St. Lucia Offshore Banking and Bank Licenses
St. Lucia Offshore Banking. An international bank can be established in St. Lucia under the International Banks Act, Cap. 12.17 (the Act). This is the legislation that governs the operation of international banks doing business from St. Lucia. The Act, and regulations made there under, outline the requirements and procedure to be followed in applying for a licence.
The first step is an application to the Financial Services Regulatory Authority (FSRA) for 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 is carried out by the FSRA.
At the time of submitting the application for consent, the substantive application for a banking licence is also submitted to the FSRA. 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.
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.