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Overview
Saint Vincent and the Grenadines grants fair opportunities for setting up an International Bank as well as provides great business advantages – Banks are exempt from any taxes. Registration of International banks is governed by the International Banks Act of 2004 and Regulations. Supervision body for International banks is the Financial Services Authority.
Timeframe: between 4 and 8 months
Minimum paid up capital:
- 1. – Class A: 1,000,000 USD
- 2. – Class B: 500,000 USD
Overview
There are two (2) types of international banking licenses issued by the Authority in Saint Vincent and the Grenadines:
- ▪Class A – for the purpose of carrying on international banking business generally
- ▪Class B – for the purpose of carrying on international banking business, but with a restriction to provide services to non-resident persons specifically named and described in a list accompanying the application for the license
In addition to the requirement of maintaining a fully paid-up capital, each type of license also has requirement of a statutory deposit:
- ▪Class A licensee must deposit or invest 500,000 USD in a manner the Authority may prescribe
- ▪Class B licensee must deposit or invest 100,000 USD in a manner the Authority may prescribe
In order to keep the license in good standing, the licensee must not only maintain the required minimum paid-up capital, but also establish a local presence by way of office and staff it with 1 Manager and 2 employees. The licensee must also appoint a local Director, who can also serve as a Manager to the Bank.
All obtained KYC information and documentation on all clients of the Bank needs to be maintained at the Bank’s office.
Comprehensive Guide to Company Incorporation
General information
Company structure
- ▪At least one shareholder (the maximum 50 shareholders) (no nationality or residency restrictions)
- ▪At least one resident director (can also serve as a Manager to the Bank)
- ▪At least 1 Manager (Local)
- ▪At least 2 additional employees (Senior Officers)
Taxation
- ▪The Bank pays no taxes and does not file any tax return
Accounting and audit requirements – Audited financial statements must be submitted to the regulator every year
Registered Agent – Required
Registered office – Required
Local Auditor – Required
Local Attorney / Legal adviser – Required
In order to obtain a license, the following steps will be carried out:
- ▪Preparation of the application forms
- ▪Reviewing and amending the proposed banks business plan and other documents forming part of the application
- ▪Incorporation of the company
- ▪Bank account application
- ▪License application with the Regulator
N.B.
Once the license will be processed the regulator will request a face-to-face interview with the client. Should the license be approved the regulator will require an additional interview.
In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents.
For that reason, please provide us with the following documents.
For the company:
A business plan containing the following details:
- ▪A description of the objectives of the proposed bank
- ▪Proposed customer base
- ▪Opening balance sheet and three-year projections as certified by an auditor
- ▪Management structure
- ▪Anti money laundering policies and provisions
- ▪A feasibility study
- ▪The economic need that the bank intends to meet
- ▪The nature and source of capital financing
- ▪Proof of applicants ability to meet statutory requirements for minimum paid up capital and statutory deposits
- ▪A description of internal systems and controls
- ▪A copy of the ownership structure including group member and affiliated companies
For the Applicant:
- ▪A notarized copy of valid passport
- ▪Notarised or attested (stamped and/or signed) copy of proof of residential address (ex. utility bill that is not older than 3 months) in English or translated into English
- ▪Certified bank statement
- ▪One character reference and two bank references
- ▪Proof of source of funds
- ▪Notarized non-criminal records
- ▪Signed and dated CV
- ▪Notarized copies of Diplomas
N.B.
- ▪If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
- ▪Please ensure that notarization is in English language if not then please provide with notarized English translation.
- ▪Additional documents may be requested by the regulatory authority or local Bank at any point to certify specific information.