Complying with Banking Regulations: A Guide for Businesses Operating in Suriname

Overview of Suriname’s Banking System

Suriname’s banking system is comprised of four major commercial banks, including Republic Bank, DSB Bank, Fina Bank, and Hakrinbank, as well as several smaller local institutions. However, foreign investors should be aware that the majority of these banks do not have correspondent arrangements with U.S. banks.

International Fund Transfers

When it comes to transferring funds, bank transfers are facilitated through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system. Electronic banking services are also offered by all major banks in Suriname. Foreigners are free to open a local bank account, but may be required to provide additional information to comply with the U.S. Foreign Accounts Tax Compliance Act (FATCA).

Timeframe for Opening a Local Bank Account

According to sources, opening a local bank account can take up to 12 months on average.

Foreign Exchange Controls

Suriname does not impose any restrictions on the conversion of funds into usable currency, provided permission is obtained from the Foreign Exchange Commission. However, the criteria for obtaining such permissions remain opaque.

Key Considerations for Businesses Operating in Suriname

• No U.S. banks operate in the market, and businesses may need to rely on local correspondent banks or alternative financial institutions to facilitate transactions.
• There are no restrictions or limitations placed on converting, transferring, or repatriating funds associated with an investment.
• Foreign investors should be aware of the opaque criteria for obtaining permission from the Foreign Exchange Commission.

Additional Resources

For more information on investing in Suriname, readers are advised to consult the U.S. Department of State’s Investment Climate Statements.