1 year ago

Puerto Rico International Bank License

Financial Licensing
Bank Licensing


Key information:
License type International Bank License
Regulator Financial Services Unit (FSU)
Time for approval 4-5 months
Minimum share capital $550 000 ($300 000 blocked $250 000 on balance
sheet as working capital i.e. crypto, shares/bonds)
Minimum number of shareholders 1
Minimum number of directors 1
Qualifications of the director Financial Services Background
Other staff 1 compliance officer with a proven track record
Location of board meetings Anywhere
Documents needed Passport, proof of address, bank statement of UBO
Annual renewal $250
Renewal in case of closure of operations $30 000 donation

1. Formation of Puerto Rico subsidiary business corporation.
2. Preparation and drafting of shareholder & officer agreements
3. Preparation and drafting of narrative business plan.
4. Prepare five-year financial projections.
5. Preparation and drafting of current financial statements
6. Preparation and drafting of personal financial statements for owners
7. Identification and draft letters naming principal representative and auditor.
8. Draft and prepare required bank charter and prospectus
9. Preparation and drafting application with Puerto Rico Commissioner of Financial Institutions
10. Respond and draft responses to OCIF application inquiries.
11. Facilitate and consummate bankcard relationship with Visa & Mastercard
12. Preparation and drafting of policy agreements and related documents.
13. Facilitate and consummate IBAN/SWIFT and correspondent bank relationship.
14. Provide for required physical presence and local director
15. Preparation and review of bank deposit, loan and related agreements.

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