Offshore Licensing

The International Financial Services (Licensing) Regulation, prescribes that any person who intends to provide carry on, transact or hold himself or itself out as providing, carrying on, or transacting any of the international financial services in or from, within  shall apply to the Director General of the Commission for a license in accordance with the provisions of these regulations.

Why choose offshore?

1. Asset Protection - To secure against future claims such as judgment, bankruptcy, creditors and litigation.

2. Confidentiality - offshore interests are kept private from any individual or entity unless authorized by you.

3. Reduction of Tax liability - Through International Tax Planning, a foreign jurisdiction can offer significant opportunities for reducing your tax liability in your home country. IBCs are completely Tax-Free and there is only a 3% levy on receipts of International financial Services.

4. Confidentiality - Has established a Code of Conduct by which the International Services Providers should abide in protecting the confidentiality of the clients' business. A breach of such a duty by a Licensed Agent can be reprimanded with the revocation of their License.

5. Asset Protection - Along with the companion Trust Act, the offshore IBC Act and the  International financial Services Commission Act (‘IFSC’) is recognized as the most modern and attractive legislation of its kind in the Caribbean, and is specifically designed to meet the needs of the global investor. Its privacy and confidentiality laws are secure proof, strong enough to withstand pressures from the United States Securities Exchange Commission.

6. One Stop Shop - Offers a full menu of investment vehicles designed to meet the needs of sophisticated investors around the world. As the range of services has widened, has become a more convenient place to do business. It has truly become a 'full service' jurisdiction - 'a One-Stop Shop'.

7. Financial licensing - The IFSC relies on self-regulation, meaning that the government sets overall standards and the rest are covered by the industry. The Commission has recently issued licensing regulations to license all international financial services providers. Monitoring and compliance is to be done by the Commission.

8. Procedure and Requirements -

  • License Application Form that is to be signed before of a notary public or justice. Original Biographical Affidavit of each director (local director is required), shareholder, and officer of the company.
  • Notarized valid passports, notarized recent utility bill, recent (original) bank reference of each director, shareholder and beneficial owner of proposed Financial Licensed Company.
  • Notarized Curriculum Vitae of each director, shareholder and beneficial owner of proposed Financial Company.
  • Preparation of a Business Plan of the Proposed Financial Licensed Company.
  • The director and shareholder will need to be available for potential interview with the Attorney General of the IFSC.

Approval and additional requirements are subject to the Director General’s discretion.

9. Bank Accounts and Requirements

On approval, the required share capital of USD 100.000.00 should be deposited with a local bank. Should the below documents not be in English, a Certified English translation by a professional translator is required. 

  • Notarized copies of passport of all parties related.
  • Two original bank reference letters (or) 1 original bank reference letter and 1 original character reference letter (attorney or accountant) not older than 3 months for each party.
  • Original utility bill stating residential address not older than 3 months old.
  • Original Bank Application Forms.
  • Certified Corporate Documents.

The information contained herein does not constitute legal or investment advice and may not be relied upon as such. The author shall not be responsible for any damage or loss incurred directly or indirectly by any person acting upon or refraining from acting wholly or partially in reliance upon it.