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Formation of Offshore Banks

Dennings Trustees Limited is able to assist its clients in establishing offshore banking and savings in SVG. The jurisdiction is well known in the private banking industry. Currently, there are some 6 private banks established in the island.

Using our in-house accounting skills, we assist our clients  in the preparation of the business plan and the financial projections, and we submit the finalized application to the regulators for the licence to be issued.

The International Banks Act 2004 (“IBA”) provides the statutory framework for establishing, licensing and regulating offshore banks.

License

There are 2 categories of licence available under the IBA.

  • Class A, or unrestricted licence; and
  • Class B licence which entitles the holder to conduct business with a pre-designated list of customers whose names must be submitted to the regulators at the time the application  for licence is made.

Fit and Proper Requirements for Directors and Shareholders

  • The Applicant  company must  have at least one person resident in SVG as a local director.
  • Shareholders must be persons of substantial means. They will need to submit proof of net worth/ financial resources to the regulators.
  • Directors and shareholders must be of impeccable character and record.
  • Directors must possess strong banking experience as evidenced by their curriculum vitae/ resumes and supported by relevant academic and professional qualifications.
  • All foreign nationals are be subject to stringent due diligence checks by thr regulators, prior to their approval.

Capitalisation

  • A Class A bank must be capitalised at no less than $1m, of which $500k must be kept in a blocked account as security deposit at the National Commercial Bank in St Vincent.
  • A Class B bank must be capitalised at no less than $500k, of which $100k must be kept as specified above.

Business Plan

  • This is a critical part of the application. We advise that your accountants/ financial advisors put substantial effort into it and that it encapsulates the requirements set out on the regulator’s website. Please see: here

  • To download a copy of the laws pertaining to any of the above please see: here