Dominica Banking 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 despite 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. Most notably, the island nation is known for the Dominica Banking License.
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. Under the Dominica International Bank License, the license holder is able to offer a wide range of banking services including deposit taking, wealth management, lending, credit cards, secured cards, debit cards, certificates of deposits, tax and business planning, and foreign exchange. Moreover, the while Dominica requires economic substance in terms of establishing an office and having administrative employees, the offshore bank may be managed from outside of Dominica. Yet, ownership of a Dominica International Bank license does provide the beneficial owners with the qualifications for obtaining citizenship in Dominica and a second passport.
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 obtain a Dominica Banking License as the majority of banks have stopped accepting international and traditional high-risk banking clients.
Dominica Banking License at a Glance
|License||International Bank License|
|Time to License||3 to 4 Months|
|Paid-In Capital Requirement||$1,000,000|
|Tax Structure||Zero (0%) Percent Tax on Offshore Profits|
Dominica Banking License Package
- Incorporation of Dominica offshore corporation
- Arrange for local registered officer and local directors
- Draft corporate bylaws, minutes and owner share issuances
- Preparation and drafting and narrative business plan
- Preparation and drafting of owner due diligence submission
- Preparation of financial statements and financial projections
- Draft and organize requisite Anti-Money Laundering, Know-Your-Customer, and related policies and procedures
- Prepare and process application for Dominica International Bank License
- Representation before licensing regulatory authority, banks and liquidity providers
- Identification and negotiation of correspondent banking relationships
- Facilitate bankcard relationship with Visa and Mastercard
- Preparation and drafting of bank deposit, loan and related bank customer agreements, policies and procedures
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.
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