Establishing an Offshore Bank AccountThe international business customer is serviced by Offshore Banking units within most commercial banks. These services are provided by First Caribbean International Bank, Royal Bank of Canada, Bank of Butterfield and The Bank of Nova Scotia. International banking services include investment management, letters of credit for foreign exchange transaction, banking and fiduciary services.
To establish an offshore account the following documentation is required:
- Professional References
- Company Share Fact Sheet
- Certification of Incorporation
- Certificate of Good Standing
- Memorandum and Articles of Association
- Confirmation of Directors
- Evidence of License activity
- Registration of Members
- Passport of each Applicant
- Identification Card or USA/Canada Drivers License
- Bank Statement or Credit Card Statement (Visa, MasterCard, AE Diners) showing the residential address. The statement should be no more than three (3) months.
International financial service is the business of receiving foreign funds through the acceptance of foreign money deposits payable on demand, after a fixed period or after notice. This includes the sale or placement of foreign bonds, certificates, notes or other debt obligations or other foreign securities. Foreign funds may also be used to finance loans, advances or investments. Offshore/ International Banking includes the acceptance in trust of: amounts of money in foreign currencies, foreign securities or both, foreign personal or movable properties, and or real or immovable property outside of Barbados from persons resident outside of Barbados.
Requirements to Obtain a License for an Offshore Bank
An applicant must obtain the consent of the Minister to incorporate for the purpose of offshore banking. The government imposes a flat annual license fee of US $ 12 500. One must demonstrate that the company is an eligible company or a qualified foreign bank. The names and addresses of its director(s) are required, along with the number of shares held by them. There is a minimum capital requirement of US $ 500 000 for residents and US $ 125 000 for non residents. One director must be resident in Barbados, and a certified copy of the Articles of Incorporation, giving particulars of the proposed banking activity.