St. Vincent and the Grenadines (SVG) is a sovereign island nation inhabited 90 miles west of Barbados. The nation gained freedom from Great Britain in 1979 and the country’s legal and political systems are created after the British regularities. In addition, St. Vincent is a part of the British Commonwealth and the United Nations. The official language is English.
Timeframe: Between 4 and 8 months
Minimum paid up capital:
- – Class A: 765000 Pound
- – Class B: 385000 Pound
There are 2 kinds of international banking licenses distributed by the Authority in Saint Vincent and the Grenadines:
- Class A – for the object of bringing on international banking industry generally
- Class B – for the goal of winning on an international banking business, but with a limitation to give assistance to non-resident peoples especially named and described in a list following the application for the license
In addition to the necessity of managing a fully paid-up capital, each type of permit additionally has a requirement of a legal deposit:
- Class A licensee need to deposit or invest 500,000 USD in a way the Authority may prescribe
- Class B licensee need to deposit or invest 100,000 USD in a way the Authority may prescribe
In order to retain the license in a good position, the licensee must not simply maintain the expected minimum paid-up capital but also build a local presence by way of office and employee it with one Manager and two representatives. The licensee needs to also elect a local Director, who can further serve as a Manager to the Bank.
All received KYC data and documentation on all customers of the Bank requires to be maintained at the Bank’s office.