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Offshore Banks

ST. Vincent Offshore Banking Licence

Please check here first the requirements (pdf file)

Services available from ST. Vincent:

  1. Offshore companies (IBC)
  2. Offshore TRUSTS
  3. Bank Accounts
  4. Offshore Bank formation
  5. Offshore Insurance Company formation

 

 

ADVANTAGES OF OPERATING AN OFFSHORE BANK IN SAINT VINCENT AND THE GRENADINES

  • Confidentiality in relation to the incorporation and the conduct of business of an International Banking licencee has been preserved by the Confidential Relationships Preservation (International Finance) Act, 1996 and by the International Banks Act 1996
  • No exchange control restrictions applicable to offshore transactions
  • No stamp duties of any kind on any transactions
  • No corporation tax, no income tax, no withholding tax, no capital gains tax
  • No estate, inheritance, succession duties
  • Political independence and stability
  • Skilled work force
  • Duty free importation of equipment and fixtures for use in offshore banking business
  • Excellent International Banking Laws
  • Excellent telecommunications
  • Trained Lawyers, Bankers, Accountants
  • Low crime rate
  • Conducive natural environment.

When forming offshore banks, they are broken down into two classes, A & B.

INFORMATION FACT SHEET FOR BANK LICENCE APPLICATION IN ST. VINCENT

TYPES OF LICENCES
Class 1 – which permits the holder to conduct worldwide banking business without restriction.
Class 2 – permits the holder to conduct banking business with a group of named individuals.

DIRECTORS  should have strong banking experience, the directors and shareholders must meet strict due diligence requirements.
Must have one resident director

EMPLOYEES Must have 2 other local employees, at least one of whom must be familiar with ALL the bank’s operations.

SHAREHOLDERS must have strong financial resources as set out in their statement on net worth..

SHARE CAPITAL
Class 1 – US $ 1,000,000
Class 2 – US $ 500,000

SECURITY DEPOSIT
Class 1 - US$ 500,000
Class 2 – US$ 100,000

Deposit will be payable a few days before licence is given and must be kept at the National Commercial Bank (SVG) Limited.

Security deposit could be counted as part of share capital, if properly structured. It needs not be in cash, but could be held as marketable securities on a recognised stock exchange.
 

Type of Fees Class 1 Class 2
  US $ US $
Application Fee 1,000 750
Licence Fee 10,000 7,500
Due Diligence Fee per head 2,200 2,200
Total Gov’t Fees 13,200 10,450
Our Fees 30,000 25,000
Total Set Up Cost 43,200 35,450

GENERAL PROCEDURES Business Plan – is very strong and viable business plan is required.

Due diligence – all share holders and directors should have an impeccable record.

All bank applications are vetted through the Central Bank being the Eastern Caribbean Central Bank (see regulators site for details).

TIME SCALE approximately 2 months

 


for further information.

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Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.

 

 

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