International offshore banking in Montserrat is regulated by the International Banking and Trust Companies Act. Montserrat offshore banking is banking business conducted in or from within Montserrat with non-residents of Montserrat and in foreign currency. A Montserrat offshore bank can only be a branch or subsidiary of a bank which is well established and clean track record, or a bank which does not have to be a subsidiary but is tightly related to an overseas bank and falls under the supervisory framework of its bank affiliate or, is a subsidiary which is completely owned by an acceptable non-bank corporation with shares which are quoted on an established stock exchange. The aim of this subsidiary should be that of carrying out in-house treasury operations which are completely consolidated within the financial statements published by the parent company

Montserrat Offshore Banking License Key Features

  1. International offshore banking in Montserrat is regulated by the International Banking and Trust Companies Act
  2. Montserrat offshore banking is banking business conducted in or from within Montserrat with non-residents of Montserrat and in foreign currency
  3. Offshore banks must maintain a reserve as required under the Act
  4. A capital of at least USD 1 million must be issued
  5. A Montserrat offshore bank can only be a branch or subsidiary of a bank which is well established and clean track record, or a bank which does not have to be a subsidiary.
  6. The auditing procedures for potential offshore banking licence holders must comply with IAAS standards.
  7. A Montserrat offshore bank is required to maintain its head office in Montserrat.

Montserrat Offshore Banking License Legal Requirements

Montserrat Offshore Banking License

Description

General

  • Corporate  vehicle permitted

Montserrat IBC

  • Local physical office required

No

Share capital or equivalent

  • Minimum paid up capital

USD 1,000,000

Directors

  • Minimum number

2

  • Corporate directorship allowed

Yes

  • Local director required

No

Shareholders

  • Minimum number

2

  • Corporate shareholders allowed

Yes

  • Local  shareholders required

No

Service Providers Required

  • Company Secretary

Yes

Accounts

  • Requirements to File

Yes

Montserrat Offshore Banking License Tax Treatment

Montserrat Offshore Banks are exempted from specified taxes in Montserrat

Montserrat Offshore Banking License Duration for Set up

Around 8- 12 Weeks

Montserrat Offshore Banking License Distinctive Benefits

  • There is no capital, value added or inheritance taxes in Montserrat Island,
  • There is no stamp or document duties except in respect of Montserrat Island real property.
  • A financial institution may hold both types of banking licence provided that separate accounting records are maintained or business activities under each licence is conducted through separate branches or subsidiaries
  • Montserrat Island is a favorable offshore jurisdiction with favorable economic and political stability

Why US (Key Strengths)

  1. We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances.
  2. Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  3. We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly.
  4. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  5. We have a full in-house compliance support for all compliance requirements with the regulator and service providers