Bank Guidance

Bank Guidance

There are a number of options for banking when operating a business in the Falkland Islands.

Operating a business in any location as remote as the Falkland Islands provides it’s own set of challenges when it comes to banking.  Here we outline some of the options available and are we are happy to support our Members with help and advice in getting set up with accounts, banking facilities and payment options.

The only local bank, Standard Chartered opened it’s Stanley branch in December 1983. 

They offer a range of services for local businesses and individuals.  Details of these services and their current tariffs can be found on their website.

For further information or to set up an account, please visit the branch on Ross Road, or call 22220.

The Gibraltar International Bank has kindly agreed to provide a UK bank account for Falkland Islands businesses

This allows businesses access to services such as e-banking, as well as allowing you to utilise the Square card payment system.

To apply for an account you will need to contact the Gibraltar International Bank for the forms and provide the necessary identification and documents to accompany your application.

They will require the below documentation to be certified by an Accountant or Lawyer and scanned via e-mail along with the completed application forms.  Documents need to be certified with the following wording:

ID and Passports:  “I certify that this is a true copy of the original document and the photograph is a reasonable likeness”.

All other documents: “Having seen the original and photocopy document as the same times, I certify that this is a true copy”.

You will need these documents and email them with the completed forms to: kevin.gonzalez@gibintbank.gi

  • Certificate of Incorporation
  • Company Profile or equivalent to confirm the ultimate beneficial owner of the company  – (Companies House).
  • A copy of the trade licence
  • Proof of id and address for all shareholders, directors and signatories
  • 3 months of the latest bank statements (Source of funds to confirm the turnover of business if existing or initial deposit to be transferred)
  • Brief explanation / business plan to confirm the activity and turnover of the account
  • List of clients/suppliers (counterparties) on the application.
  • Memorandum & Articles of Association.
  • Company Tax Number (TIN)
  • CV or Career history/background for shareholders/Directors

Further information can be found here:

Business Account Information
Current tariffs

Square is an online system allowing you to take card payments at the till point, online and over the phone

The Chamber has partnered with Square to allow businesses on the Island to accept debit and credit card payments.  We offer the all the basic hardware necessary to get you started for free, but can also help you order other equipment.  Below is an overview of how to register and use Square. We recommend you download and read the full details.

For more information on Square, including details on charges, please visit the Square Support Center.

Download110 KB

Step 1 – To use Square, you’ll need a UK bank account number and sort code. This is where your deposits are sent. If you have one already then move on to step two.

If you do not have a UK bank account, the Gibraltar National Bank have kindly agreed to provide a UK bank account for Falkland Islands businesses. You can find out more on their website or email Kevin Gonzalez.

Step 2 – You will need a phone or tablet connected to the internet to connect the Square Reader and to send the payment information to your account.

Step 3 – Create your account with Square and make sure the country option is set to Falkland Islands. You can do this on your phone, tablet or computer. You won’t be able to complete the ‘Tell us about your business’ section as it is for UK businesses, but you can email Square and get a form.

Step 4 – Fill out the form. If you log into your account, ignore the ‘Check here to activate’ button as Square will do this manually.

Step 5 – You’ll need a Square Reader (available from the Chamber of Commerce) to start using Square. You can also get a dock and some promotional stickers to help you advertise that you can take card payments. Further accessories are available through Square depending on your device.

Step 6 – Download the app to your phone or tablet. This is available from the Apple Store or from Google Play. Once installed, sign in with the same details you used when setting up your account.

Banking has Come a Long Way

The Falkland Islands Chamber of Commerce is passionate about helping Falkland Islands businesses gain access to modern banking services, allowing them to make best use of developing technologies and opening their business to customers online, around the world. 

Standard Chartered Bank has been present in the Falkland Islands since 1983 and provides an essential service, but does not offer the facility to accept modern payment methods.  For this reason we have partnered with Gibraltar International Bank and Square, which allows local businesses to accept debit and credit cards.

The global banking sector continues to change rapidly and we’ll work to make sure Falkland Island businesses have access to the services they need to succeed.

Representing the interests of the Falkland Islands private sector locally and overseas.
Facebook-f Twitter Linkedin

Information

Useful Links