A non-resident license allows the bank to carry on a banking business outside Dominica and generally are not permitted to carry on business in the jurisdiction in which they are registered. The bank must have a representative office in Dominica and must obtain prior approval from the Minister for the appointment of two individuals or body corporate as its authorized agent and alternate authorized agent. Applications can be processed within 6-8 weeks. As a Member of the British Commonwealth and United Nations, the independent islands of St. Vincent and the Grenadines are pleased to consider applications for restricted banking licenses. There are two types of licenses, resident and non-resident.
Licenses are renewable annually.
A resident license permits the bank to carry on a banking business within St. Vincent, whereas a non-resident license allows the bank to carry on a banking business outside St. Vincent. However a subsidiary finance company may be established which in turn could solicit funds and advertise on the banks behalf. Governed by the International Banks Act 1996 an offshore bank requires a minimum of two Directors one of which must be a local resident and a physical presence and place of business be in the same state. Applications may be processed within 4-8 weeks. The Bahamas are quite happy to accept application for both unrestricted and restricted banking license.