A Saint Vincent Banking License is issued under Section 4 of the International Banks Act No. 40 of 2004 and is governed by the International Financial Services Authority (IFSA).
There are two types of bank licenses that can be issued in St. Vincent:
- Class A: that allows you to conduct any offshore banking activity with unlimited list of clients. The minimum capital requirement is US$1,000,000.00, out of which US$500,000.00 will be put in a deposit to the Authority.
- Class B: for those wishing to do business with a predetermined restricted list of clients. In this case the minimum capital needed is US$500,000.00, from this amount US$100,000.00 has to be deposited with the Authority.
To get a Saint Vincent Banking License, you must produce the following documents:
- Statement of intent detailing all services you wish to offer,
- Offshore bank license application
- Professional and personal references.
- Legal documentation required for all shareholders. (notarized passport copies, proof of address not older than 3 months, bank references, CVs, Criminal record certificate)
- In addition, you must provide evidence of sufficient capital to establish your banking institution
Contact Starting Offshore’s knowledgeable consultants to get a preliminary consultancy of most recent information and interpretation of legal and regulatory requirements for your St. Vincent bank formation.
Depending if any other documents have been requested by the authorities the process can take up to 6 months.