Setup An International Bank: Overview

The International Banks Act (Chapter 99) is a legislation that governs the regulation of international banks operating in Saint Vincent and the Grenadines. The Act aims to ensure that these institutions operate safely and soundly, while also providing opportunities for economic growth and development.

Key Requirements for Setting Up an International Bank in St. Vincent #

1. Licensing: All international banks must be licensed by the Financial Services Authority (FSA) before operating in Saint Vincent.
2. Physical Presence: International banks must have a physical place of business in Saint Vincent, with at least two employees (one at senior management level).
3. Directors and Shareholders: The FSA will conduct due diligence on the entity’s shareholders and proposed directors to assess their suitability for international banking operations.
4. Minimum Staffing Requirements: International banks must have a minimum of two employees in Saint Vincent, with one being a resident of the country.
5. Approved Directors: At least two directors approved by the FSA must be residents of Saint Vincent.

Procedure for Setting Up an International Bank #

1. Application Submission: The applicant submits their application to the FSA, including all required documentation and information.
2. Due Diligence: The FSA conducts due diligence on the entity’s shareholders, proposed directors, and assesses the suitability of the bank.
3. Assessment and Approval: The FSA evaluates the application and makes a decision on whether to grant an international banking license.
4. License Issuance: If approved, the FSA issues the international banking license.

Relevant Documents Required #

1. Business Plan: A comprehensive business plan outlining the bank’s objectives, strategies, and financial projections.
2. Shareholder Information: Documentation on shareholders’ identity, nationality, and occupation.
3. Director Information: Details on proposed directors’ qualifications, experience, and suitability for international banking operations.
4. Financial Statements: Audited financial statements demonstrating the bank’s financial stability.

Fees Associated with Setting Up an International Bank #

1. Application Fee: A non-refundable fee of $5,000 (ECD) to cover administrative costs.
2. Due Diligence Fees: Additional fees for conducting due diligence on shareholders and proposed directors.
3. License Renewal Fees: Annual renewal fees for maintaining the international banking license.

Additional Requirements #

1. Anti-Money Laundering (AML): International banks must implement AML policies, procedures, and controls to prevent money laundering and terrorist financing activities.
2. Know-Your-Customer (KYC): Banks must conduct KYC checks on customers to verify their identity and ensure compliance with regulatory requirements.

Conclusion #

Setting up an international bank in St. Vincent requires careful planning, attention to detail, and adherence to the relevant regulations. By understanding the key requirements and procedures outlined above, potential applicants can navigate the process successfully and establish a reputable international banking operation in Saint Vincent.

• Setting up an international bank in St. Vincent
• St. Vincent banking regulations
• Requirements for international banking licenses
• fisa guidelines for offshore banks
• Anti-money laundering laws in SVG
• Know your customer policies for international banks