Formation of a Bank, Bank License, Asset management company, Offshore Bank License, Bank License Cayman Islands, Offshore Bank Belize, Offshore Bank License St. Vincent, Bank License Germany, Bank Liechtenstein, Bank License Germany

Bank license: Services of our law firm

Bank license: Service of our law firm

Our Law-firm incorporates banks, financial services institutes in the EEA (e.g. U.K., Germany, Switzerland and Liechtenstein), U.S.A. and Offshore (Cayman Islands, Belize and St. Vincent). Further we set up New Zealand financial services institutes with licence to operate bank business (OFC). 

Resumen breve sobre el tema fundación de un banco

For a S.W.I.F.T connection you always need an A-licence-bank. On your request we can offer a broad list of services needed to set up a bank with S.W.I.F.T:

  • Incorporation of the company of the bank
  • Apply for admission to hold an  appropriate licence
  • Setup of a place of business at the jurisdiction of your bank
  • Recruiting of fit & proper personnel for the management of the bank according to international banking law
  • Connecting to a rating agency (Rating, Basel II & III), e.g. Moodys, S&P
  • Connection to Society for Worldwide Interbank Financial Telecommunication (S.W.I.F.T., appointments at S.W.I.F.T.), Swift-Code and IBAN
  • Connection to deposit guarantee fund o    Banking Law (general terms and conditions of the bank, credit agreements, due diligence, compliance, etc.)
  • Representative offices or branches in other countries
  • Tax planning and routing of dividends e.g. by setting up a holding

Banks within the European Economic Area (EEA) have to proof an minimum initial capital of EUR 5 million in some countries this might be even more (e.g. Liechtenstein, Spain, Luxemburg).

Less minimum initial capital is needed for e-money institutes or banks in countries abroad EU/EEA like Cayman Islands.

One option could be to setup a bank in a foreign country with a representative office or a branch in other countries including EU/EEA.   Although there are differences in the banking acts for example by the initial capital, but there are general rules in almost every country:

As a rule two fit and proper directors are needed of whom one has to be resident in the country where the bank has its permanent place of establishment. A “fit & proper” director is defined in most banking acts as a person who has

(a) honesty, integrity and reputation;

(b) competence and capability; and

(c) financial soundness.

  • A place of management in a business-like manner is needed, i.e. offices have to be rented etc.
  • The form of the company hast to be a corporate entity, often a Public Limited on Shares / Corporation.
  • The initial capital has to be paid up.
  • No banking business may be transacted, except by a person who is in possession of a valid licence granted by the Authority authorising him to carry on such business.
  • Auditing by independent certified accountants
  • Evaluation by an independent rating agency (e.g. Moody’s, Fiths, S&P, Euler-Hermes,…).
  • Membership in a deposit guarantee funds.

In the range of banking regulation the laws of the country apply where the bank has its place of establishment as well as the laws of the countries to whom the services are offered.

However, banks within the EU/EEA may offer their services throughout the whole EU/EEA without separate licensing in each country of this region. Furthermore the following facts of case have to be considered as a rule: Banks under the control and government of public administration and/or the regarding central bank may offer their services in other countries without anew licensing. If necessary, this might be only a duty of disclosure is needed or a simplified approval process. Legal fees for the application of a bank licence depend on the efforts and services needed.

In general these fees are around GBP 49,000.00. In addition fees for government bodies, financial & monetary authorities and central banks will apply. Also third party costs have to be in line of a budget: S.W.I.F.T, internet-banking systems, deposit guarantees fund, rating agency, notary public, etc. pp.