How To Set Up An Offshore Company For 2020: A Guide From A To Z
BBCIncorp will guide you through complete steps for how to set up an offshore company, from preparation to incorporation process. Read below for more details!
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Banking in Saint Vincent & Grenadines
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.
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.
Banking Options for St. Vincent and Grenadines Company
| Country | Bank | Online Banking | Personal Visit | Credit Card | Debit Card | Intial Deposit |
|---|
**Initial deposit is often blocked in offshore bank account; if so, this amount is often small.
However, banks in Hong Kong and Singapore do not freeze this amount, so you can use it freely. But you will be charged additional fee by not maintaining your account above min balance.
Required documents
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 receive free consulting for your case.
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