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How to Obtain an Offshore Banking License in Dominica
Why Choose Dominica for Your Offshore Bank
The Commonwealth of Dominica stands out as a premier jurisdiction for establishing an offshore bank. Its robust reputation for upholding customer privacy, thanks to stringent confidentiality laws, has made it a magnet for international clientele seeking secure banking solutions.
Regulatory Framework
Dominica’s banking sector is overseen by the Financial Services Unit (FSU), which regulates offshore bank licenses under the Offshore Banking Act of 1996 and 1997, along with subsequent amendments. The FSU issues full bank licenses, equivalent to Class A licenses in other jurisdictions, ensuring the highest operational standards.
Diverse Banking Licenses
Dominica offers a range of offshore banking licenses to cater to various needs:
- Retail banking;
- Investment banking;
- Cryptocurrency banking (a unique offering).
Note that certain restrictions apply to CARICOM countries and their nationals.
Capital Requirements and Key Personnel
To obtain a license, a minimum capital of USD 1,000,000 is required, which can be held in a pledged account outside Dominica. The bank must have at least one Dominica-resident director and a compliance officer, both approved by the FSU. Additional non-resident directors are permitted with FSU approval. Shareholder structures can include individuals or corporate entities, with all connected individuals subject to FSU due diligence.
The Dominica government enforces thorough due diligence on all applicants, ensuring the integrity of the banking sector. The FSU, as the sole regulatory authority and AML supervisor, plays a crucial role in maintaining financial sector compliance.
Application Process
To acquire an offshore bank license in Dominica, the following steps are involved:
- A comprehensive due diligence report on the promoter/incorporator/license purchaser is submitted directly to the FSU for evaluation.
- Upon successful due diligence, the applicant can either incorporate a new bank or acquire an existing license.
- The applicant must complete the necessary forms and, if acquiring an existing bank, submit a new business plan.
Applicants must have a clean reputation and criminal record. Required documentation includes a notarized and apostilled passport copy, ID, driver’s license, utility bill, professional references, bank reference, CV, and proof of funds for capitalization.
Dominica’s commitment to confidentiality, robust regulatory framework, and diverse banking license options make it an attractive destination for establishing your offshore bank.
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.
