Bank Licensing - St. Vincent & The Grenadines

About St. Vincent & The Grenadines

The financial system of St. Vincent and the Grenadines is made up of many institutions and components that help the country’s economy run smoothly. The following are the important components of St. Vincent and the Grenadines’ financial system: There are many commercial banks in St. Vincent and the Grenadines that provide a comprehensive range of banking services to individuals, corporations, and other organisations. These financial institutions collect deposits, make loans, provide transactional services, and facilitate foreign and domestic fund transfers.

The Eastern Caribbean Central Bank (ECCB), together with seven other member countries of the Eastern Caribbean Currency Union (ECCU), functions as the central bank for St. Vincent and the Grenadines. The ECCB is in charge of issuing and managing the Eastern Caribbean dollar (XCD), as well as preserving price stability, regulating and overseeing financial institutions, and enforcing monetary policy. Non-bank financial institutions exist in St. Vincent and the Grenadines to supplement the services provided by commercial banks. Credit unions, insurance firms, trust companies, and other specialised financial service providers are examples of these organisations.

Saint Vincent and the Grenadines is a Caribbean island country. It is situated in the southeast Windward Islands of the Lesser Antilles, in the West Indies, at the southern end of the Caribbean Sea’s eastern boundary, where it joins the Atlantic Ocean.

According to Worldometer’s elaboration of the most recent United Nations data, the current population of Saint Vincent and the Grenadines is 111,938 as of Saturday, May 6, 2023.

The official language of St Vincent and the Grenadines is English. The majority of residents also speak Vincentian Creole. This English-based creole has aspects of French, Spanish, and Portuguese, as well as Garifuna and West African languages brought to the Caribbean by the slave trade.

As a former British colony, the laws of St. Vincent and the Grenadines are based on English common law. The legal system of St. Vincent and the Grenadines is based on a written constitution and comprises of different legislation, ordinances, regulations, and court precedents.

1. Beneficial Regulatory Environment

St. Vincent and the Grenadines has a well-established banking and financial services regulatory system. The government’s goal is to foster a business-friendly climate while adhering to international standards such as anti-money laundering (AML) and counter-terrorism financing (CFT) rules.

2. Low Capital Requirements

In comparison to many other jurisdictions, the capital requirements for getting a banking licence in St. Vincent and the Grenadines are quite modest. Smaller financial institutions or startups may find it easier to establish a presence in the country as a result of this.

3. Tax Benefits

International banks operating in St. Vincent and the Grenadines benefit from tax breaks. The country has a territorial tax system, which means that only income generated within the country is taxed. Furthermore, there are no capital gains or inheritance taxes.

4. International Market Access

The Organisation of Eastern Caribbean States (OECS) and the Eastern Caribbean Currency Union (ECCU) are both members of St. Vincent and the Grenadines. This gives domestic banks access to a larger regional market and new commercial prospects inside OECS and ECCU member countries.

5. Privacy and Confidentiality

The country has strict privacy rules that ensure customer information is kept private. Individuals or businesses seeking a high level of secrecy in their banking transactions may find this appealing.

6. Well-Developed Financial Sector

The financial sector in St. Vincent and the Grenadines is stable and well-regulated, with established correspondent banking links. This can make foreign transactions easier and boost the credibility of banks operating in the country.


License: International Bank License
Timeframe for Approval: 3 to 4 months
Regulator: Financial Services Authority

Company Structure

Local Director: At least one resident director (can also serve as a Manager to the Bank)
Local Shareholder: At least one shareholder (the maximum 50 shareholders) (no nationality or residency restrictions)
Local Registered Office: Required
Local Staff: Required
Compliance Officer: Required
AML/KYC: Required
Audit: Required
Economic Substance: Required
Corporate Tax Rate: 30%
Currency: Eastern Caribbean Dollar (EC$)
Minimum Paid-up Capital: Class A: 1,000,000 USD
Class B: 500,000 USD
Capital Requirement: $500,000
Tax Structure: Zero (0%) Percent Tax on Offshore Profits
  1. Preparation of the application forms
  2. Reviewing and amending the proposed banks business plan and other documents forming part of the application
  3. Incorporation of the company
  4. Bank account application
  5. License application with the Regulator
  1. Retail and Commercial Banking Services
    1.1 Deposit Accounts
    1.2 Lending Services
    1.3 Payment Services
  2. Foreign Exchange Services
  3. Trade Finance
  4. Correspondent Banking Relationships
  5. Investment Banking and Capital Market Services
  6. Trust and Fiduciary Services
  7. Electronic Banking and Digital Services

Documents required by all involved individuals

(including but not limited to directors, shareholders and beneficial owners)

  • Passport copy (Notarised)
  • Utility Bill issued within the last 3 months (Notarised)
  • CV or Resume for each involved individual
  • Two professional reference letters
  • Qualifications (Notarised)
  • Business Plan
  • Statements Of Physical Presence
  • Statement Of Financial Relationships
  • Declaration Of Legal Representative
  • Statement On Bank’s Proposed Online Presence
  • Marketing Material Disclosure

For Corporate Shareholders

  • Articles of Association in English
  • Registered office address documents (Notarised)
  • Company Register of director/s
  • Company Register of UBOs (shareholder register, or incumbency certificate, or share certificates)
  1. Formation of Saint Vincent International Business Corporation.
  2. Preparation and drafting of shareholder & officer agreements
  3. Preparation and drafting of narrative business plan
  4. Prepare five year financial projections
  5. Preparation and drafting of current financial statements
  6. Preparation and drafting of personal financial statements for owners
  7. Identification and draft letters naming principal representative and auditor
  8. Draft and prepare required bank charter and prospectus
  9. Preparation and drafting application with Saint Vincent FSC
  10. Respond and draft responses to FSC application inquiries.
  11. Facilitate and consummate bankcard relationship with Visa & Mastercard
  12. Preparation and drafting of policy agreements and related documents
  13. Facilitate and consummate IBAN/SWIFT and correspondent bank relationship
  14. Provide for required physical presence and local director
  15. Preparation and review of bank deposit, loan and related agreement