Dominica Banking Licences –Offshore
Dominica Bank License Requirements
There are solid reasons to choose Dominica when it comes to obtaining an offshore bank license.
Why Choose Commonwealth of Dominica to establish an offshore bank – Dominica Banking Procedures
1. Commonwealth of Dominica is a highly respectable jurisdiction to establish an offshore bank.
2. It has a solid reputation when it comes to maintaining customer privacy, as it has strict confidentiality laws, and as a result, it attracts many international clients who proceed to open a bank account.
Dominica Financial Services Unit (FSU)
The Dominica banking industry is regulated by the (FSU) Financial Services Unit. Dominica offshore bank licenses are regulated by the Offshore Banking Act 1996 and the Offshore Banking Act 1997 as amended and supplemented over the course of years. The Offshore Bank Licenses which are issued by the Financial Services Unit are Full Bank licenses and equivalent to Class A in other jurisdictions. There, Bank licenses are divided into Classes.
Banking Licenses Types
There are four types of offshore banking licences you can acquire as follows :
. Retail banking
. Investment banking
. Crypto Currency Banking (one of the sole jurisdiction that currently allows it)
. Restricted territory and Nationals: CARICOM Countries and their Nationals
Offshore Banking License Dominica: Minimum Capital Requirement
. Fixed at the minimum of 1,000,000 USD (minimum)
. Capital can be deposited in a bank account in the name of the Bank outside Dominica, pledged in favor of the Government of Dominica
Directors
. Minimum ONE / Physical Person / Residing in the Commonwealth of Dominica
. Minimum ONE Compliance Officer
. Both of them have to be approved by the FSU
Additional Non-Resident Directors are Permitted as long as they have been approved by the FSU (Due Diligence Procedure Mandatory)
Shareholders
. Minimum ONE / Physical Person OR Corporate Entity
. All connected Physical Persons need to be approved by the FSU (Due Diligence Procedure Mandatory)
The Government of Dominica conducts enhanced due diligence on all applicants and all information is submitted to the Financial Services Unit (FSU).
The Financial Services Unit of the Commonwealth of Dominica is the sole regulatory authority for the Non-Bank Financial Sector in Dominica and the Money Laundering Supervising Authority.
The required documentation together with the completed forms are required to process the Dominica Offshore Banking Licenses.
Dominica Offshore Bank License Requirements
The requirements to apply for a Bank license in Commonwealth of Dominica are as follows:
1. Disclosure Form
2. Consent Form
3. Legislation
4. Offshore Banking (Amendment) (No. 2) Act, 2019, ACT 4 of 2019
5. Offshore Banking (Amendment) Act 2019, ACT 1 of 2019
6. Offshore Banking (Amendment) Act, 1997, Act 2 of 1997
7. Offshore Banking (Amendment) Act, 1999, Act 18 of 1999
8. Offshore Banking (Amendment) Act, 2000, Act 16 of 2000
9. Offshore Banking (Amendment) Act, 2008, Act 16 of 2008
10. Offshore Banking (Fees) Regulations, 1996, SRO 58 of 1996
How to Obtain an Offshore Bank License in Dominica
DUE DILIGENCE of the Promoter/Incorporator/Purchaser of an Existing Bank License. A strict and exhaustive Due Diligence is mandated at the expense of the Interested Party. The Report (Normal or Expedited) is delivered DIRECTLY to the FSU for assessment. If the assessment of the FSU is positive then the eligible party may become Promoter/Incorporator of a new License OR acquire an existing one. Additionally, he may also act as one of the Directors. APPLICANTS have to be of a High Repute and Clean Criminal Record in all countries they reside or have resided and have or had business activities.
Current Due Diligence Requirements for the applicants:
Passport Copy Notarized and Legalized via Apostille;
Copy of his National ID and Driving License Notarized and Legalized via Apostille;
Utility Bill (less than 2 months old);
Professional Reference from a Lawyer;
Professional Reference from an Accountant;
Bank Reference (the bank relation should be more than 2 years);
Curriculum Vitae;
Additionally, at this stage we may also require Proof and Source of the Funds destined to the Capitalization the Bank Corporation;
Incorporation of Company OR Existing License BUY OUT
Filling an Application OR a New Business Plan for the acquired BANK. The application forms are available upon request.