Saint Vincent Banking License
Saint Vincent and the Grenadines is an independent parliamentary democracy located in the Eastern Caribbean. While the Eastern Caribbean Dollar is the official recognized currency of the nation, the United States dollar is widely recognized and accepted. All major international currencies are supported in Saint Vincent and the Grenadines by a stable and robust banking system. As a result a Saint Vincent Banking License is favored among operators wanting to start an offshore bank.
The small island nation has flirted with the prospect of becoming an offshore financial services centers for nearly twenty years. While the economy of Saint Vincent on the Grenadines is largely dependent on tourism, its burgeoning financial services sector is a significant contributor to its gross domestic product. The International Financial Services Authority has made marked strides towards developing a robust framework primarily in the banking, insurance and mutual fund space.
Saint Vincent and the Grenadines is an ideal location for the formation of an offshore bank. Saint Vincent and the Grenadines offers an International Bank License which covers all related banking activities, including accepting deposits and issuing debit cards. The Saint Vincent Banking License is recognized world-wide and is both cost effective and can be accomplished quickly.
Advantages of a Saint Vincent Banking License
In recent years, increasingly complex regulation and an erosion of financial privacy rights in major financial centers such as the United States and European Union have continued to drive the offshore banking industry. Billions of dollars are kept on deposit in offshore banks, even as certain jurisdiction have increased their focus on Anti-Money Laundering controls – which has only enhanced the legitimacy of offshore banking. However, with this industry push towards great transparency has come a tremendous market opportunity to start an offshore bank as the majority of banks have stopped accepting international and/or traditional high-risk banking clients.
Saint Vincent and the Grenadines Banking
License at a Glance
|License||International Bank License|
|Time to License||3 to 4 Months|
|Paid-In Capital Requirement||Approx. $50,000|
|Tax Structure||Zero (0%) Percent Tax on Offshore Profits|
The Saint Vincent Banking
- Incorporation of Saint Vincent and the Grenadines offshore corporation
- Arrange for local registered officer and local directors, if required
- Draft corporate bylaws, minutes and owner share issuances
- Establishment of corporate bank account suitable for forex operations
- Establishment of merchant service account for accepting credit and debit cards
- Draft requisite business plan, financial statements and financial projections
- Draft requisite Anti-Money Laundering & Know-Your-Customer policies
- Arrange for requisite surety bond
- Prepare and process application for Saint Vincent and the Grenadines International Bank License
- Representation before licensing regulatory authority, banks and liquidity providers
Contact Saint Vincent and the Grenadines Banking
Trust our over fifty year’s combined experience in creating innovative solutions for our clients. Contact the offshore banking license experts at
FinLaw to begin the process of obtaining your Saint Vincent and the Grenadines Bank International Bank License today.
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