATF acknowledged that Antigua and Barbuda was complying with the terms of cooperation preventing money laundering and terrorist financing. The IMF and the World Bank have confirmed that the legislation in place in the jurisdiction meets the established standards.

The Global Bank of Commerce in Antigua and Barbuda for non-resident corporate accounts

The Global Bank of Commerce Ltd. (GBC) is an international bank founded in the Caribbean in 1983. It was the first bank to be licensed in Antigua and Barbuda. Since 2002, after signing the buyout agreement, the bank became a member of the ECH Financial Group. Its sole shareholder made major investments in the local financial market.

In addition to purchasing the GBC, the investor has invested in establishing a domestic commercial bank, namely the Caribbean Union Bank (CUB), the Global Data Processing Centre and the SugaPay alternative payment service system. Subsequently (in 2017) the CUB controlling stake was acquired by the government of Antigua and Barbuda. The Global Processing Centre was founded as a subsidiary of the Global Bank of Commerce and is used by it to ensure card payments of Visa, Mastercard and China Union Pay. The Processing Center operates on the basis of the Compass Plus platform, which meets the PCI DSS standards for banking services in the Caribbean and Canada.

Staff of the Global Bank of Commerce are experienced multilingual bankers and investment professionals with experience at Barclays Bank Plc. and the Royal Bank of Canada. Senior employees have more than a decade of experience in private banks. The GBC offers its international clients a wide range of banking services:

• conventional private, corporate and management accounts;
• deposits;
• international bank transfers;
• check deposit accounts;
• asset management services.

The GBC is a member of SWIFT and uses correspondent banking services by the well-known banking partners in North America and Europe. Since 2003, the bank has been operating on the basis of the international banking system called Phoenix Core Banking (product of D q H Financial).

The bank offers its customers:

• attractive interest rates for fixed-term deposits;
• multi-currency accounts including USD, EUR, GBP and CAD;
• complete range of banking services;
• service by favorably disposed and professional employees;
• ability to adapt its services to the individual needs of its customers;
• safe and secure online banking;
• internal processing center services and reliable payment delivery channels.

The GBC is a member of the Caribbean Banking Association and its CEO is a member of the CUB board and chairs the Advocacy Committee that led the development of the so-called “Caribbean Principles”. The GBC operates via 5 branches. The bank has acquired a new building located next to the airport, which will combine all of its financial services to be provided under the same roof. The bank moved in to the new building in 2019.

Also read: Banking System of Antigua and Barbuda and the Procedure of Opening Bank Accounts in Antigua for Foreigners

Subtleties of opening a corporate account with the Global Bank of Commerce in Antigua and Barbuda

After certain changes that took place in 2018 in the global banking system due to the war on terrorism, opening accounts with the foreign banks became more difficult. But despite a number of restrictions imposed, the banks of Antigua and Barbuda remain among the most convenient for their customers. They provide customers with privacy and seek to understand each and every situation.

If you want to make sure that the Global Bank of Commerce will open you an account, please contact our consultants in advance. We will help you fill out a questionnaire, we will inform you on the documents that should be submitted, and ensure your communication with the bank.

Country restrictions

The Global Bank of Commerce in Antigua and Barbuda adheres to the principles of honesty and openness, and it expects the same from its customers. Since 2001, the bank has been investing heavily in support of anti-money laundering systems, it supports the global comprehensive counter-terrorism program. The bank has an anti-money-laundering specialist whose responsibilities include monitoring transactions and conducting due diligence procedures for new customers.

In this regard, in order to open a non-resident account with the Global Bank of Commerce in Antigua and Barbuda, it will be necessary to confirm your non-involvement with these illegal activities. For preliminary assessment of your business as of what risk group it can be referred to by the bank, please make sure to contact our experts. We will inform you if the bank is ready to work with you.

The GBC will not accept large deposits from Nigeria, and will track all transaction notifications if it suspects they are coming from that country. People from Afghanistan and Iran will be denied service, and transfers from these countries will not be accepted.

