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Setting Up an International Bank in St. Lucia

An 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.

1. 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 Unit.

2. 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 data.

3. 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.

Types of Licence
Capital Requirements
Allowable Assets
Requirements
The Application for Consent to Incorporate the Bank
The Application for a Banking Licence
Redomiciliation
After the Grant of the Licence
Government and Professional Fees
Why St. Lucia
Our Services
The Act
The Regulation

 

 
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