Eternity Law International — News — Obtain Your Trust License in Dominica

Obtain Your Trust License in Dominica

Published:
July 5, 2024

Dominica has created and operates a unified legal framework to promote the development of the financial services and securities market, one of the representatives of which is the trust business. In order to be able to officially and legally operate as a trust, a firm must obtain permission such as a trust license Dominica. This document provides access to all the advantages of this jurisdiction and to the rapidly developing commercial space. Below we will look at the key aspects of the procedure for establishing and licensing a trust in Dominica.

Our team are professional experts with many years of experience in the field of Dominica trust services and in other countries. We also offer comprehensive assistance in launching and licensing businesses in any commercial area. We also have an extensive inventory of ready-made trusts for sale around the world.

Trusts in Dominica: process of establishment, how to obtain trust license Dominica permission to operate and regulation

A trust is a structure to which one or more people, called trustees, transfer financial assets, property rights, or other personal property rights. Management of the transferred property and assets is carried out by the trust company in accordance with the orders and needs of the owner with the obligation to return them at the end of the contract or after achieving the set goals. Under Dominica trust law, the interaction between the trust entity and the asset owner is based on a relationship of good will and mutual trust, whereby the firm faithfully manages the granted assets in strict accordance with the requirements formulated by the trustor.

Assets transferred to the trust organization are protected from the right of prosecution by credit and other structures. Creditors cannot encroach on trust assets, however, they can seize profits earned from such assets if they generate them.

Dominica was one of the last to include the regulation of trust institutions in its legislation. At present, there are still some inconsistencies between the basic purpose of a trust and its regulation, which the jurisdictional government and financial regulator are seeking to address and reform. The trust organization is obliged to guarantee the successful fulfillment of all purposes of transferring assets under management and is responsible for managing capital, carrying out any transactions under contractual obligations and obtaining profit from the commercial activity of the funds received. A Dominica trust will be able to provide the following in relation to clients’ assets.

  1. Safety. Preliminary determination of the conditions associated with the storage, management and disposal of assets ensures security for clients. The roles and responsibilities of the trust firm are clearly defined prior to the transfer of assets, reducing uncertainty about the funds or property received and potential risks.
  2. Efficient use of resources by professional managers.
  3. Strict control over the activities of trusts by the government.

There are also real estate development trusts in Dominica. They are created for the purpose of developing various types of real estate projects such as residential buildings, corporate properties, shopping malls, clinics and hospitals, roads, hotels and tourist villas, tourist centers and others. Such companies can manage client assets only for the purpose of real estate development, influencing the development and growth of the entire economic market of the country. Thanks to the ability of this tool to bring together multiple stakeholders in a project – asset owners, developers, financial institutions and future buyers – such integration greatly contributes to the success of progress and development in the real estate sector, ensuring the efficient and transparent management of the resources of the parties involved.

Our lawyers are ready to provide you with comprehensive assistance in licensing and provide professional support at all stages. We can also offer many options for ready-made trust companies licensed in Hong Kong, Cyprus, Sweden, Portugal and other countries.

So, how to get trust license in Dominica? The main stages can be outlined as follows.

  1. Registration of a company in the jurisdiction.
  2. Preparation and submission of documents (business plan, description of services offered, information about the management of the trust project, financial statements, etc.).
  3. Human and technological resources: hiring personnel and conducting related audits.
  4. Opening a corporate account.
  5. Registration of an office in the jurisdiction.

In accordance with trust license requirements Dominica, the following documents are required.

  1. Personal data of the founders and all management persons, in particular, confirmation of their experience and qualifications.
  2. Completed trust license application Dominica.
  3. Confirmation of company registration, availability of capital and official office.
  4. Information about employees.
  5. Business plan and the firm’s internal policies for ensuring safety and mitigating potential risks.

Trust license fees Dominica required to pay range from 1.5 thousand euros.

Advantages of Dominica for trust business

  1. High level of security and asset protection.
  2. Economic stability. Despite global economic difficulties, Dominica has maintained economic stability, offering a favorable business environment.
  3. Tax benefits. The jurisdictional government offers various tax breaks and financial incentives for foreign investment.
  4. A growing domestic market that offers opportunities in a wide range of sectors.
  5. Qualified workforce and competitive labor costs.
  6. Developed infrastructure.

Our specialists are ready to provide you with professional trust services Dominica and also assist you in opening a trust in Luxembourg, Great Britain, France, Denmark and other countries. Trust license cost Dominica varies in each individual case and is calculated individually before the start of cooperation. Contact us right now.

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