What You Should Know About Banking in St. Vincent & Grenadiness?
The stable offshore banking hub of the Caribbean region is regulated by the ECCB (Eastern Caribbean Central Bank) and the FSA, which are responsible for monitoring compliance with international standards by all participants.
Processing Time
3 – 8 Weeks
Average Opening timeline
Initial Share Capital
USD$ 3,000
Minimum required capital
Bank Fees
10$ – 60$
Per Transaction
When opening an SVG business bank account, the company gains access to the following services:
- 3-4 local banks.
- 2-3 licensed offshore banks.
- Several EMI/financial intermediaries working with non-residents.
- USD accounts.
Following stricter requirements from the FATF and OECD, the SVG authorities implemented a series of reforms (2019-2023), which led to:
- Tighter AML/KYC controls.
- Submission of detailed UBO lists.
- Verification of sources of funds (SOW/SOF).
- Continuous monitoring of transactions.
These changes have resulted in the processing time for applications being extended from 6 to 12 weeks.
Comparison of St. Vincent and the Grenadines vs BVI vs Seychelles
| Criteria | SVG | BVI | Seychelles |
|---|---|---|---|
| Minimum deposit | $10,000–$50,000 | $50,000–$150,000 | $20,000–$50,000 |
| Remote opening | + | + (video verification possible) | + |
| Opening timeframe | 6–12 weeks | 8–16 weeks | 3–8 weeks |
| Typical clients | Small/medium international businesses | Holdings, investment companies | IT, e-commerce |
Benefits of Opening a Bank Account in SVG
Offshore banking in Saint Vincent has a number of advantages that are particularly important for international business:
High level of confidentiality.
Data on managers and UBOs is public, banking secrecy applies (information is transferred via CRS or court order), and there are no requirements for public disclosure of financial reports.
Easy access to international payments.
SVG is one of the main centers for foreign economic activity and payments with foreign counterparties, so banks work with SWIFT, USD, EUR, CAD, and others.
Flexible requirements for non-residents.
Foreign companies of any structure (IBC, LLC, LTD) are allowed to work with banks, there are no residency requirements for managers or shareholders.
No currency controls.
There are no restrictions on transfers abroad, no limits on currency transactions, and no reporting requirements for such transactions.
Online account opening.
Remote opening allows for video verification, electronic document submission, and postal submission if necessary. A visit to the bank will most often be required for high-risk activities.
Remote Account Opening in SVG
Remote international business company account SVG is possible subject to detailed preparation and compliance with AML/KYC standards and adherence to the following nuances:
- Online onboarding takes place by submitting an electronic form on the bank’s website and transferring documents in electronic form (notarized copies).
- Video verification takes place with the manager or owner, which significantly increases the chances of account approval.
- There are restrictions for high-risk areas, and most banks will require physical presence and additional documents.
Advantages of remote account opening:
- Time savings.
- The ability to open an account without registering a business in the country.
- Almost immediate access to online services and multi-currency transactions.
Disadvantages:
- There are restrictions for certain types of activities.
- Longer opening period of 6-12 weeks.
- Not all banks are willing to work with non-residents.
Required Documents for Opening a Corporate Bank Account in SVG
Opening an SVG offshore company bank account requires the submission of both corporate documents and personal documents of managers/shareholders:
The company provides:
- Certificate of incorporation.
- Memorandum and Articles of Association, which must specify the powers and responsibilities of managers and shareholders.
- Board resolution on opening an account and granting signing authority.
- Certificate of Good Standing, if the company is already operating in the market.
Managers and owners provide:
- ID documents (copies of passports, identity cards).
- Proof of address (bills, statements).
- Completion of a questionnaire to comply with AML/KYC requirements.
- Bank recommendation letters confirming the financial reputation of the company’s managers.
- CV and description of professional activities.
- Proof of the origin of the company’s capital and personal savings.
Documents issued outside the jurisdiction must be notarized and apostilled.
Requirements for Offshore Account Opening in SVG
The best banks in Saint Vincent for business impose requirements on the structure and activities of companies when opening an offshore bank account, namely:
- Legal form of the company (LLC, IBC, other types in accordance with the law).
- Disclosure of information about real UBOs during AML/KYC, including explanation of the source of SOF/SOW.
- For high-risk activities, banks may request additional data to assess risks, verify their legality, and ensure there are no illegal activities (arms trading, cooperation with sanctioned jurisdictions, existence of valid court cases).
- The minimum deposit for the corporate segment ranges from $10,000 to $50,000, and higher limits may be set.
Types of Accounts Available in SVG Banks
Depending on the objectives of international online corporate banking, SVG provides access to several types of accounts:
- A corporate account is the main type of account for IBCs and LLCs and is used for daily operations, payment of services, and salaries. It is possible to open several accounts for one company at once.
