Saint Vincent and the Grenadines 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.

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 licensure is recognized world-wide and is both cost effective and can be accomplished quickly.

Advantages of a Saint Vincent and the Grenadines 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
Capital Requirement Approx. $50,000
Tax Structure Zero (0%) Percent Tax on Offshore Profits
Economic Substance Yes
Local Director Yes
AML/KYC Yes
Audit Yes

Resources

Description QR code Download
Saint Vincent & the Grenadines Class B Banking License – Information Sheet and Fee Schedule.
Saint Vincent & the Grenadines Class B Banking License Application.
Saint Vincent & the Grenadines Class B Banking License KYC Form

The Saint Vincent and the Grenadines Banking License Package

  • Formation of Saint Vincent International Business Corporation.

  • Preparation and drafting of shareholder & officer agreements.

  • Preparation and drafting of narrative business plan.

  • Prepare five year financial projections.

  • Preparation and drafting of current financial statements

  • Preparation and drafting of personal financial statements for owners

  • Identification and draft letters naming principal representative and auditor.

  • Draft and prepare required bank charter and prospectus

  • Preparation and drafting application with Saint Vincent FSC

  • Respond and draft responses to FSC application inquiries.

  • Facilitate and consummate bankcard relationship with Visa & Mastercard

  • Preparation and drafting of policy agreements and related documents.

  • Facilitate and consummate IBAN/SWIFT and correspondent bank relationship.

  • Provide for required physical presence and local director

  • Preparation and review of bank deposit, loan and related agreements

Contact the Vanuatu Banking License Experts

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. Our knowledgeable and skilled professionals are pleased to answer any of your questions.

Saint Vincent and the Grenadines Bank License

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