Open bank account for
St. Vincent & Grenadiness 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.