General Overview.  St. Vincent and the Grenadines followed recommendations of OECD and FATF by improving its local legislation and adhering to international regulations standards. Many offshore companies are registered in this offshore financial center every year. It positions itself as an attractive offshore jurisdiction also for e-commerce business management purposes.

Banking Sector. Two types of offshore banking licenses may be obtained in St. Vincent and the Grenadines. A Class I Offshore Banking License gives a banking institution the right to conduct a general offshore banking activity. Class A II Offshore Banking License, in turn, allows providing banking services only to specified non-resident entities.  Offshore banks are not generally permitted to provide banking services to the residents of the jurisdiction.  Onsite checks and inspections of all the banks occur regularly at least every 18 months. All the banks which obtain a banking license must establish their physical office in the jurisdiction, hire local employees and have at least one approved local director.

Investment Funds.  Domestic and offshore investment funds may be established in St. Vincent and the Grenadines which may be either private or public funds. A fund may take a form of a company, partnership or a unit trust, and may be either open-ended or closed-ended.  Investment managers must obtain a license for offering investment fund services.

Insurance Companies. St. Vincent and the Grenadines has developed an attractive environment for insurance business purposes. Five types of licenses may be obtained in the jurisdiction. Such a flexibility is able to satisfy needs of large international insurers and small insurance business start-ups. An appropriate license is decided individually by each insurance company, depending on its goals and projected business plan.

Shipping Registry. St. Vincent and the Grenadines established an effective framework for vessels registration and management from the jurisdiction. Registration procedures are efficient and costs are competitive. Unless a special permission is granted, a vessel must not be older than 18 years of age at the moment of registration. Different types of vessels may be registered in this offshore jurisdiction.