From A to Z: Belize international business company (IBC)
This article will cast light upon Belize IBCs - which is the most prevalent type of offshore corporation and its key features that you should know.
5 MIN READRead more
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 |
|---|---|---|---|---|---|---|
| Belize | Caye International Bank Ltd. | USD 1,000 | ||||
| Heritage Bank | USD 3,000 | |||||
| British Virgin Island | First Caribbean International Bank | USD 25,000 | ||||
| Mauritius | ABC Banking Corporation | USD 5,000 | ||||
| Bank One Limited | USD 10,000 | |||||
| Mauritius Commercial Bank | USD 50,000 | |||||
| Investec Bank | USD 50,000 | |||||
| Puerto Rico | Euro Pacific Bank | USD 500 | ||||
| Singapore | Citi Bank | USD 300,000 | ||||
| DBS | USD 50,000 | |||||
| OCBC Bank | USD 30,000 | |||||
| UOB | USD 100,000 | |||||
| UAE | RAK Bank | USD 10,000 |
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.
Industry News & Insights
Final Rules of BVI Economic Substance Released
For those who are BVI legal entities, it should be noted that amendments have been made on The Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) which was enacted in the British Virgin Islands on 31 December 2018 and came into effect on 1 January 2019.
2 MIN READRead more
