Of the jurisdictions you can choose to obtain an international bank license, Dominica offers some of the best options for foreign investors. An international banking license from Dominica is the lowest cost and the easiest to obtain if you compare it to other countries. Dominica is the most efficient jurisdiction for an offshore banking license on a budget.
Dominica has strengthened its banking regulations in the past years in order to give foreign investors a more stable and reliable offshore banking license. The shoddy regulations and illicit practices that are pervasive in other jurisdictions have greatly harmed the market and Dominica has worked to resolve these issues.
Government officials in the country have made it very clear that they only wish to attract foreign investors who wish to open a bank for commercial reasons. If they spot any illegal activities or have any reason to believe the bank is doing inappropriate business, they will shut the bank down. That is to say, the AML and KYC regulations in Dominica have been strengthened in order to save the industry.
Quality not quantity is the motto that Dominica banking regulators are following these days regarding the incorporation of international banks into the country. In Dominica, you will find a good banking reputation and privacy, which are two of the most desired elements sought after in applying for an offshore bank license.
An offshore banking license from Dominica has the lowest capital requirement of any offshore jurisdiction. While Belize and others are demanding $5 million, Dominica will allow you to license a bank with only $1 million in capital.
Dominica is also the lowest cost license to procure. In fact, the cost of Dominica is a fraction of competitors such as Cayman and Belize. Assuming you have a business plan and a board of directors in place, a bank license from Dominica should cost around $195,000, including government and legal fees.
Here is what you will need to provide in order to secure an offshore banking license from Dominica:
– List of Directors and Shareholders with proper knowledge in the business that is going to be carried out in Dominica along with their due diligence
– Proper capitalization of the company (minimum $1 million)
– Fully paid-up capital deposited in a bank account opened in Dominica
– Business plan with financial projections for the first five years
– KYC and Anti Money Laundering Compliance Documents
– Paid statutory capital
– Formation of the Company alongside the original corporate documents
– Registered Agent
– Registered Address
– Due diligence report on shareholders, officers, directors, and key persons provided by a reputable 3rd party (such as Kroll)
– Submitting an application to the FMU