The Bank of Mount Vema announced today, that only two more commercial banking licenses will be granted now, until the bank makes the next assessment to see if more commercial banks will be needed to meet demand.
Any one wishing to operate a merchant bank under the laws of the Vema Seamount territory, must submit application for a license now, to operate a banking business within the Vema Seamount territory including online.
This will bring the number of licensed commercial banks to 4, from the 2 existing licenses as the government plans to issue no more commercial banking license for at least 30 years, to be reviewed every 10 years.
Under the laws of the Vema Seamount Territory a business is not permitted to carry word bank in its name, unless it holds a corresponding license. The licenses can be for FULL BANKING LICENSE for general banking activities, such as taking deposits from the general public. INTERNATIONAL BANKING LICENSE (offshore banking license), which prohibits any local business activities. Or NON-BANKING FINANCIAL INSTITUTION an institution that provides financial services but has to comply with less regulations than a full banking license.
Mount Vema commercial banking licenses will be issued by the Bank of Mount Vema to applicant corporations that meet the banking requirements of the Vema Seamount Territory. The requirements include minimum capital requirements, and minimum number of directors.
Mount Vema, is no tax haven, as you will not find lax or corrupt standards in bank licensing, neither the granting of license, for example, to shell companies, or to companies with nominee directors, or with dummy shareholders, etc. The granting of the license may involve a long, complex and expensive procedure, so the Bank of Mount Vema says that it is preferable that candidates apply as early as possible.
Licensing or Approval for the Conduct of Mount Vema Banking Business
Bank of Mount Vema admission criteria apply across the board to all financial institutions engaged in banking activities. In assessing an application for banking licence or to operate as a commercial bank, the Bank of Mount Vema takes into consideration, the following factors:
A representative office will not be allowed to transact any banking, securities or any other business in Mount Vema. A representative office may carry out liaison work, market research or feasibility studies.
Prospective applicants are encouraged to contact Banking Department of the Bank of Mount Vema (mount-vema.com / contact us) at an early stage to discuss their plans prior to submitting a formal application. Preliminary consultation with a prospective applicant enables The Bank of Mount Vema to discuss the licensing requirements with the applicant and to identify issues that may have a significant bearing on the proposed application. All applications will be promptly processed by The Bank of Mount Vema. The processing time depends on the circumstances of each application and the completeness of information submitted by the applicant to the Bank of Mount Vema.
Mount Vema Country Code: MOV and 507 (Codes currently used by Mount Vema)
Proposed ISO Country Code: MOV and 507
Proposed Telephone Country Code: +294
Proposed Top-Level Domain: .ov
Currency Code: VSG
International Treaties – Ratified by the Kingdom of Mount Vema
Law of the Sea Treaty (United Nations Convention on the Law of the Sea)
MARPOL 73/78 (Convention for the Prevention of Pollution from Ships)
The Vienna Convention on Diplomatic Relations of 1961
The Vienna Convention on Consular Relations 1963
The Right to Self-Determination
Many believe because our community is not a member of the United Nations and is only just over a decade old, doing business with the Kingdom of Mount Vema is not possible for foreign nationals and foreign companies seeking to take advantage of the business opportunities the floating city project is creating. Nothing could be further from the truth. The territory doesn't need a United Nations membership to function as a sovereign territory, or to exercise its inalienable right for self-determination