Choose Colonial Trust Company for Your Saint Lucia International Banking Licence Services
In addition to providing exceptional asset and privacy protections, operating in Saint Lucia comes with substantial financial savings and benefits. However, in order to legally operate an international bank in Saint Lucia, a somewhat in-depth application process for a Saint Lucia International Banking Licence must be commenced and completed. Under Saint Lucia’s International Banks Act, an international bank can be established within Saint Lucia if certain requirements are fulfilled. These requirements include the completion and submission of an application to Saint Lucia’s Financial Services Regulatory Authority (FSRA), and specific capital requirements must also be fulfilled. Luckily Colonial Trust Company has years of experience with providing relevant assistance and advice for the entire Saint Lucia international banking license application process.
Understanding the Saint Lucia International Banking Licence Application Process
Filing a Saint Lucia international banking licence application with the FSRA is the first step towards establishing an international bank in Saint Lucia. This application allows the FSRA to conduct its own due diligence review of your bank’s parent company. Applications submitted to the FSRA are submitted for either the Class “A” or Class “B” Saint Lucia International Banking Licence. The Class “A” Saint Lucia International Banking Licence provides a general, unrestricted banking licence, while the Class “B” Saint Lucia International Banking Licence restricts the potential clients your international bank can conduct business with. Applications for Class “B” Licences must provide a list of the different persons the bank will conduct business with. However, the Licence “B” potential client list can be modified following the establishment of the international bank.
Understanding the Saint Lucia International Banking Licence Capital Requirements
Both the Class “A” and Class “B” Licences impose minimum capital requirements. Furthermore, an international bank must fulfill both the minimum capital requirement, while maintaining a $100,000.00 deposit held at a FSRA approved bank. Also required is a written declaration that the bank will maintain and keep the $100,000.00 deposit clear and free from any and all encumbrances during the entire term of the licence.
The Class “A” Bank License capital requirements include:
• The maintenance of an $100,000.00 deposit held by an FSRA-approved bank; AND
• Fulfillment of a paid up capital minimum of $1,000,000.00.
The Class “B” Bank Licence capital requirements include:
• The maintenance of an $100,000.00 deposit held by an FSRA-approved bank; AND
• Fulfillment of a paid up capital minimum of $250,000.00.
Colonial Trust Company specializes in the facilitating the successful completion and submission of Applications for a Saint Lucia International Banking Licence. Contact us today for more information regarding the International Banking Licence application process.