The International Financial Services industry is regulated by the Financial Services Authority (‘the FSA’), a single regulatory body established by the Financial Services Authority Act. The FSA is responsible for the regulation and supervision of the international financial services sector, money remitters and the non-bank financial sector such as insurance, credit unions and building societies, to ensure that business is conducted in accordance with international best practice and to promote the safety, soundness and integrity of the financial sector, thereby enhancing the reputation of St. Vincent and the Grenadines as a secure and competitive international financial centre.
St. Vincent and the Grenadines has developed a small but well regulated international financial services industry where the risks of exposure to money laundering and terrorist financing, have been mitigated by strong legislative and administrative measures. The legislative and administrative framework which now governs this industry may be viewed by visiting the FSA’s website: www.svgfsa.com and any enquiries can be sent to email address firstname.lastname@example.org.
Other key institutions that are pillars in ensuring the sound regulation of the financial services industry are the Financial Intelligence Unit (FIU) and the National Anti-Money Laundering Committee. The FIU is a member of the Egmont Group and has been commended by key States and organizations for its role in anti-money laundering investigations and compliance.
The FSA offers efficient and professional service. Incorporations of IBCs and trust registrations are done within one business day. All international business transactions are conducted through the services of a St. Vincent and the Grenadines licensed and regulated ‘Registered Agent and Trustee ’. These service providers are licensed and regulated by the Authority under a regime set out by the Registered Agent and Trustee Licensing Act. A list of the licensed Registered Agent and Trustees can be found on the FSA’s website under the subject “Service Providers”.
The FSA offers the following products:
- International Business Companies (IBCs)
- Limited Liability Companies
- Segregated Cell Companies
- International Trusts
- International Banks
- International Insurance Companies
- Mutual Funds
Statement from the Hon. Prime Minister and Minister of Finance:
‘St Vincent and the Grenadines offers to wealth managers, financial intermediaries and service providers a well grounded political stability and good governance, an excellent judicial system, a splendid professional infrastructure which is internationalist in outlook, with advanced telecommunications, industry adherence to international best practice, zero (or 1% option) taxation of international entities, the lowest government fees of any comparable jurisdiction, a multiplicity of strong support systems, and a magnificent landcape and seascape in the Caribbean.''