The matter in respect of which the prescribed fee is payable

 

USD

Initial licence fee100,000.00
Application fee    7,500.00
Administrative fee    2,500.00
Annual licence fee100,000.00
Regulatory requests for approval and ancillary mattersUSD
Change of shareholder/director/senior management or other control person1,000.00
Amendments to ownership structure1,000.00
Approval for issue, transfer, disposal of shares (no change in control)500.00
Approval for change of particulars500.00
Approval for change of name1,000.00
Approval for altering articles of incorporation and by laws500.00
Approval for appointment of auditors250.00
Request Extension of time for filing of regulatory reports150.00
Amendments to the business plan500.00
Approval for use of the word “Bank” and its derivatives500.00
Approval for registered office or change of registered address200.00
Approval of maintenance of reserve fund500.00
Approval for voluntary winding up2,500.00
Approval to enter into a merger, amalgamation or consolidation2,500.00
Request for approval of subsidiary/sales office2,500.00
Regulatory request letter350.00
Request for change in auditor250.00
Request for extension of submission of quarterly returns150.00
Request for extension of submission of audited financial statements150.00
Miscellaneous request300.00
Onsite examination fee – subsidiaries and overseas based operations20,000.00
Late submission of Quarterly Returns5,000.00 and 500.00 for each day in default
Late submission of audited financial statements1,500.00 & 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 OrdinanceSection of OrdinanceFixed Penalty
  6 (2)Carrying on International Banking within Nevis without a licenseNot 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
  17Unauthorised use of the word “bank” in name$25,000.00 and a further penalty of $1,000.00 for each day in default
  21Appointment 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,    28Failure of director to disclose and declare interest$10,000 for each contravention
  29Disclosure of confidential information$20,000.00
  31Failure 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
  76Failure 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)

  78Engaging in advertising practices contrary to Ordinance$10,000.00 and a further penalty of $1,000.00 for each day in default
  79Making 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.