1. The intended trust corporation submits an application in the prescribed form along with the Articles of Incorporation or Articles of Continuance and the annual fee.

 

 

2. The Supervisor of International Banks and Trust Corporations may have investigations and inquiries conducted on the applicant corporation, it's directors and officers or proposed directors and officers, it's financial circumstances, and it's affiliates or associates, as he considers necessary.

The cost of the due diligence exercise varies depending on the extent of the search, is borne by the applicant and must be paid in advance. 

 

 

3. Subject to the Board's decision, the Supervisor of International Banks and Trust Corporations must issue or refuse a license to the applicant within three (3) months of the receipt of the application, or, if additional information is required, within fourteen (14) days of the receipt of that additional information. 

 

 

4. If the license is refused, the applicant may appeal to the Board within thirty (30) days of the refusal. If the Board in turn has refused the license, the applicant may make an appeal within thirty (30) days to the Minister, whose decision shall be final.