How to open bank account for St. Vincent & Grenadines company
One initial step to start your offshore business venture is to apply for a business bank account. This allows business owners to keep their business depositing and expenditure separate from personal accounts, meaning better limited liability protection and enhanced credibility for your business. As for SVG company, there are common application choices to open your business account:
Applying in a local bank in SVG
Saint Vincent and the Grenadines (SVG) is a group of 32 Islands located at the South East of the Caribbean Sea. The country is a member of large international organizations/associations such as the Commonwealth, the United Nations and CARICOM.
SVG is new and relatively small in the international financial service industry. The country’s domestic banking sector is under regulation and supervision of the Eastern Caribbean Central Bank (ECCB), also the monetary authority of Eastern Caribbean Currency Union (ECCU), in which SVG is a member. The SVG’s Financial Services Authority established in 2012 is mandated under the same name Act to oversee the international financial services industry (including offshore banking) along with domestic non-bank institutions.
Generally, the financial system in SVG remains broadly stable, but offshore banking in particular is underdeveloped compared to other offshore jurisdictions like Belize, BVI... Today, there are 6 local commercial banks of which one bank is locally-owned, 3 licensed international banks with one Class A licensed banks allowed to carry on international banking business with no restrictions, and two Class B international banking licenses.
Going for offshore bank accounts or fintech solution
An SVG incorporated company doesn’t need to maintain bank account in the country. The company is welcomed to open bank accounts in any countries to diversify risk and make use of banking facilities of the world’s financial centers.
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We can help to open your St. Vincent & Grenadines company bank account in other major offshore centers and Singapore. Some of the most common documents required by banks are presented below for your review:
Account application form
Bank statements of latest 6 months
Bank reference letter dated less than 3 months
Certified copies of valid passports, recent address proofs within 3 months for all directors/shareholders/account signatories
Business plan with details like expected turnover, sources of funding, partners…
Certified copies of corporate documents i.e. CoI, M&AA, Registers of directors/shareholders…
Certificate of Incumbency.
Kindly contact BBCIncorp to free consulting on how to open a bank account for St. Vincent company.