The bank will not accept transfers from any known terrorist group or from a country that is on the OFAC list or does not cooperate with FATF.

Due to the current international sanctions, the Global Bank of Commerce in Antigua and Barbuda does not accept or transfer funds from/to companies/individuals located in the jurisdiction of Ukraine and the jurisdiction of Russia. The bank says it works with the very low-risk customers only.

Restrictions on activities

The Global Bank of Commerce will examine the potential client’s activities to understand if they are related to terrorism and money laundering before deciding whether to open an account for this new client. In addition, even if the client already has an open account, if they deposit a single large amount (over USD 100,000), they will have to disclose the source of this money. The client will have to file a declaration disclosing the sender identity or the company’s final beneficiary. The aim of this examination will be making sure that the money is not received from a criminal source and is not related to the financing of crimes or terrorism.

The Global Bank of Commerce does not encourage urgent payment of large deposits, so transfers over USD 1,000,000 will be charged a service fee of 0.5%.

Despite such a tough monitoring, the bank undertakes to maintain strict confidentiality. It ensures that it will not disclose any information about its clients to any third party without the clients’ consent. The exceptions are only made for:

• a necessity to prevent fraud, money laundering, terrorism financing or other criminal activity;
• customer violations of the terms of any licensed credit history agencies;
• official need to pass the information to the bank’s agents, the banking institution’s successor (in strict secrecy);
• legal requirements of a correspondent bank processing a transaction related to the client’s account.

Customers earning on digital advertising and media sales can expect a longer examination. The bank will need to thoroughly study this business.

Also read: Corporate account with the Global Bank of Commerce Ltd in Antigua and Barbuda from 3,999.00 EUR

Currency for opening and making transfers

The main banking currency at the Global Bank of Commerce in Antigua and Barbuda is the US dollar (USD). In addition, the bank, at the request of its customers, carries out currency transactions in:

• Pound sterling (GBP);
• Euro (EUR);
• Canadian dollars (CAD).

Types of accounts

Non-residents can open an account with the Global Bank of Commerce in the following formats:

• operational (corporate, private);
• classic savings account in USD, CAD, EUR or GBP with a quarterly interest payment;
• multi-currency golden savings account.

To open an account with the GBC, you will need to make an initial deposit of USD 5,000. The minimum initial balance in the account should be USD 2,500.

Customers can issue deposit certificates (DCs) with the minimum value of USD 25,000. It can be fixed for at least six months or up to three years. Services of bank checks are also provided in USD, CAD, EUR or GBP. Online banking is available for the customers.

Also read: Opening a private bank account in Antigua with the Global Bank of Commerce from 2,999.00 EUR

It is important: We will inform you in advance about all the new features and services that will become available to the Global Bank of Commerce customers. Stay in touch.

Details of the services provided by the Global Bank of Commerce in Antigua and Barbuda

Deposit service

The Global Bank of Commerce offers different types of bank accounts that meet the long-term and short-term needs of clients in terms of cash management. The bank can offer its services from standard bank deposits to complex investment products.

Settlement account:

Please note that the minimum balance in the account is USD 5,000.00 USD.

No cumulative interest.

The printout of the account is available from the online bank.

Sending of information and data, a paid service.

Money market deposit account:

Minimum balance is USD 20,000.

Accrued interest is calculated daily and is paid once a quarter.

If the balance is below the specified amount, there will be no quarterly interest payment.

Classic savings account:

Minimum balance is USD 5,000.

Accrued interest is paid quarterly on the basis of the minimum balance within the quarter.

If the account balance is below $1,500 within any month, the quarterly interest payment does not occur and the monthly maintenance fee is charged.

Golden savings account:

Minimum and average balance is USD 10,000.

If the account balance is below USD 10,000, the interest is calculated at 2% per annum, and the maintenance fee of USD 50 is charged.

