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:

  1.      – Class A: 765000 Pound
  2.      – Class B: 385000 Pound

Overview

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.

Notable features

General information

Company structure

  • Minimum 1 shareholder. Maximum 50 shareholders, no limitation on nationality residency.
  • Minimum 1 resident director
  • Minimum one Manager (Local)
  • At least 2 additional employees (Senior Officers)

Taxation

  • The Bank pays no taxes and does not file any tax revenue
  • Accounting and audit obligations – Audited financial reports must be presented to the regulator every year
  • Registered Agent – Needed
  • Registered office – Needed
  • Local Auditor – Needed
  • Local Attorney / Legal adviser – Needed
Procedure

In order to receive a license, the following steps will be carried out:

  • Development of the application forms
  • Analyzing and improving the recommended banks business plan and other records forming part of the application
  • Establishment of the company
  • Bank account application
  • License application with the Regulator

N.B.

Once the license will be prepared the administrator will demand a face-to-face interview with the customer. Should the license be passed the regulator will need an additional interview

Document

For the company:

A marketing plan containing the following details:

  • A summary of the purposes of the proposed bank
  • Intended customer base
  • Opening balance sheet and three-year predictions as approved by an accountant
  • Management structure
  • Anti-money laundering procedures and terms
  • A feasibility study
  • The economic requirement that the bank expects to meet
  • The nature and origin of capital investment
  • Proof of applicants expertise to satisfy legal obligations for minimum paid-up capital and legal deposits
  • A classification of internal systems and controls
  • A copy of the ownership formation including group member and associated companies

For the Applicant:

  • Passport of an Authorized Person of the authorized entity (to be verified true copy by Commissioner of Oath, Notary Public or Embassy)
  • Utility Bill as proof of residency of an Approved Person for the body Corporate (to be verified true copy by Commissioner of Oath, Notary Public or Embassy)
  • Latest CV showing the Educational background and Working Experiences of an Approved Person for the body Corporate
  • M&A to incorporate the requirement on the business of the Czech Republic Company or passing to do so
  • Two Recommendation letters for the Authorized Person that is to be published by an Acknowledged such as a Lawyer, Accountants, Company Secretary or Bank of an Authorized Person for the body Corporate
  • Registries of businesses listing down the names of Auditor, Director, Shareholder, Company Secretary needs to be certified true copy by the Company Secretary
  • Resolution of the Business to fund in the Czech Republic Company to be certified accurate copy by the Company Secretary
  • Group corporate shareholding formation including the applicant
  • Verified true copy of the certificate of the license conferred by relevant authority(s) in its home country – (if applicable)
  • Authenticated true copy of cabinet resolution or minutes of the general meeting which endorsed the setting up of the applicant
  • Copies of three years audited financial statements/annual report

N.B.

  • All documentation shall be presented in English language or translated to English by an expert and certified by Notary Public.