St. Lucia offshore bank license
An offshore bank can be set up in St. Lucia under the International Banks Act, 1999, the legislation that governs the operation of offshore banks that do business from St. Lucia. The International Banks Act, 1999 and regulations establish the requirements and application process for obtaining bank licenses.
Types of Bank Licenses
St. Lucia offers two types of offshore bank licenses.
Class A bank license
The Class A bank license is a general license that allows the applicant to conduct banking activities with third parties.
Class B bank license
The Class B bank license restricts the bank from doing business with particular persons. During the application process, the applicant must provide an undertaking of the persons with whom the bank will do business.
The International Banks Act, 1999 establishes minimum capital requirements for each type of license. The minimum paid up capital requirement for the Class A bank license is $1,000,000.00. The minimum paid up capital requirement for the Class B bank license is $250,000.00.
Additionally, a fixed deposit of $100,000.00 should be paid to a bank doing commercial banking business in St. Lucia for either license that is being applied for.
- Annual audits by an authorized auditor
- Appointment of attorney practicing in St. Lucia
- Appointment of two directors (natural persons); at least one should be a resident of St. Lucia
- Appointment of a Registered Agent that will incorporate the company, provide the registered office and maintain the company registers
- Business Plan
- Projected financial statements
- Application fee
To ensure that the integrity of the offshore banking industry is maintained, each proposed director, officer and subscriber must provide personal background information.
Once the application is processed and approved and the license granted, the company is subject to audit and oversight by the Financial Services Supervision Unit.
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