What is a Class B banking license

What is a Class B banking license

When establishing an offshore bank, it is imperative to obtain the relevant banking license from the jurisdiction’s financial regulatory body. A class B banking license permits its holder to conduct financial activity with certain restrictions with regards to clients.

EFSAG has many years of experience in offshore bank formation and licensing. To learn more about our services and how we can assist you with your banking license needs, please visit our Bank License services page.

The scope of a Class B banking license

Individuals and companies that wish to form an offshore bank or financial institution are required to complete the necessary procedures to function as a fully licensed and legal entity. There are two main types of banking license: Class A and Class B. The class A banking license enables holders to conduct offshore financial activity without any restrictions, whilst a class B license permits financial activity with restricted clients.

It is imperative to obtain the necessary banking certification to become a legal business entity within a certain jurisdiction. Obtaining an offshore bank license will allow you to provide offshore banking services and operate your own offshore bank in the jurisdiction of your choice.

A class B banking license is one of the most basic banking licenses available. This license permits the holder to offer banking services to a predetermined list of clients. There are certain requirements in place to obtain a Class B banking license, including a minimum capital requirement.

The class B banking license allows its holder to provide banking services to a specific set of individuals only. As a result of this, a class B license is subject to a number of restrictions when offering offshore or onshore financial services. It is advised to seek the assistance of professional consultants when acquiring a banking license to ensure that you complete the entire procedure in a professional and timely manner.