St Vincent & the Grenadines International Banking License.

Saint Vincent and the Grenadines offers fair opportunities for setting up an international bank, with banks exempt from any taxes. Registration is governed by the International Banks Act of 2004 and its Regulations, supervised by the Financial Services Authority.

There are two (2) types of international banking licences issued by the Authority:

• Class A – for carrying on international banking business generally
• Class B – for carrying on international banking business, restricted to non-resident persons specifically named in a list accompanying the application

In addition to the fully paid-up capital, each type of licence also requires a statutory deposit:

• Class A licensee must deposit or invest USD 500,000 as the Authority may prescribe
• Class B licensee must deposit or invest USD 100,000 as the Authority may prescribe

To keep the licence in good standing, the licensee must maintain the required paid-up capital and establish a local presence — an office staffed with 1 Manager and 2 employees — and appoint a local Director (who may also serve as Manager). All KYC information and documentation on the Bank’s clients must be maintained at the Bank’s office.

Company structure

• At least one shareholder (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

Other requirements

• Accounting and audit – 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

Business plan requirements

• A description of the objectives of the proposed bank
• Proposed customer base
• Opening balance sheet and three-year projections certified by an auditor
• Management structure
• Anti-money-laundering policies and provisions
• A feasibility study and the economic need the bank intends to meet
• The nature and source of capital financing
• Proof of 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 members and affiliated companies

Steps to obtain licence

1. 1
   Preparation of the application forms
2. 2
   Reviewing and amending the proposed bank’s business plan and other documents forming part of the application
3. 3
   Incorporation of the company
4. 4
   Bank account application
5. 5
   License application with the Regulator. Once processed, the regulator requests a face-to-face interview; if approved, a further interview is required.