SVG

Saint Vincent and the Grenadine – International Bank License.

overview

St. Vincent and the Grenadine

Saint Vincent and the Grenadines grants fair opportunities for the establishment of International Banks, as Banks are exempt from any taxes.

Located in the Southern Caribbean Sea, Saint Vincent and the Grenadines is an independent sovereign nation comprising the main island of Saint Vincent and part of the Grenadines island chain.

Registration of International banks is governed by the International Banks Act of 2004 and Regulations.

The banking industry is regulated by the Financial Services Authority (FSA).

The privacy of stakeholders is ensured by the Confidential Relationships Preservation (International Finance) Act.

Conditions for the International Bank License:
  • Maintaining the required minimum Paid-Up Capital.
  • Appoint a local Director.
  • Establish a local office.
  • Staff the local office with at least 1 Manager and 2 employees. The local Director may serve as the Manager.
  • All Know Your Customer (KYC) information on all clients of the Bank MUST be kept at the Bank’s office.
 
  • Time frame: From 4-8 Months

  • Minimum Paid-Up Capital:
    • Class A: USD 1,000,000 
    • Class B: USD 500,000

  • License: International Bank License
Application Process:
For each Director, Shareholder, Beneficial Owner and Secretary:
  • Notarised / Certified True Copy of Passport
  • Notarised / Certified True Copy of Proof of Address
  • Notarised / Certified True Copy of Bank Statement
  • Notarized Criminal Record from the native country of the applicant (for Shareholders and Directors)
  • Notarized copies of university Diplomas in English, Certified transcripts
  • CV of the director / shareholder dated and signed
  • 2 Character Reference Letters issued by professionals
  • Bank Reference Letter
  • Proof of Source of Funds

To facilitate your application for the license, please pass all the necessary documents to Offshore Tech & Intermediary Services.

Business Plan:

A business plan containing the following details is required. Offshore Tech & Intermediary Services will assist you in drafting the plan.

  1. Objectives of the proposed bank

  2. The economic need that the bank intends to meet

  3. Proposed customer base

  4. A feasibility study

  5. Opening balance sheet and three-year projections as certified by an auditor

  6. A copy of the ownership structure including group member and affiliated companies

  7. Management structure

  8. The nature and source of capital financing

  9. Proof of applicants ability to meet statutory requirements for minimum Paid-Up Capital and Statutory Deposits

  10. Anti-Money Laundering (AML) policies and provisions

  11. Details of internal systems and controls
Company Structure:
  • Minimum 1, maximum 50 shareholders (no restriction on nationality or residency)
  • Minimum 1 Director (local resident, may also serve as a Manager to the Bank)
  • Minimum 1 Manager (local resident)
  • Minimum 2 other employees (Senior Officers)

Taxation:
  • The Bank pays no taxes, thus is not required to file any tax return

Accounting and Auditing:
  • Audited financial statements must be submitted to the regulator every year

Others:
  • Registered Agent & Office – Required
  • Local Auditor – Required
  • Local Legal Adviser – Required
  • Legal Framework: International Banks Act of 2004 and Regulations
  • Regulatory Authority: Financial Services Authority (FSA)
  • Capital Requirement: 
    • Class A: USD 1,000,000 
    • Class B: USD 500,000 
  1. Compilation and review of all of the documents, including due diligence documents and the business plan.

  2. We will incorporate an International Business Company (IBC) for you in St. Vincent and the Grenadines.

  3. Open a bank account and deposit the initial capital.

  4. Submit all the related documents to the Financial Services Authority (FSA) for license application.

  5. Liaise and follow up with the Reserve Bank of Vanuatu for all matters related to the application.

  6. We will handle all related matters for you once FSA issues the license.

  7. Establish the local office once the license is issued.
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