Banking license Saint Vincent and the Grenadines

St. Vincent and the Grenadines is a small island country in the eastern Caribbean Sea. Over the past 10 years, a colossal number of financial companies have been registered on the islands. This is due to the vast opportunities that this important offshore financial center provides for the creation of international banks and tax benefits for businesses. Within the jurisdiction, banks are exempt from any taxes.

The regulator in St. Vincent and the Grenadines is the Financial Services Authority (FSA). The Authority issues two types of international banking licenses - Class A and B. Both licenses require at least one registered representative office in the jurisdiction.

Features of Class A License

· for conducting international banking business exclusively with non-residents;

· minimum authorized capital of $1 million or equivalent in another currency;

· obligation to maintain a deposit or make investments of $500,000 or equivalent.

Features of Class B License

· minimum authorized capital of $500,000 or equivalent;

· obligation to maintain a deposit or make investments of $100,000 or equivalent;

· ability to conduct offshore banking activities with non-residents or groups that are designated in the undertaking attached to the application. The presence of such permission allows banking activities only with the list of users that are presented at the time of applying for the license.

What are the requirements for the licensee

· presence of at least two directors, one of whom must be a resident;

· experience and competence of directors and senior officers;

· shareholders must have sufficient equity and assets to maintain the bank's liquidity;

· personal integrity of each shareholder;

· provision of annual audited financial statements to the regulator.

· payment of an annual fee to the regulator to maintain the license.

More detailed information about obtaining a banking license in St. Vincent and the Grenadines can be obtained from IT-OFFSHORE specialists.