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Dominica Offshore Bank License: Requirements for Application
Dominica offers a well-respected jurisdiction for establishing an offshore bank. It attracts clients seeking privacy with its strong confidentiality laws. The Financial Services Unit (FSU) regulates the industry.
License Types
Dominica grants Full Bank Licenses, similar to Class A licenses elsewhere. These licenses cover:
- Retail banking.
- Investment banking.
- Cryptocurrency banking (one of the few jurisdictions to allow this).
Restrictions
- CARICOM countries and their citizens are restricted.
Minimum Capital Requirement
- USD 1,000,000 minimum.
Directors
- A minimum of one director must be a physical person residing in Dominica and approved by the FSU.
- A minimum of one compliance officer is also required, approved by the FSU.
- Additional non-resident directors are permitted with FSU approval after a due diligence process.
Shareholders
- A minimum of one shareholder is required, either a person or a corporate entity.
- All shareholders must be approved by the FSU through a due diligence process.
Obtaining a License
International Fintech Business (IFB) can assist with obtaining a new license or acquiring an existing one. The process involves:
Step 1: Due Diligence
- A strict due diligence process is mandatory for applicants.
- Applicants must have a high reputation and a clean criminal record.
- Required documents include notarized and legalized copies of passport, ID, and driver’s license, proof of residence, professional references, bank references, and a curriculum vitae.
- Proof and source of funds for the bank’s capitalization may also be required.
Step 2: Incorporation or Acquisition
- Choose between incorporating a new company or acquiring an existing license.
Step 3: Application and Business Plan
International Fintech Business (IFB) offers turn-key services, including:
- Due diligence assistance;
- Company incorporation for the bank license application;
- Bank license application drafting;
- Development of AML and KYC manuals;
- Business plan creation;
- Liaising with the FSU throughout the process;
- Swift application processing upon approval.
Bank Activation
Once licensed, the bank activation process begins:
- Renting an office space;
- Hiring three local staff (director, compliance officer, and clerk), all FSU-approved;
- Equipping the office;
- Purchasing bank software;
- Establishing corporate bank accounts and at least two corresponding bank accounts for SWIFT membership eligibility;
- Informing the FSU of all completed steps.
Local Agent
- Appointing a local agent is required.
Additional Resources
- Refer to Dominica’s Offshore Banking Acts for full details.
In an evolving landscape where traditional offshore jurisdictions are facing increased scrutiny, Dominica emerges as a compelling alternative for banking institutions. International Fintech Business (IFB) offers comprehensive professional assistance in navigating the offshore licensing process in Dominica and other jurisdictions. With a long-standing global presence and expertise in the field, IFB also provides a diverse selection of ready-made banking licenses for sale. To explore the potential benefits of Dominica’s offshore banking sector and discover the available licensing options, contact IFB today.
The above information serves as a general initiation guide.
