There are many things that companies need to have to get a banking license. These things differ from country to country. The most common requirements are:
- • Highly-skilled management team with decades of experience.
- • Adequate capital.
- • Professional business plan.
- • Physical presence in the country.
The capital requirement for banks depend on the category of banks in the jurisdiction. Countries classify these banks depending on their size. Generally, there are three main categories:
- • Category A – This allows general banking activities like deposits and lending.
- • Category B – This allows banking to persons or groups that have been described in a written undertaking attached to the agreement.
- • Category C – This refers to investment banks.
In most countries, the minimum capital starts from $1 million.
Offshore countries like Cayman Islands, Dominica, Saint Vincent, and Santa Lucia have some of the lowest minimum capital requirements.
Banking licenses take time. The minimum amount taken to acquire a license is 6 months.
Our services include:
- • Consultation
- • Preparation of documents
- • Provision of a registered agent
- • Provision of a local director
- • Drafting bank license application
- • Drafting a professional business plan
- • Appointing a solicitor of the company
- • Anti-money laundering policy creation
- • Appointing an auditor
Licenses are granted by Financial Services Regulatory Commission (“FSRC”) under the provisions of the International Banking Act 2016.
Below please find features of the particular license category in more details:
| Feature/Category | Banking License |
| Type of company required to be eligible | Antigua and Barbuda Ltd company |
| Taxation | 0% |
| Minimum paid-up statutory capital | 3,000,000 USD |
| Main requirements | Physical office, minimum of 1 director (local), AML Compliance Officer, qualified personnel, audited financial statements. |
| Timeframe | A complete application is normally decided upon IFSA approval within 2-3 months from the date of filing. |
| Government fees | From 3,000 USD to 5,000 USD* |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the Cayman Islands Monetary Authority (“CIMA”) under the provisions of the Banks and Trust Companies Law.
Below please find features of the particular license category in more details:
| Feature/Category | Banking License |
| Type of company required to be eligible | Cayman Islands Ltd company |
| Taxation | 0% |
| Minimum paid-up statutory capital | Depends on services to be provided. Range is from 25,000 USD to 500,000 USD |
| Main requirements | Physical office, minimum of 2 directors, AML Compliance Officer, qualified personnel, audited financial statements. |
| Timeframe | A complete application is normally decided upon CIMA approval within 5-6 months from the date of filing. |
| Government fees | 2,439.02 USD |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
Licenses are granted by the Financial Services Supervision Unit under the provisions of the International Banks Act.
Below please find features of the particular license category in more details:
| Feature/Category | Banking License |
| Type of company required to be eligible | St. Lucia IBC |
| Corporate taxation | 0%* |
| Minimum paid-up statutory capital | Depends on services to be provided. Range is either 250,000 USD or 1,000,000 USD* Minimum deposit is required: not necessarily in St. Lucia, for 100,000 USD |
| Main requirements | Physical office, minimum of 2 directors (1 local), AML Compliance Officer, qualified personnel, audited financial statements. |
| Timeframe | A complete application is normally decided upon Financial Services Supervision Unit approval within 5-7 months from the date of filing. |
| Government fees | Depends on services to be provided. Range is either 15,800 USD or 25,800 USD |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
An applicant for the license must be a Comoros IBC company, which we will form for you, and once the company is in place, we will apply to the Anjouan Offshore Finance Authority. This License is subject to any variations of the “Government Notice No 004 or 005 of 2005”.
Below please find features of the Banking category in more detail:
| Feature/Category | Banking |
| Type of company required to be eligible | IBC |
| Corporate Taxation | 0 |
| Minimum paid-up statutory capital | 0 |
| Main requirements | 1 Director, 1 Shareholder |
GFSC GLOBAL can offer additional services in relation to the license application, which include:
1) Opening additional bank accounts (worldwide)
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), traders, etc.)
3) Provide OUTSOURCED services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Capital Adequacy calculation
4) Compliance support services – Outsourced
5) Risk Management – Outsourced
6) Assistance with finding premises
7) Preparation of all required documents
8) Provision of GDPR services & ISO certifications services.
Our professional fees for the above-mentioned services are dependent on the combination of services chosen and are available upon request.
Licenses are granted by the Central Bank of Belize under the section 18 of the Domestic Banks and Financial Institutions Act and section 8 of the International Banking Act.
Class A – The holder of an “A” Class license is permitted to:
(a) Establish, maintain and operate a business office in Belize;
(b) Transact international banking business through its business office in Belize without restriction on that business
(c) Can solicit or accept any deposits of money or any other valuable property from the public.
Class B – The holder of a “B” Class license is limited to transacting only as follows:
(a) Establish, maintain and operate a business office in Belize; and
(b) Transact only such international banking business as may be specified in the license.
In addition, the holder of a “B” Class international banking license is prohibited from:
- soliciting or accepting any deposits of money or any other valuable property from the public; and
- issuing to any depositor a cheque book or providing any current deposit or chequing account facilities for the transaction of his international banking business.
Below please find features of this particular license category in more detail:
Feature/Category | Banking License |
Type of company required to be eligible | LLC registered and incorporated under the Belize Companies Act. |
Minimum paid-up capital | “A” Class-Unrestricted license – US$3,000,000 |
“B” Class-Restricted license – US$1,000,000 | |
Physical Presence Required | Required to hold, establish, maintain and operate a business office (physical presence) in Belize. |
Main requirements |
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GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening additional operational bank accounts (worldwide);
2) Provision of nominee directors, if needed;
3) Provide on-going services, such as accounting, bookkeeping, quarterly reporting, audit;
4) Provision of GDPR services & ISO certification services.
Our professional fees for the above-mentioned services are dependent on the combination of services chosen and are available upon request.
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