Setting Up an International Bank in St. Lucia
international bank can be established in St. Lucia under
the International Banks Act, 1999 (the Act).
This is the legislation that governs the operation of
international banks doing business from St. Lucia. The
Act, and regulations made thereunder, outlines the requirements
and procedure to be followed in applying for a licence.
The first step is an application to the Minister of
International Financial Services (the Minister) for
his consent to incorporate an international business
company in St. Lucia for the purpose of carrying on
international banking business from St. Lucia. This
process is essentially the due diligence exercise
on the parent company and the individuals involved
and are carried out by the Financial Services Supervision
At the time of submitting the application for consent,
the substantive application for a banking licence
is also submitted to the Minister through the Director
of International Financial Service (the Director).
This exercise is an assessment of the banking business
intended to be carried out and involves a business
plan with all the relevant technical and commercial
Normally, a decision on both applications will
be given at the same time. The approval of the banking
licence at this time will be subject to the incorporation
and capitalisation of the company.