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Dominica bank license
Leading banks, transnational corporations, conglomerates of small and medium companies, and wealthy individuals are seeking to use the indisputable advantages of an offshore banking establishment such as:
- Tax planning opportunities and optimization of payments
- High confidentiality in banking transactions
- Funds will be safe within your own bank
- Possibilities to access the international network of correspondent banking accounts and to the international credit markets
- Less stringent requirements for the issuance of offshore banking licenses and to the minimum paid up capital and administrative costs.
The Dominican Government believes that the good reputation and privacy are the two main foundations on which success is based, and put their best effort into this. The government is only interested in international clients who want to do offshore banking business legally.
To obtain an offshore banking license there must be absolute transparency on 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. With an offshore banking license, there is only one type, the bank will be able to carry out any kind of offshore banking activities; to offer services within the Dominican territory and to Dominican citizens the offshore bank will have to apply for an additional license.
Requirements:
- Business plan, outlining the operations
- Registration of local company, applying for the offshore banking license
- Proof of paid capital of USD$1million in cash, or readily negotiable securities
- Documents to allow the Minister to consider the following questions:
- the financial and personal reputation of the applicant
- description of the applicant activities in the international business
- the financial performance of affiliated companies for 3 years immediately preceding the date of application, certified by independent auditor
- audited financial net worth of each of the shareholders, associates or affiliates of the company applying for the offshore banking license
- A representative office in Dominica
- Approval from the government minister for the appointment of two individuals as its authorized agent and alternate authorized agent and where the agent is a body corporate, for the appointment of such company.