Offshore bank license in Dominica

Published:

April 3, 2020

Share it:

Dominica’s international banking license is issued by the Department of Financial Services under the Ministry of Finance of the Commonwealth of Dominica, which regulates the work of banks in the state.

Institutions of the financial and credit region that have an international license issued by the republican regulatory bodies are offshore banks.

The license gives the right to provide basic services in the banking sector: opening accounts (personal / corporate), accepting deposits, providing card products, and conducting interstate transactions.

Banks in offshore companies are engaged in the provision of investment consulting services, finance enterprises in the trading sector, and regulate the welfare of individuals and legal entities.

BASIC REQUIREMENTS FOR REGISTRATION OF LICENSES FOR BANKS

To register a banking institution in the Commonwealth, you must go through a complex step-by-step algorithm of the licensing process. At the same time as the establishment of the enterprise, it is necessary to submit an application for the purpose of registering the enterprise.

The name of the company should have the word “Bank”. These are normative legislative requirements necessary for compliance with the desire to establish local companies in the republic.

REGISTRATION OF BANK INSTITUTION ON THE ISLAND

After analyzing the business plan, the employees of the regulatory body get the opportunity to study your plans, analyze the level of attractiveness of the institution for the state. The text of the business plan must include:

the reason for sending the application for opening a banking institution;
economic directions;
organization structure of the enterprise;
the boundaries of the market territory of coverage, as well as development plans for the next five years;
specific features, as well as sources of financing for the initial stage of functioning and further development;
the structure of the corporation, showing the features of the relationship between the candidate for licensing, companies – “mother and daughter”, as well as other persons associated with this company;
long-term planning of the movement of material assets from functioning with forecasting for the primary five-year period of economic and financial work;
documents confirming the legality of the origin of the material means and the financial situation of the beneficiaries;
Evidence-based documentation to confirm the payment of a share capital of 1 million US dollars in the form of securities or in foreign currency.

INTERNATIONAL BANKING LICENSE OF DOMINICA. MAINTAINABILITY

Upon receipt of the results of inspections from an independent bureau, a license is granted. To save it, you need to start the work of the bank within six months, and also:

have a representative office in the republic;
have authorized and alternative authorized agents;
provide permission from the Ministry to amend the address of the central office of the institution;
ensure business in accordance with the interests of deposit account owners, the public, taking the necessary measures for persons who do not fulfill loan obligations, counteract the devaluation of foreign currency;
to help maintain the paid part of the shareholders’ capital in the amount of not less than 1 million USD or 5% of deposit obligations (the percentage level is set by the Ministry);
engage in the support of a certain degree of liquidity in cash or exchange-traded securities, treasury bills, other convertible or fixed-term deposits with a payout period of up to a year in an international financial institution, in the amount of at least 12% of the total asset or another percentage level determined by order of the Ministry;
introduce and apply an accounting program that fully meets the criteria of the Ministry;
pay a license annually until January 15;
submit to the employees of the department of foreign economic activity statements on profit and damage, other necessary
documentation quarterly within a month from the last quarter day.

REGISTRATION PROCEDURE: ITS ORDER

Registration of a license lasts 60-300 days. What remains to be done during this time:

present a developed business plan that describes banking operations;
register the applicant company;
to pay authorized capital in the amount of from 1 million US dollars;
submit documents to confirm the reputation of candidates;
describe the work of applicants in the field of international activity;
to report on financial performance to indicators of subsidiaries for a three-year period prior to the submission of an application, with
the confirmation of an independent auditor;
submit an audit confirmation on the net profit of each shareholder, partner, branch of the institution that filed the application;
organize a representative office in the Commonwealth of Dominica or register the main company;
approve two persons appointed by the ministry as authorized agents;
freeze in government bonds 150 thousand US dollars for the entire period of the institution.

Specialists of Eternity Law International will provide you with professional services in full legal support, selection of documents and we will provide advice on this issue.

You could be interested

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world

Other Practices

Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

+41 435 50 73 23

Kyiv

Baseina street, 7

+38 094 712 03 54

London

Grosvenor Gardens, 52

+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.

+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A

+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19

+372 880 41 85

Edinburgh

Lochrin Square, 1

+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor

+371 665 550 51

Riga

Esplanade, 7 floor

+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

+6531594300

Sydney

20 Martin Place

+61 2 888 00 365

Porto

2609 Avenida da Boavista

+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7

+995706070360

Latest news

Crypto regulation in Indonesia

What is a Legal Opinion?

Corporate Tax in Luxembourg as of 2024

Which Licences and Permits are required to start business in Switzerland ?

Latest offers

SPI license in UK for sale

Ready-Made UK Company for Sale with Barclays & HSBC Bank Accounts

Ready-Made UK Company for Sale with Established Bank Accounts

Transportation Company in Switzerland for Sale