Individuals and companies can open a bank account in St. Vincent and the Grenadines. This right is also available for foreigners, who may opt to open an offshore bank account here as non-residents. It must also be noted that foreigners can also open an overseas bank account from the country where they currently reside, as St. Vincent and the Grenadines allow online bank account setup.
Table of Contents
The main steps to open an offshore bank account
In the process of opening an offshore bank account, foreigners should follow a set of steps. First, they need to decide on the type of bank account they need and then seek the most suitable offer at local commercial banks (banks can have different deposit requirements, fee systems, internal policies, etc.).
Once the decision has been made (our team can provide consultancy in this matter), the next step is to contact the bank of choice and prepare the set of documents it requires for the setup of the respective bank account.
Gathering the necessary paperwork can take up several days, and, once the file is completed, the foreigner (or his/her legal representative), will schedule an appointment at a branch of the bank of choice. The bank representative will analyze the file and will inform the client whether any other documentation should be presented later on.
Provided that the file is completed, it will enter the bank’s internal verification/authorization process, and, if all the criteria are met, the bank will open an offshore bank account. Once the account is valid, the client can make deposits and use the account for its intended purpose.
Please mind that clients can set up an offshore bank account in St. Vincent and Grenadines in a matter of days (the account can be approved in around 24-36 hours, once the documentation has been fully submitted to the bank’s representative), therefore foreigners should that they can have an operational account in a very short period of time.
What types of bank accounts are available in St. Vincent and the Grenadines?
Foreign clients can find in St. Vincent and the Grenadines a variety of bank accounts, designed for the needs of all types of clients. We mention that both locals and foreigners can open 2 main categories of bank accounts, namely personal and corporate bank accounts.
Those who want to open a bank account in St. Vincent and the Grenadines for personal purposes can benefit from online banking, debit cards and checkbooks. For corporate purposes, international clients can opt for multi-currency accounts and merchant accounts (there is also the possibility of setting up an offshore merchant account).
The merchant account is necessary for online vendors, who sell goods over the internet to clients from all around the world. Thus, this type of account must accept a variety of credit and debit cards, issued by banks set up in different locations.
What are the documents necessary for opening a bank account?
In order to open a bank account in St. Vincent and the Grenadines, foreign clients must present papers that attest their identity and current residence. For those who are corporate clients and who want to start the process of offshore company formation, the incorporation documentation is mandatory.
Corporate clients must also provide papers concerning other parties involved in the business (such as the beneficial owner, directors, etc.). In general, it is not necessary to arrive in-person at the bank of choice, as online bank account setupis possible, but this depends on the bank of choice.
In cases where in-person obligations appear, our consultants can represent clients through the power of attorney. Along with the basic documentation, which also includes a completed application form provided by the bank, clients must deposit the minimum capital, which varies from one bank to another, and from one type of account to another.
Documentation required for corporate clients
In order to open a bank account in St. Vincent and Grenadines that will be used for corporate purposes, local banks will ask for a specific set of documents, which are customarily required for both onshore and offshore company formation. In the list below, our consultants present the basic documents that must be submitted in the application:
- the certificate of incorporation;
- the tax identification number;
- the articles of association and memorandum;
- the company’s registered address;
- the personal identification data of the shareholders and directors.
Please mind that some banks may ask for additional paperwork. This requirement can vary from one bank to another, but also based on the field of activity in which the legal entity will operate. These can refer to the company’s business plan or the expected financial results. Our specialists can present a detailed list of the paperwork involved in this process.
Currency options
It is possible to open an offshore account in reputable international currencies, such as the US dollar or the EUR. Clients can also opt for the country’s currency, which is the Eastern Caribbean (EC) dollar. Of course, they have the possibility of setting up multi-currency accounts. Other currency options are: the Swiss franc, the Canadian dollar, the British pound, etc.
Information about St. Vincent and the Grenadines
St. Vincent and the Grenadines is a country that is located in the Southeast of the Caribbean Sea. It is a part of the Commonwealth and a member of the United Nations. From a banking perspective, the country is governed by the Eastern Caribbean Central Bank. Other characteristics are:
- in 2012, the country established a financial supervisor, the Financial Services Authority, which also governs over offshore banking and the set-up of an offshore bank account);
- the country has 6 commercial banks, out of which 3 are licensed international banks;
- the Eastern Caribbean (EC) Dollar has an exchange rate of EC $2.7 = US $1;
- this exchange rate has been maintained as such since 1976.
We invite you to address our team, who can guide you through the process of setting up an offshore bank account. Our services are not limited only to bank account setup, as we can also represent businessmen in registering a business here, so please feel free to contact us for this service if you plan to invest in St. Vincent and the Grenadines.