Dominica Offshore Bank License
Banking licenses are becoming more popular in the Caribbean. According to the Dominica Offshore Banking Act, one of the key features to obtain an offshore bank license is that there must be total transparency concerning the shareholders and directors of the offshore bank.
Dominica offers only one type of license that can provide different offshore banking services.
The requirements to obtain an offshore banking license in Dominica are the following:
- Business Plan
- Incorporation of the company
- USD 1 million paid up capital or securities
- Applicant`s financial and personal background
- Applicant`s background of activities in foreign businesses
- Shareholder`s, director`s personal background
- Financial net worth for shareholders, associates, etc. applying for the bank license
- Financial activities of related companies over a 3 year period, certified by an authorized auditor.
- Local office in Dominica
- Appointment of an authorized agent and an alternate authorized agent, approved by the Government Ministry.
The license application process takes approximately 3 months after the above requirements are met.
The main objectives for obtaining an offshore bank license include:
- To optimize payments
- To provide a safe haven for funds
- To provide asset protection
- To improve tax planning
- To avoid excessive regulation of banking activities
The main activities that can be carried out by having an offshore bank license include:
- Taking deposits
- Make loans
- Offer payment services
- Issue bank guarantees
- Issue bank references
- Issue letters of credit
- Issue credit/debit cards
- Issue bank instruments (securities, bonds)
- Offer internet banking
If you have questions about Dominica Offshore Bank license please contact us.