Dominica a solid foundation for your Bank
Dominica is a reputable and well respected offshore jurisdiction, having banking legislation in place in the form of the Offshore Banking Act 1996 and Offshore Banking (amendment) Act 1997. Dominica’s stable economy with well established international banking legislation ensures that investments are well protected. The Dominican Government believes that the good reputation of the bank is as important as the privacy of the clients.
Dominica is only interested in international clients desirous of doing legitimate offshore banking business.To obtain an offshore banking license, there must be absolute transparency with regards to shareholders and directors of the offshore bank, according to the Dominica Offshore Banking Act. The applicant cannot be an IBC and bearer shares are not allowed.
The formation of an offshore bank in Dominica can be completed within six (6) months upon completion and submission of all the necessary documents to the Government of Dominica. It usually takes thirty (30) days to perform the due diligence by a Government approved agency.
Requirements for license applications in Dominica
- Business plan outlining the intended operation
- Registration of a local company, which will be the applicant for the offshore license
- Proof of paid up capital of 1 million USD in cash or readily negotiable securities
- Document(s) supporting financial and personal reputation of the applicant
- Description of applicant activities in the Company
- Financial performance of affiliated companies (3 years prior to the application, certified by an independent auditor)
- Financial net worth of each shareholder, associate or affiliate of the company applying for the offshore banking license
- Document(s) supporting character and reputation of all shareholders and directors
- A representative local office in Dominica
- Approval from the government minister for the appointment of two individuals as its authorized agents
- Start up capital of US$1,000,000 available in cash and or readily negotiable instruments
- Total paid up capital including accumulated profits less accumulated losses cannot be less than US$1,000,000
- A Reserve Fund must be maintained and must not be below the level of the issued paid up capital of the company
- When the Reserve Fund falls below the level of the paid up capital, 25% profit before dividends, must be transferred to the Fund
- Permanent capital of at least US$1,000,000 or 5% of deposit liabilities whichever is greater, must be maintained