St. Vincent International Banking License
Saint Vincent and the Grenadines has always provided a sound economic climate for international banks. The International Banks Act of 2004 and Regulations govern the registration of international banks. The Financial Services Authority supervises international banks.
Key Features
The Authority grants two Classes of International Banking Licence:
- Class A International Banking Licence
- Class A banking license allows for offshore banking in general.
- 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 B International Banking Licence
- Class II banking license allows for offshore banking with non- Resident persons named or groups specifically described in a written undertaking attached to the application. It only allows for banking activities with a list of clients submitted at the time of application for the license.
- 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.
Legal Requirements
|
Requirements |
Description |
|
General |
|
|
St. Vincent International Company |
|
· License application fee |
USD 1,000 (both Class A & B) |
|
· Annual license fee |
USD 10,000 (both Class A & B) |
|
· Annual renewal fee |
USD 10,000 (Class A) |
|
Yes |
|
Share capital or equivalent |
|
|
· Minimum paid up capital |
USD 1,000,000 (Class A) USD 500,000 (Class B) |
|
Directors |
|
|
2 |
|
Yes |
|
Yes |
|
Shareholders |
|
|
2 |
|
Yes |
|
No |
|
Service Providers Required |
|
|
Yes |
|
Yes |
|
Yes |
Tax Treatment
Total exemption from all taxes (International Business Companies may, however, opt to pay SVG income tax at 1% if they wish to take advantage of the Caricom Tax Treaty).
Duration to Set Up
Around 4 to 6 weeks
Distinctive Benefits of Licence
- Minimum formality and speedy approval procedures, which allows funds to be created quickly, once the structure, investment criteria and prospectus have been finalized;
- No exchange controls or other restrictions; and
- Favourable tax regime.
The Valsen Advantage
- End to end comprehensive service
- Speedy and efficient service
- Expert advice on structuring options
- Dedicated ongoing compliance support
- Extensive network pool of service providers