St. Vincent and the Grenadines international bank setup license in 2023

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
- Offshore banks must comply with i) The Financial Services Authority Act and ii) The Proceeds of Crime Act and iii) the Anti-Money Laundering and Terrorist Financing Regulations and iv) The Anti-Terrorist Financing and Proliferation Act and v) the Anti-Money Laundering and Terrorist Financing Code and vi) the Money Services Business Act; and
- SVG is part of the Caribbean Financial Action Task Force, one of the FATF’s regional groups, and has therefore adopted the FATF risk-based approach; and
- The FSA demands that companies regulated under the FSA Act conduct i) Customer Due Diligence and ii) Transaction monitoring and iii) PEP screening and iv) reporting of suspicious activities;
- St Vincent and the Grenadines is the fourth member of the Eastern Caribbean Currency Union (ECCU) to approve virtual assets legislation drafted by St Kitts-based Eastern Caribbean Central Bank (ECCB); and
- The ECCU member countries are Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts-Nevis, St Lucia and St Vincent and the Grenadines.