- A multi-currency account allows you to work with USD, XCD, EUR, GBP, CAD, and accept payments directly in the required currency.
- A trading/merchant account is required for online stores and e-commerce to accept payments by Visa/Mastercard.
- Investment accounts are opened for the purchase/sale of stocks and bonds.
Corporate Account Opening Process
Successful interaction with financial institutions is only possible if you provide a complete set of documents and comply with the law when going through the following stages:
Stage 1. Choosing a bank.
Depending on your future business needs, you need to choose between local, offshore, or digital banks:
- Traditional banks offer multi-currency accounts and investment options (Bank of St. Vincent, First Caribbean, Republic Bank).
- EMI/digital platforms are suitable for startups and IT companies that need fast online access (Wirex, Payoneer).
Stage 2. Preparing the application.
Applications are only accepted if a complete set of documents is submitted:
- Certificates of registration, corporate documents, Good Standing Certificate.
- Passports, AML/KYC forms, sources of funds, recommendations.
Stage 3. Completing the online application.
Electronic documents are signed with an e-signature.
Stage 4. Passing KYC.
When checking and determining the risk level for a client’s business profile, the bank may request additional data and require video verification.
Stage 5. Approval and initial deposit.
Upon successful completion of all processes, the company must make a minimum deposit ($10,000-$50,000) to activate the account. After that, the bank provides: SWIFT/BIC code, IBAN.
Tax System in St. Vincent & Grenadines
Low tax rates for foreign businesses and a transparent regulatory system are among the main advantages of the jurisdiction:
- 0% corporate tax if operating outside the country.
- No taxes on dividends, interest, or royalties, which facilitates the distribution of profits among shareholders and partners.
- There are no limits on capital movements or international transfers.
- Compliance with international CRS/EOI standards means that the bank may request a document confirming tax residency.
One of the main criteria when choosing a banking institution for a client is the convenience and speed of service.
Most popular banks in St. Vincent & Grenadines
Comparison table of major SVG banks
| Name | Type | Features |
|---|---|---|
| BOSVG | Commercial | One of the largest banks; offers corporate and business accounts |
| Republic Bank | Branch | Operates across the Caribbean region |
| RBC Royal Bank | Class B | International bank serving non-residents |
| MPB Bank | Class B | Main focus: international payments and online services |
Bank Fees & Minimum Deposits in St. Vincent & Grenadines
When choosing a non-resident bank, it is necessary to find out the current rates, especially regarding minimum balances and SWIFT transfers.
Bank Fees & Minimum Deposits in SVG
| Bank | Minimum Balance / Deposit | Fees & Charges |
|---|---|---|
| BOSVG | Fixed deposit from $5,000 | Fees depend on the service package; POS services and merchant accounts available |
| RBC | Depends on the account type | Account closure: $30; SWIFT transfer: $24 |
| Offshore banks | Minimum balance: $360; Opening fee: $500 | Fees vary by bank |
Why you should use Corporate Services by Gofaizen & Sherle
Gofaizen&Sherle offers a systematic approach from company registration, assistance with paperwork, selection of the optimal organizational structure, compliance, to obtaining licenses. With the help of professionals in the legal field, you minimize the risk of errors and compliance issues when interacting with banking institutions.
Gofaizen&Sherle provides:
- Experience working with high-risk and complex business structures (crypto business, EMI, fintech, investment funds, brokers).
- In-depth knowledge of international regulatory and compliance standards, adaptation to the needs of different regions, monitoring changes in AML/CFT procedures.
- Over 1,000 successfully completed projects, 400+ companies established in various jurisdictions.
- Saves time and reduces operational risks, rejections, and resubmissions of documents.
- Global presence, with offices in dozens of countries in Asia, Europe, and America.
- Focus on solving client problems, achieving business goals, and assisting in further development strategies.
FAQ About Bank account opening in SVG
What do you need to open a corporate bank account in St. Vincent & Grenadines?
The speed of the account opening process depends on the set of documents, the availability of information about the origin of funds, the degree of risk of the country where the client is located (whether it is a high-risk jurisdiction, is on the FATF sanctions or “black” lists, etc.).
How much does it cost to open a corporate bank account in St. Vincent & Grenadines?
Banks offer a variety of solutions, setting up accounts depending on the needs of the business. On average, the deposit should be between $2,000 and $20,000, monthly service fees are $20-100, and SWIFT fees are $20-60.
Which bank is good to open a corporate account in St. Vincent & Grenadines?
The financial environment includes several banks, among the largest are BOSVG, RBC, and Republic Bank. The main benefit is their focus on serving international businesses.
