Banking in St Vincent & Grenadines
Facts about St Vincent & Grenadines
St.Vincent and Grenadines are the Caribbean islands located north of Trinidad and Tobago. St.Vincent & Grenadines’ economy is weakly diversified and dependable on agriculture (bananas etc), tourism (primarily Grenadines) and a small offshore banking sector which has been quickly developing after local banking regulator moved to adopt international regulatory standards. Although banking sector is small in St Vincent, there is a long term tradition of banking and finance dating back to 1837 when first international bank on the island was established.
Financial system of St Vincent & Grenadines
International financial sector of St Vincent is quite diverse and it is a home for 4 international banks, 2 International insurance companies, 127 mutual funds and 1 international insurance broker. Domestic financial sector is represented by 6 domestic banks, 1 building society and 9 credit unions as well as 13 general insurance companies with CARICOM as a regional domestic market.
Banking profile of St Vincent & Grenadines
Despite a small size of financial sector, St.Vincent has carefully vetted and rigorously supervised private banking sector. According to the Financial Services Authority of St.Vincent, there are only 4 operational offshore banks and all of them are subjected to periodic 12-18 months on-site examination to ensure real presence of the operations, existence of sound business model and practices.
Bank in St Vincent. Products and services.
The bank we would like to introduce differentiates itself by providing excellent client-focused service and support. The bank offers different communication channels, comprehensive online support and dedicated client relationship management. The bank emphasizes its special value proposition for clients with investment needs although the bank accepts also transactional clients without investment needs.
Products offered by the bank:
- Online bank accounts in USD/EUR/GBP/CAD/AUD
- $500 minimum account balance
- Quick and efficient bank account opening procedure
- Robust payment card program for online, ATM & POS use – bulk programs available!
- Physical gold and silver backed accounts (with debit cards) stored in Australia or for delivery
- Secure offshore brokerage with desktop, web and mobile platforms
- Global equities (20+ exchanges), forex, futures, CFDs, ETFs and more
- Proprietary mutual funds – Gold and Precious Metals, Global High Yield Equity, Diversified Strategies and more
- High performance managed funds for qualified high net worth investors
Bank in St Vincent. Target groups.
This bank is suitable primarily for small-size companies, expat private individuals and high-net worth individuals looking for access to investment instruments through offshore banking.
Documents for opening offshore bank account
Due diligence and corporate documents to be submitted to the bank:
For all beneficial owners, signatories, directors, nominees, officers and trustees of your offshore company:
- Certified copy of a passport or government issued photo ID (must have an expiry date and signature)
For all beneficial owners and signatories of your corporation:
- Certified copy of a recent utility bill, or bank statement (with address), or government issued ID (with address) – must be within 3 months
- Required only for corporations without an existing banking history: a bank reference letter (within 6 months) — This is a letter from your bank on their letterhead confirming that your personal account with them is in good standing OR secondary option: statements from the same (personal) bank account showing recent transactions AND transactions older than six months.
Other Corporate Documents:
- A bank reference letter for the Corporation (within 6 months).— Required for Corporations older than one year OR secondary option: statements from the same (Corporation) bank account showing recent transactions AND transactions older than six months.
- Corporate Bank Contract and Source of Funds (will be provided to you)
- Notarised copy of Certificate of Incorporation
- Notarised copy of Certificate of Good Standing/Incumbency (issued by the registered agent)/Extract of Registry — Required for Corporations older than one year.
- Notarised copy of Memorandum and Articles of Association/Incorporation OR Articles of Incorporation and Bylaws
- Copies of the share and director registry
- Corporate resolution authorising account opening with the bank (will be provided to you)