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Obtaining a banking licence in Saint Lucia

Banking is considered one of the most promising and attractive types of business in the field of finance. It is possible to develop business in this direction in Saint Lucia. The work of international financial institutions that conduct business from this jurisdiction is regulated by the International Banks Act.

The provisions of this document contain requirements that must be met in order to obtain a banking permit. Issuing a licence for an international bank is considered a rather complicated procedure, it is necessary to collect detailed information about the applicant, his/her activities. You can get advice from our specialists in IT-OFFSHORE.

Classes of licences

There are two licence classes in total. An international financial institution may apply for one class of licence.

License classes:

  • Class A is a general banking licence, with which a bank can do business without restrictions. The smallest amount of capital is 1000000 USD;
  • Class B - means a limit on the number of people with whom a financial institution can cooperate. When applying for such a licence, it is necessary to attach a list of persons with whom the bank will work. The list may be adjusted in the future with FSPA permission. The smallest amount of the authorized capital is 250 000 USD.

Class A licence allows the owner to conduct international banking activities with third parties. At the same time, the owner of this licence may not conduct some types of business activities involving residents of the jurisdiction. To obtain the permit it is required to open a company, to pay a fee for applying for documentation.

One of the obligatory conditions is the availability of a physical office. At least two directors of the company, a local director, are required. The number of shareholders according to the conditions - 2 or more. A secretary and an auditor are required. International banks may obtain a tax exemption in the country, but it is possible to pay an income tax at a rate of 1 percent.

Basic requirements for an international bank

To apply for a licence, the bank must meet the set parameters. When applying for a licence, it is important to provide a business plan and analysis of activity. It is necessary to prove the institution's ability to remain liquid.

It is necessary to have at least two directors, one of whom is a resident of the country. It is obligatory to have a registration agent and an office. Every year the bank must submit financial reports and conduct an audit.

It is possible to get a licence fast enough, approximately in 3 months. The advantage of registration is that the licence is issued relatively quickly, there is a possibility of exemption from taxes, the regulatory requirements are simple, transparent and clear.

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