If the account balance is below USD 1,500 during the month, the interest is not paid.

Gold bonds – fixed deposit

Deposit certificate amounts to at least USD 25,000.

Fixed-rate deposit can range from 3 months to 5 years.

Interest is paid quarterly, or every six months, or annually.

International flexible account:

Deposit certificate amounts to at least USD 100,000.

Fixed-rate deposit can range from 3 months to 5 years.

Interest rates are not fixed and may vary in line with the market trends.

In addition, the deposit can be issued from the account at any time and thus you can get the best interest rate.

During the year, cash withdrawals from your deposit of no more than 25% of the balance are allowed in accordance with the following conditions:

• The balance in the deposit account is at least $100,000;
• No more than four cash withdrawals within one calendar year.

Correspondent banks of the Global Bank of Commerce are such well-known banks as the Bank of America and Deutsche Bank.

Types of bank cards

The customers are encouraged to take advantage of the Global Bank of Commerce payment cards that are issued by a subsidiary banking processing center. Customers are offered the following payment cards at the GBC:

• Prepaid and e-debit MasterCard (maximum USD 10,000 with daily usage limit of USD 2,500);
• VISA credit card in U.S. dollars (available limit of USD 10,000 if the deposit amount is maintained and equivalent to 150% of the amount requested).

The GBC is a major member of the Union Pay International. It offers its customers various interesting card programs, UPI debit cards with saved value under USD BIN and EUR BIN. In addition, the bank provides its customers with Visa credit cards issued by its subsidiary, the Caribbean Union Bank.

The Global Bank of Commerce is a major member of Visa and MasterCard, and it is also negotiating a relationship with AMEX to issue and purchase cards with stored communications, i.e. wallet /mobile phone provided by the corporate payment system SugaPay. All card issuance and acquiring services (ATM, POS, E-commerce and mobile banking) are processed in the platform of the Global Processing Center.

Service rates at the Global Bank of Commerce

The Global Bank of Commerce offers its customers a variety of rates with various minimum balances and fees.

It is important: Better check with our experts as of which plan is best for you.

Also read: CUP prepaid cards by the Global Bank of Commerce from 599 EUR!

Other services of the Global Bank of Commerce

In addition, the Global Bank of Commerce offers a non-financial mail storage service. Customers can give instructions to the bank to keep their mail coming to the bank’s address in their name. The mail will be stored until the client picks it up in person or via a trustee. If the letters remain unclaimed for more than three years, the bank reserves the right to destroy them. Mail forwarding to the address specified by the client is also available.

E-commerce global trading acquiring

The Global Bank of Commerce provides a complete e-commerce service that includes resolution, settlement, screening and fraud prevention, as well as payment processing. As part of this service, the Bank also carries out regulatory and fiduciary due diligence, risk management, compliance checks with buyers, ensures trade associations and provides banking services. Merchant services are available to account holders who are the founders of international business corporations in Antigua and Barbuda.

Credit services

The bank offers credit services to its customers who can provide the necessary collateral to secure the loan. The team of the Global Bank of Commerce is always working hard with its customers to find the offer that best meets the customer’s needs and banking security requirements. The bank offers loans in U.S. dollars.

Private Banking

The bank offers private banking clients its professional property management services, including inheritance planning services, trusts and international corporations. The bank has agreements on strategic alliance with the asset management companies. These investment companies that are long-term partners of the bank in providing services that are similar to those found in other international financial centers such as the UK, Switzerland and Luxembourg.

You can find some examples of High Net Worth financial solutions below:

• discretionary investment management services for the clients who wish to diversify their investment portfolio internationally;
• investment consulting services;
• international trusts and property planning services.

Wealth management

The GBC Wealth Management Ltd (GBCWM) provides comprehensive asset management services for high net worth individuals, corporations, corporations established on the basis of a specific law, and governments.

