St. Vincent and the Grenades Bank License

The process of attaining a St. Vincent Bank License is complex and lengthy therefore it is advised that individuals and companies seek the assistance of a professional consultancy firm that specializes in acquiring bank licenses. There are two types of bank licenses that can be acquired in St Vincent: class A and class B.

Acquire a St. Vincent Bank License

The issuance of bank license in St. Vincent is governed under the International Financial Services Authority (IFSA). All applications for a St. Vincent bank license are monitored and administered by the IFSA which was amended in 2008 in order to be more stringent and selective towards banks operating in St Vincent and Grenadines.

There are two types of bank licenses that applicants can apply for, these are the following;

  • Class A: conducting any offshore banking activity with unlimited list of clients. The minimum capital requirement is US$1,000,000.00, with US$500,000.00 deposited to the Authority.
  • Class B: conduct offshore bank activity with a predetermined restricted list of clients. The minimum capital requirement for this is US$500,000.00, of which US$100,000.00 needs to be deposited with the Authority.

Neither of the bank licenses allows the license holder to conduct any banking business with St. Vincent residents, unless they have a written permission from the regulatory authority.

All applicants for a St. Vincent bank license are required to complete a ‘Fit and Proper’ test. This is in addition to other requirements such as physical presence in order to obtain the license and employing local residents of St. Vincent to work in the bank.

It is advised to seek the assistance of a professional consultancy firm when acquiring a St. Vincent bank license; this allows applicants to obtain the license in line with regulations of the jurisdiction.