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 to simplify this process. Our professionals will assist you with application and all process of licensing. We would be glad to assist our clients with Banking Licensing in the following jurisdictions:
EU Jurisdictions
Offshore Jurisdictions: Antigua and Barbuda, Belize, Dominica, Cayman Islands, Santa Lucia, and Comoros.
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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:
- 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 |
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
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 |