Dominica International Bank License

The Commonwealth of Dominica is a stable, democratic nation located in the West Indies. A member of the Commonwealth, Dominica shares strong ties with both the United Kingdom and United States despites its small size, with the U.S. dollar being widely accepted on the island. Dominica offers strong corporate structures and is world renowned for its policies regarding privacy of corporate ownership.

As an offshore financial services center, Dominica has established itself in the areas of banking and payment services. Since the mid-late 1990’s the government of Dominica has continued to pass legislation ensuring that the country remains competitive on the world stage for ease of conducting business – including levying zero tax on offshore profits. For such reason, many significant international banks continue to maintain a presence in Dominica.

The Commonwealth of Dominica is an ideal location for the formation of an offshore bank. Dominica offers an International Bank License which covers all related banking activities, including accepting deposits and issuing debit cards. The licensure is recognized world-wide and is both cost effective and can be acquired quickly.

Advantages of a Dominica Banking License

In recent years, increasingly complex regulation and an erosion of financial privacy rights in major financial centers such as the United States and European Union have continued to drive the offshore banking industry. Billions of dollars are kept on deposit in offshore banks, even as certain jurisdiction have increased their focus on Anti-Money Laundering controls – which has only enhanced the legitimacy of offshore banking. However, with this industry push towards great transparency has come a tremendous market opportunity to start an offshore bank as the majority of banks have stopped accepting international and/or traditional high-risk banking clients.

Dominica Banking License at a Glance

License International Bank License
Time to License 4 to 5 Months
Capital Requirement $1,000,000
Tax Structure Zero (0%) Percent Tax on Offshore Profits
Economic Substance Yes
Local Director Yes
AML/KYC Yes
Audit Yes

Resources

 

Dominica International Bank License – Information Sheet and Fee Schedule.
Dominica Financial Services Unit – KYC Questionairre.
Dominica Financial Intelligence Unit – Compliance Officer Registration. 

Dominica Banking License Package

  • Formation of Dominica International Business Corporation.

  • Preparation and drafting of shareholder & officer agreements.

  • Preparation and drafting of narrative business plan.

  • Prepare five year financial projections.

  • Preparation and drafting of current financial statements

  • Preparation and drafting of personal financial statements for owners

  • Identification and draft letters naming principal representative and auditor.

  • Draft and prepare required bank charter and prospectus

  • Preparation and drafting application with Dominica Financial Services Unit.

  • Respond and draft responses to FSU application inquiries.

  • Facilitate and consummate bankcard relationship with Visa & Mastercard

  • Preparation and drafting of policy agreements and related documents.

  • Facilitate and consummate IBAN/SWIFT and correspondent bank relationship.

  • Provide for required physical presence and local director

  • Preparation and review of bank deposit, loan and related agreements.

Contact the Dominica Banking License Experts

Trust our over fifty year’s combined experience in creating innovative solutions for our clients. Contact the offshore banking license experts at FinLaw to begin the process of obtaining your Dominica International Bank License today. Our knowledgeable and skilled professionals are pleased to answer any of your questions.

Dominica Bank License

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