St. Vincent and the Grenadines international bank setup license in 2024

Since 2003, Healy Consultants Group assists multi-national Clients’ register a financial institution in every country on the planet. Saint Vincent and the Grenadines offers an international banking license which covers all related banking activities, including accepting deposits and issuing debit cards. This web page contains the information you need to determine if a St. Vincent & Grenadines (SVG) offshore bank set up is the optimum corporate structure for your financial institution:

  • SVG offshore bank set up process

    • Formation of Saint Vincent Business Corporation (BC); and
    • Within a month, open a multi-currency corporate bank account; and
    • Paid-up share capital; and
    • Preparation and drafting of a comprehensive business plan including five-year financial projections; and
    • Preparation of Operation System manuals, AMLA and KYC Framework; and
    • Appoint an AML officer and resident director and manager; and
    • Identification and draft letters naming principal representative and auditor; and
    • Internal audit and compliance advisory (if required);
    • Draft and prepare required bank charter and prospectus; and
    • Prepare a quality SVG offshore banking license application to submit to the regulatory together with i) resume of shareholders and directors and bank signatory and ii) proof of no criminal record and iii) AML and KYC documents and iv) IT infrastructure and v) Customer service plan; and
    • Regular communication with the FSA and timely accurately and completely supply outstanding information; and
    • Staff recruitment and office rental; and
    • Facilitate bankcard relationship with Visa & Mastercard; and
    • Preparation and drafting of policy agreements and related documents; and
    • Facilitate a correspondent bank relationship; and
    • Preparation of bank deposit, loan and related agreements.
  • Regulatory license requirements for SVG offshore bank registration

    Saint Vincent and the Grenadines Financial Services Authority (FSA) was established on November 12, 2012. The FSA is also responsible for ensuring that each licensed financial entity is managed correctly and remains financially sound. The FSA has the ability to expel institutions, brokers or financial service companies that break the regulations. A summary of relevant requirements include:

    Regulatory license requirements Offshore bank Onshore bank
    Name of regulatory license Class B Class A
    How long to secure a regulatory banking license? 4 months 6 months
    Can do business within SVG No Yes
    Paid-up share capital US$ 500,000 US$ 3m
    Statutory deposit held with the FSA US$ 100,000 US$ 500,000
    Must have an office in SVG Yes Yes
    Minimum number of employees in SVG 2 2
    Resident director required Yes Yes
    Resident manager required Yes Yes
    Application fee US$ 1,000 US$ 1,000
    Annual regulatory license fee US$ 5,000 US$ 10m
    Quarterly Government reporting Yes Yes
    Submit annual audited financial statements to the FSA Yes Yes
    Annual economic substance reporting Yes Yes
    Online public register of licensed banks Yes Yes
    Minimum number of shareholders 1 1
    Minimum number of directors 2 2
  • Advantages of registering an SVG offshore bank

    The SVG international banking license application process is straight forward. Their regulatory framework is designed to be efficient and transparent, allowing entrepreneurs to start their business from scratch with ease. Other business set up advantages include:

    • No corporation tax nor withholding tax; and
    • Low operating costs; and
    • Low paid-up share capital requirements; and
    • The non-resident shareholders are exempt from all taxes on income, capital gains and corporate taxes in St. Vincent; and
    • Shares may be nominated in any currency, although US$ are widely used.
  • Our fees to setup a banking business in SVG

    Within four months, Healy Consultants Group will complete SVG international banking business set up. Average engagement cost to open an offshore banking business in SVG approximate to US$ xxx. A draft sales invoice follows:
  • Other interesting information on SVG offshore banks


To advance your SVG offshore bank business set up, communicate with our Staff below:

Contact us

For additional information on our international banking license services in St. Vincent and the Grenadines, please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
  • Mr. Petar Chakarov
  • Sales & Business Development Manager
  • Contact me!