DOMINICA BANK LICENCE REQUIREMENTS
Dominica is a respectable jurisdiction for the establishment of an offshore bank. In addition, Dominica has a solid reputation for maintaining customer privacy, as it has stringent confidentiality laws, which is what attracts many clients to this location to open a bank account.
The Dominica banking industry is regulated by the Financial Services Unit. Dominica offshore bank licenses are regulated by the Offshore Banking Act 1996 and the Offshore Banking Act 1997 as amended and supplemented over the years.
Offshore Bank Licenses issued by the Financial Services Unit (FSU) are Full Bank licenses, equivalent to Class A in other jurisdictions, where Bank license are divided into Classes.
Scope of the License:
- Retail banking
- Investment banking
- Crypto Currency Banking (one of the sole jurisdiction that currently allows it)
- Restricted territory and Nationals: CARICOM Countries and their Nationals
Minimum Capital Requirement
- Fixed at the minimum of 1,000,000 USD
- Capital can be deposited in a bank account in the name of the Bank outside Dominica, pledged in favor of the Government of Dominica
- Minimum ONE / Physical Person / Residing in the Commonwealth of Dominica
- Minimum ONE Compliance Officer
- Both of them have to be approved by the FSU
Additional Non-Resident Directors are Permitted as long as they have been approved by the FSU (Due Diligence Procedure Mandatory)
- Minimum ONE / Physical Person OR Corporate Entity
- All connected Physical Persons need to be approved by the FSU (Due Diligence Procedure Mandatory)
The Government of Dominica conducts enhanced due diligence on all applicants and all information is submitted to the Financial Services Unit (FSU).
The Financial Services Unit of the Commonwealth of Dominica is the sole regulatory authority for the Non-Bank Financial Sector in Dominica and the Money Laundering Supervising Authority.
The required documentation together with the completed forms are required to process the Dominica Offshore Banking Licenses.
Dominica Offshore Bank License – Requirement Checklist
Offshore Banking (Amendment) (No. 2) Act, 2019, ACT 4 of 2019
Offshore Banking (Amendment) Act 2019, ACT 1 of 2019
Offshore Banking (Amendment) Act, 1997, Act 2 of 1997
Offshore Banking (Amendment) Act, 1999, Act 18 of 1999
Offshore Banking (Amendment) Act, 2000, Act 16 of 2000
Offshore Banking (Amendment) Act, 2008, Act 16 of 2008
Offshore Banking (Fees) Regulations, 1996, SRO 58 of 1996
PROCEDURE TO OBTAIN A BANK LICENSE IN DOMINICA
STEP 1 DUE DILIGENCE of the Promoter/Incorporator/Purchaser of an Existing Bank License. A strict and exhaustive Due Diligence is mandated at the expense of the Interested Party.
The Report (Normal or Expedited) is delivered DIRECTLY to the FSU for assessment. If the assessment of the FSU is positive then the eligible party may become Promoter/Incorporator of a new License OR acquire an existing one. Additionally, he may also act as one of the Directors
APPLICANTS have to be of a High Repute and Clean Criminal Record in all countries they reside or have resided and have or had business activities.
Current Due Diligence Requirements for the applicants:
- Passport Copy Notarized and Legalized via Apostille;
- Copy of his National ID and Driving License Notarized and Legalized via Apostille;
- Utility Bill (less than 2 months old);
- Professional Reference from a Lawyer;
- Professional Reference from an Accountant;
- Bank Reference (the bank relation should be more than 2 years);
- Curriculum Vitae;
- Additionally, at this stage we may also require Proof and Source of the Funds destined to the Capitalization the Bank Corporation;
- STEP 2 INCORPORATION OF COMPANY OR Existing License BUY OUT
- STEP 3 APPLICATION FILLING OR FILLING A NEW BUSINESS PLAN for the acquired BANK. Forms are available upon request.
For more information on Offshore Bank Licenses Requirement Checklist and Due Diligence inquiries , kindly use the hyperlink: Dominica Bank Licence Requirements
For more information, please contact:
The Dominica Consulate Athens Greece
3 Mavromichali Street GR 106 79
Tel: +30 210 361 15 05, +30 6932 488 888
Fax: +30 210 361 78 48, +30 210 33 87 088