The banking sector is the most important in most countries. It is important because banks are the ones that provide finances that help economies grow. Banks are also delicate because they have the capacity to collapse economies. As such, countries have placed strict measures to regulate the banking industry. In most countries, the process of getting a banking license is long and strenuous. At GFSC Global, we help banks simplify this process. We have legal, accounting, auditing, and consulting professional that will help you when applying for licenses. We operate in many European and offshore countries.
Offshore Jurisdictions: Antigua and Barbuda, Belize, Dominica, Cayman Islands, Santa Lucia
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How Can We Help You
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 license take time. The minimum amount taken to acquire a license is 6 months.
Our services include:
- 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