INTERNATIONAL BANKING

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:

No one can engage in international banking business from within St. Lucia without a licence to do so. Applicants for the licence must undergo a rigorous investigation and once granted a licence are subject to audit and oversight by the Financial Services Supervision Unit.

An IBC may be granted either a Class A licence which permits the applicant to conduct banking business with third parties or a Class B licence, allowing the applicant to partake in business only with persons listed at the time of the application.

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.

DIRECTORS

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.

TAX EXEMPTION

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.