St. Vincent and the Grenadines International Banking Sector
Saint Vincent and the Grenadines has always provided a sound economic climate for international banks. There are presently some five international banks licensed in St. Vincent and the Grenadines.
The International Banks Act of 2004 and Regulations govern the registration of international banks.
All banks are subject to onsite inspections at least every 12 – 18 months.
The Financial Services Authority’s Executive Director, Mrs. Sharda Sinanan-Bollers has direct responsibility for banks.
The Authority grants two Classes of International Banking Licence:
Class A International Banking Licence
Class B International Banking Licence
All International banks applying for a licence to operate in St. Vincent and the Grenadines must submit a completed application (in duplicate) along with the prescribed fee to the Financial Services Authority. All applicants are required to complete a ‘fit and proper’ questionnaire. The following requirements apply to all banks that are issued with a license to operate in St. Vincent and the Grenadines:
They must establish a physical presence in the island.
They must have local employees.
There must be at least one (1) local Director approved by the Financial Services Authority.
The following condition also applies specifically to the different classes of International Banks.
CLASS A
Non-refundable application fee of US$1,000.00
Each Class A bank must establish and maintain a capital fund with fully paid-up capital of not less than one million US dollars (US$1,000,000.00) or its equivalent in another currency
Class A banks are required to hold a deposit or invest the sum of five hundred thousand US dollars (US$500,000.00) or its equivalent in another currency, in such a manner as the Authority may prescribe.
Designate and notify the Authority by name a registered agent, which is not an official of the bank, to act as its registered agent in the state.
Class A license fees US$10,000.00
Class A annual renewal Fees US$10,000.00
CLASS B
Non-refundable application fee of US$1,000.00
Each Class B bank must establish and maintain a Capital fund with fully paid-up capital of five hundred thousand United States dollars (US$500,000.00) or its equivalent in another currency
Class B banks are required to hold a deposit or invest the sum of one hundred thousand United States dollars (US$100,000.00) or its equivalent in another currency in such a manner as the Authority may prescribed
Designate and notify the Authority by name a registered agent, which is not an official of the bank, to act as its registered agent in the state.
Class B license fees US$10,000.00
Class B annual renewal fees US$5,000.00
License Requirements
License requirements will depend on the business activity, ownership form, location, number of employees etc. Having an appropriate license for your business will avoid high penalties and even closure of a business by local authorities.
We can give you advice on the type of license you require in the chosen offshore jurisdiction as well as the help to obtain them. Please contact us for further information.
Credibility of business license
- Knowing that the business is licensed and possess the necessary permits and registration will attract future customers as well as investors.
- Separation of business and personal taxes.
- Liability protection. Personal protection from future claims on your business thus limiting personal risks.
- Access to various business groups and organisations.
- Confidentiality as no personal details would have to be revealed.
We can help you decide where to register your offshore company, depending on your requirements, and we have numerous options available. There are a number of factors to be taken into consideration when applying for an offshore business license, and BRIS Group are here to help with expert advice on hand whenever you need it.
