Yes, you can open a USD business bank account for your Bermuda Exempted Company or Exempted LLC — fully remotely, under standard KYC, with no US entity required. Hollis & Co. provides FDIC-insured USD accounts for Bermuda-incorporated businesses through Column N.A., Member FDIC.
Why Bermuda companies need a USD bank account
Bermuda Exempted Companies are widely used for insurance, reinsurance, asset management, and holding structures. Most operate in USD, and a functioning USD business account is essential for capital management, vendor payments, and receiving distributions or revenues from international operations. Without a dedicated USD account, Bermuda entities often struggle to move money efficiently across their structures.
The problem with traditional banks
Bermuda's domestic banking market is small and highly selective. It was built to serve a specific client profile — and early-stage operating companies typically don't fit that profile.
- Minimum deposits of $25,000–$250,000: Standard minimums for Bermuda business accounts start at $25,000–$100,000, and wealth management relationships often require $250,000 or more.
- Pre-application profile assessment: Bermuda banks typically conduct a profile assessment before you even submit a formal application. This involves disclosing the nature of your business, beneficial ownership, and funding sources — and the bank decides whether to invite an application at all.
- Built for institutional clients: The compliance and onboarding frameworks at Bermuda banks are designed for insurers, reinsurers, and asset managers with years of audited financials. Applying as an early-stage company means fitting a square peg into a round hole.
- Non-residents can apply but face strict ongoing compliance: Bermuda banks accept non-resident applicants but apply robust AML and beneficial ownership verification throughout the relationship, not just at onboarding.
What documents you need
- 1Certificate of Incorporation / Formation, Articles of Incorporation, or Company Agreement
- 2Certificate of Active Status or Good Standing, dated within the last 90 days (only if the company was formed over 6 months ago)
- 3Company Registration Number
- 4Register of Directors, Register of Shareholders / Cap Table, or Certificate of Incumbency
- 5Memorandum and Articles of Association
- 6Government-issued photo ID and proof of address for every director, shareholder, and authorized signatory
How to open a USD account for your Bermuda company
- Gather your corporate documents. Ensure your Certificate of Active Status or Good Standing is current and that your registers and Memorandum & Articles of Association are up to date.
- Prepare KYC materials for all individuals. Collect passports and recent proof of address for every director, shareholder, and signatory, plus UBO declarations for anyone holding 25% or more.
- Apply with Hollis & Co. Submit your application fully remotely — no branch visit, no in-person verification.
- Get approved and start banking. Bermuda is a standard-KYC jurisdiction — most complete applications are reviewed same business day to next business day.
How long does it take?
Most complete applications are reviewed same business day to next business day. Bermuda is a standard-KYC jurisdiction — it is not subject to the enhanced due diligence some other jurisdictions require, and it is not on the FATF grey or black list.
How much does it cost?
Hollis & Co. charges a $35 non-refundable application fee at submission, plus a $750 setup fee on approval and a $750 annual fee. There is no minimum deposit required to open or maintain the account.
Frequently Asked Questions
Does a Bermuda Exempted Company need a US entity to open a Hollis account?
No. Hollis & Co. accepts Bermuda Exempted Companies and Exempted LLCs directly with standard incorporation and UBO documentation — no US subsidiary or EIN is required to open the account.
How fast can a Bermuda entity get approved?
Most applications with complete documentation are reviewed same business day to next business day. Bermuda is a standard-KYC jurisdiction — it is not subject to enhanced due diligence.
Is Hollis & Co. suitable for Bermuda insurance, reinsurance, and captive structures?
Yes. Bermuda is an established base for insurance, reinsurance, and holding structures, and both Exempted Companies and Exempted LLCs are accepted under the same documentation requirements — including entities holding or moving premium and claims-related USD flows.