INTERNATIONAL BANKING IN ST. LUCIA
FINCOS proudly boasts of being the first, Registered Agent, to have successfully procured an International Banking Licence under the prevailing legislation. We are therefore more than capable in guiding you through all the stages in your efforts in this regard, based on the following requirements:
MINIMUM CAPITAL REQUIREMENTS
Under the International Banking legislation, an International Bank is required to have a Registered Agent, a Registered Office and to file annual audited financial statements and quarterly reports. The minimum capital requirement differs per Class. With respect to a Class A licence, the applicant must have and maintain fully paid up capital of US$1,000,000, while a Class B licence requires fully paid up capital of at least US$250,000.Additionally, it is a requirement on application under either class of licence, that a fixed deposit of US$100,000 be paid into a bank doing commercial banking business in St. Lucia or as otherwise prescribed on application.
PROTECTING THE INTERNATIONAL BANKING BUSINESS
Ensuring that the integrity of the offshore banking industry is maintained, prior to the grant of a banking licence, each proposed director, senior officer and subscriber must divulge certain biographical information. This information shall include their qualifications, banking or related experience and professional references. A detailed Business Plan and projected Financial statements are required to be filed with the application. The application fee for both classes of licence's is US$500.00.In the normal course of things, the process of licensing and incorporation is accomplished in 2 to 3 months once the regulatory authority is satisfied that all the prescribed requirements have been complied with. After this process is completed, the IBC is required to pay an annual licence fee of US$25,000 for a Class A licence and US$15,000 for a Class B licence.
All licencees must have at least two directors who must be natural persons. and at least one of them must be a resident of St. Lucia and FINCOS will be happy to suggest one to you.
Licencees are not subject to any exchange controls. Under the Act, International Banks as IBC's may elect to be exempt from tax or to be subject to tax at a rate of 1% on their chargeable income.
FINCOS WILL BE THERE, ASSISTING YOU EVERY STEP OF THE WAY!
Financial and Corporate Services Limited provides a combination of corporate, administrative and management services to ensure compliance with all statutory provisions as they relate to the company. Our firm will guarantee the security of all transactions and business affairs of our clients from disclosure. The confidentiality of such information is statutorily supported, since it is a criminal offence to breach such a right, punishable by imprisonment except upon a court order in connection with a criminal offence triable in St. Lucia.
FINCOS through it's corporate affiliate will:
CORPORATE SECRETARIAL SERVICES
FINCOS will handle:
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form