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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

CountryBankOnline BankingPersonal VisitCredit CardDebit CardIntial Deposit
BelizeCaye International Bank Ltd.USD 1,000
Heritage BankUSD 3,000
British Virgin IslandFirst Caribbean International BankUSD 25,000
MauritiusABC Banking CorporationUSD 5,000
Bank One LimitedUSD 10,000
Mauritius Commercial BankUSD 50,000
Investec BankUSD 50,000
Puerto RicoEuro Pacific BankUSD 500
SingaporeCiti BankUSD 300,000
DBSUSD 50,000
OCBC BankUSD 30,000
UOBUSD 100,000
UAERAK BankUSD 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.

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