ST. VINCENT & THE GRENADINES

OFFSHORE INCORPORATION SERVICES

OFFSHORE BANK FORMATION IN
ST. VINCENT & THE GRENADINES

INTERNATIONAL BANKING SECTOR
Saint Vincent and the Grenadines has always provided a sound economic climate for international banks. There are presently some six international banks licensed in St. Vincent and the Grenadines.

The International Banks Act of 1996 and Regulations govern the registration of international banks.

All banks are subject to onsite inspections at least every 12 – 18 months.

The International Financial Services Authority's Acting Director has direct responsibility for banks.

The Authority grants two Classes of International Banking Licence:

Class A International Banking Licence
Class B International Banking Licence

All International banks applying for a licence to operate in St. Vincent and the Grenadines must submit a completed application (in duplicate) along with the prescribed fee to the International Financial Services Authority. All applicants are required to complete a ‘fit and proper’ questionnaire. The following requirements apply to all banks that are issued with a license to operate in St. Vincent and the Grenadines:

a) They must establish a physical presence in the island
b) They must have local employees
c) There must be at lease one (1) local Director approved by the International Financial Services Authority.

The following condition also applies specifically to the different classes of Offshore Banks.

CLASS A
a) Non-refundable application fee of US$1,000.00
b) Each Class A bank must establish and maintain a capital fund with fully paid-up capital of not less than one million US dollars (US$1,000,000.00) or its equivalent in another currency
c) Class A banks are required to hold a deposit or invest the sum of five hundred thousand US dollars (US$500,000.00) or its equivalent in another currency, in such a manner as the Authority may prescribe.
d) Designate and notify the Authority by name a registered agent, which is not an official of the bank, to act as its registered agent in the state.
e) Class A license fees US$10,000.00
f) Class A annual renewal Fees US$10,000.00

CLASS B
a) Non-refundable application fee of US$1,000.00
b) Each Class B bank must establish and maintain a Capital fund with fully paid-up
capital of five hundred thousand United States dollars (US$500,000.00) or its equivalent in another currency
c) Class B banks are required to hold a deposit or invest the sum of one hundred thousand United States dollars (US$100,000.00) or its equivalent in another currency in such a manner as the Authority may prescribed
d) Designate and notify the Authority by name a registered agent, which is not an official of the bank, to act as its registered agent in the state.
e) Class B license fees US$10,000.00
f) Class B annual renewal fees US$5,000.00

LEGAL SYSTEM
The legal system of St. Vincent and the Grenadines is similar in most respects to that of the United Kingdom. The court of final appeal is Her Majesty’s Judicial Committee of the Privy Council in London, England.

The lower courts are the Magisterial District courts that exercise both civil and criminal jurisdiction up to a certain limit.

There is also a separate court called the Family Court that is presided over by a President and deals exclusively with family related matters.

The primary court of first instance is the High Court of Justice, from which appeal is made to the Eastern Caribbean Court of Appeal. Both derive their jurisdiction form the Eastern Caribbean Supreme Court Act.

Puisne Judges preside over civil and criminal matters at the High Court. There are presently three such judges in this jurisdiction.

Appeals are heard by a panel of three judges and are presided over by the Chief of Justice or President of the Court of Appeal and the Justices of Appeal.

Our basic law is English law.

However, St. Vincent and the Grenadines has developed its own body of statutory laws, particularly in the area of international finance.

The lawyers in the Eastern Caribbean are competent to practice freely in any Eastern Caribbean State, and in certain other states, including Jamaica, Barbados, Trinidad, Guyana and Belize.

LICENSED FINANTIAL INSTITUTIONS

LICENSED OFFSHORE BANKS
The following is a complete and updated list of all the banks licensed to conduct international banking business in St. Vincent and the Grenadines under Section 4 of the International Banks Act No. 40 of 2004.

All of the banks listed below carry Class A International Banking Licenses.

If an entity’s name does not appear on this list, this means that it does not hold an offshore banking license of any kind in St. Vincent and the Grenadines. There are at present no banks with Class II offshore banking licenses.

LOCAL BANKS

For incorporation fees of an Offshore Bank in St. Vincent & the Grenadines, please contact us.

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