The matter in respect of which the prescribed fee is payable

 

USD

Initial licence fee 100,000.00
Application fee     7,500.00
Administrative fee     2,500.00
Annual licence fee 100,000.00
Regulatory requests for approval and ancillary matters USD
Change of shareholder/director/senior management or other control person 1,000.00
Amendments to ownership structure 1,000.00
Approval for issue, transfer, disposal of shares (no change in control) 500.00
Approval for change of particulars 500.00
Approval for change of name 1,000.00
Approval for altering articles of incorporation and by laws 500.00
Approval for appointment of auditors 250.00
Request Extension of time for filing of regulatory reports 150.00
Amendments to the business plan 500.00
Approval for use of the word “Bank” and its derivatives 500.00
Approval for registered office or change of registered address 200.00
Approval of maintenance of reserve fund 500.00
Approval for voluntary winding up 2,500.00
Approval to enter into a merger, amalgamation or consolidation 2,500.00
Request for approval of subsidiary/sales office 2,500.00
Regulatory request letter 350.00
Request for change in auditor 250.00
Request for extension of submission of quarterly returns 150.00
Request for extension of submission of audited financial statements 150.00
Miscellaneous request 300.00
Onsite examination fee – subsidiaries and overseas based operations 20,000.00
Late submission of Quarterly Returns 5,000.00 and 500.00 for each day in default
Late submission of audited financial statements 1,500.00 & 150.00 for each day in default

Offences in respect of which liability to conviction may be discharged by payment of fixed penalty

Section of Ordinance Section of Ordinance Fixed Penalty
  6 (2) Carrying on International Banking within Nevis without a license Not exceeding $500,000.00 and a further penalty of $50,000.00 for each day in default
  15 (11) Breach of condition of license $25,000.00 and a further penalty of $1,000.00 for each day in default
  16 (2) Failure to display copy of current license $25,000.00 and a further penalty of $1,000.00 for each month in default
  17 Unauthorised use of the word “bank” in name $25,000.00 and a further penalty of $1,000.00 for each day in default
  21 Appointment of a person debarred from management $25,000.00 and a further penalty of $1,000.00 for each day in default
  25, 26, 27,    28 Failure of director to disclose and declare interest $10,000 for each contravention
  29 Disclosure of confidential information $20,000.00
  31 Failure to forward to the Regulator and shareholders, copies of Annual Audited Financial Statements by the prescribed date or forwarding returns after the prescribed date $25,000.00 and a further penalty of $1,000.00 for each month in default
  76 Failure to report to the Regulator any abandoned property in its possession or failure to deposit or convey to the Administration and abandoned property $25,000.00 and a further penalty of $1,000.00 for each day in default
  77(1) and      (2) Conducting international banking from within Nevis during any period in which a licensee/director/officer does not hold a license

Not exceeding $250,00.00 (Licensee)

Up to $50,000.00 (director/officer)

  78 Engaging in advertising practices contrary to Ordinance $10,000.00 and a further penalty of $1,000.00 for each day in default
  79 Making false statements and obstruction $50,000.00
  10(4) Failure to submit returns as required by the Regulator $5,000.00

The Application and supporting forms for international banking licences are available below. You are strongly advised to contact the International Banking Division to discuss your proposals before completing and submitting an application form.