These services include:

• Asset/portfolio management.
• Pension fund management.
• Financial planning, trusts and corporate structures.
• Operations with securities.
• Investment advisory services.
• Guaranteed accommodation/organization and insurance services.
• Investment Club consulting services.
• Individual retirement accounts (IRA).
• Savings plans for teenagers.

The Global Bank of Commerce Online Banking

The GBC has upgraded its online presence and provided a first-class platform for online banking to meet all its customers’ needs. Internet banking is built in the GlobexSecure platform, which has been operating since 2009.

Round-the-clock banking is available. Among its benefits are the following:

• Highly scalable architecture;
• New and improved security technology (banning simultaneous login for one user, and a lot more);
• Segmentation of corporate and retail accounts;
• Use of personalization level and available settings;
• Account summary and history (unlimited transaction history and its export to various formats, including PDF and CSV);
• User and password management, including access for beneficiaries;
• Alert set up (by email and then via SMS).

These accounts have multi-currency support in major currencies (USD, EUR, GBP and CAD). There is a manual switching feature to view in the currency of interest. Multilingual support (GlobexSecure is launched in English, but other languages will soon be available).

Also read: Offshore Banks of the World – Antigua and Barbuda

How to open an account with the Global Bank of Commerce in Antigua and Barbuda 

Procedure of opening an account with the Global Bank of Commerce in Antigua and Barbuda

If a client is interested in opening an account with one of the most reliable and multifunctional banks of the Caribbean, the client will need to take a serious approach to preparing their documents. In order to open an account with the Global Bank of Commerce, you first need to fill out bank forms and hand over a number of documents to the bank. The GBC will study them thoroughly and make a preliminary decision on the matter. Customers who value their reputation and time will need the support of specialists able to assist you in filling all the forms out and advising on each point of cooperation with the bank.

The procedure for opening an account:

1. To be guaranteed access to the Global Bank of Commerce services in Antigua and Barbuda, please contact our consultants. Do not hesitate to contact us now by submitting a request to the address: [email protected].
2. Please make a prepayment for our services from EUR 2,999. We accept payments made in any way you want, i.e. bank cards, transfers, PayPal, WebMoney or Western Union.
3. We will provide you with bank forms and assist you in filling them out. You will need to prepare the documents requested by the bank and get them certified. These documents must be translated into English. The bank accepts documents by email or fax.

In the first, Pre-approval stage, you should submit a completed bank questionnaire and a list of documents to the bank.

Document package for opening an account with the Global Bank of Commerce in Antigua and Barbuda

In order to open an account with the Global Bank of Commerce in Antigua and Barbuda, a foreigner will first need to prepare the following documents:

1. Filled out and signed application for opening an account.
2. Signature samples of authorized persons.
3. Completed form of information about the company’s activities/purpose of the account.
4. The original personal bank certificate (operations for at least a year).
5. Notarized copies of the current passport for directors and beneficiaries.
6. A copy of your current utility bill with your company’s physical address.

It is important: There may be special requirements from the compliance service, of which we will notify you immediately.

After passing the preliminary assessment, the company will be required to submit the following certified copies of the documents:

1. Registration certificate.
2. The latest financial report.
3. Memorandum or Articles of Association.
4. Minutes (or another document) on the appointment of the director and other authorized persons.
5. Register of registered shares.

For trustees:

1. The original personal bank certificate.
2. Notarized copy of their current passport;
3. A copy of the current utility bill with your company’s physical address for its check.

For trusts:

• Trust contract (including the Trustee appointment certificate).
• Statement of the trustee, which identifies the founder, protector and beneficiary (s) of the trust.
• Declaration of the trustee appointment.

Timelines for opening an account with the Global Bank of Commerce in Antigua and Barbuda 

The timelines for opening an account depends on the degree of risk of your business. Be prepared that the check can take quite a long time. It will take one to several months to open an account with the Global Bank of Commerce in Antigua and Barbuda. Check with our experts for more information.

If you would like to open an account with the Global Bank of Commerce, do not hesitate to contact us by email to [email protected].