Bank Formation Checklist

What is needed for an Offshore Bank License Application

In order to apply for a banking license, you will need certain documents, for both the company that will apply for the license, as well as the directors and shareholders of the company that is applying for a bank license. Bank license applications that are submitted without the full set of documentation will most likely not be considered by the bank license issuing regulatory body.

Once all of the documentation is collected and prepared, you can then approach the bank licensing body in order to start your bank license application. Although you will need to have a company at this stage of the application, you do not need to have a final complete set of company documents, as you may need to adjust your company’s Memorandum and Articles of Association according to the bank licensing body.

Documentation required for a Bank License Application

  1. Certified evidence of capital requirements – When you start your bank license application procedure, you will need to present the bank licensing body with proof that you hold enough capital to meet the body’s minimum capital requirements.
  2. Statutory declaration for each shareholder – This is a legal document that is used to state that each shareholder is a shareholder of the company applying for the bank license.
  3. Addresses and bank reference letters for all shareholders – this is to provide the address of each shareholder, as well as confirm that they are in good standing with their bank on a personal level.
  4. Type of shares and amount held by each shareholder – This is to show the full ownership structure of the company that is applying for the bank license
  5. The CV of each shareholder and every Senior manager – These CV’s should include the following information:
    1. Place and Date of birth
    2. The details of citizenship held
    3. The current country of residence, and the length of residency there
    4. The Full name of the person, including any previous names used
    5. All private addresses where the person has lived for the last 10 years
    6. All educational qualifications held
    7. All professional qualifications held
    8. A full employment history of the person.

All of the information will be used by the bank licensing body to run full background checks on the owners and key personal of the company applying for a bank license

  1. The constitutional documents of the company applying for a bank license – You will need to submit the following company documents to the bank licensing body: Memorandum of Associate, Articles of Association and the certificate of incorporation. These documents do not need to be the final documents, and you can submit proposed versions of the documents, in case the bank licensing body wishes to change any of them.
  2. Details on any loans held by shareholders – You will need to provide details of any loans that are held by shareholders of the company that is applying for a bank license
  3. Business Plan – you will need to provide a detailed business plan that will contain: A detailed company background, the business objectives of the bank, the management and staff structure, projected financial statements for the next 3 years and details of any company relationships, whether they are parent or subsidiary companies. This business plan will serve to show the bank licensing body what the operations of the bank will encompass.
  4. Names, addresses and appointment letters – You will need to provide the names and addresses of your bank auditors and lawyers, as well as provide appointment letters to confirm that they are your duly appoint representatives for these services.
  5. An undertaking – to set apart and provide your fully paid up capital before you business commences and once you start operations.
  6. Completed due diligence questionnaires – These questionnaires will need to be completed for the company, the shareholders and all of the senior management of the company that is preparing their bank license application form.
  7. Signed indemnity form – The indemnity form that will be provide by the bank license issuing body will need to be signed by everyone who will have a background check completed on them by the bank license issuing body.

This checklist provides you with the most basic requirements that are needed when starting a bank license application. Almost an bank license issuing body that you approach will want these documents to start the procedure. However, because of differences in laws and regulations, bank licensing bodies may require additional information and documentation not mentioned on this list.

If you are interested in obtaining your own offshore banking license, and you are ready to start the application procedure for an offshore banking license, please complete our Banking License Application form.

Alternatively if you have more questions about obtaining your own offshore banking license, or any of the requirements list above for obtaining an offshore banking license, please Contact Us.