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Credit Unions - Guide to Registration - Formation of a Credit Union

Formation of a Credit Union:
1. Application for registration of a credit union must be on the prescribed FORM A form, addressed to;
The Chief Executive Officer
The Financial Services Commission
#34, Warrens Industrial Park,
Warrens
St Michael

2. An application for registration of a credit union under this Act must be signed, by at least ten (10) persons who satisfy the requirements for membership.
3. These persons should contact the Financial Services Commission for guidance if needed.
4. The application form along with the prescribed fee (currently $50.00), three (3) copies of the proposed by-laws and a business plan should be submitted to the Commission for approval.
The business plan should state the following:
o the nature of the business to be carried on.
o sources of funding.
o sources of income.
o financial projections for a minimum of three (3) years.
o the source of potential membership.