Offshore Bank Accounts

Is it required for a BVI company to open a bank account in the British Virgin Islands?

No. A BVI Business Company may open the bank account, or even several accounts, wherever the owner wishes. There is absolutely no requirement for a BVI company to bank in the British Virgin Islands.

However, having a bank account in a BVI-based bank may very much lend to the credibility and "good looks" of the offshore company. The location of the account AND the company in the same country would to a casual observer appear as most normal, creating the perception that it is indeed a regular, local company - as opposed to an "offshore" company. The opposite is also true - a BVI company with an account in, say, Switzerland, would stand out of the crowd as definitely "offshore" and, therefore, perhaps suspect.