Dominica Bank License

The process of obtaining a Dominica bank license can be relatively lengthy and complex, however once attained, a Dominica bank license can prove advantageous for a number of reasons.

Acquire a Dominica Bank License

Offshore banks and offshore banking in Dominica is becoming increasingly popular for a number of reasons. Dominica is considered a reliable 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 people to this location to open a bank account. Furthermore, Dominica is considered preferable for its low tax rates, which is one of the many reasons why people choose to obtain a Dominica bank license.

Within Dominica, an applicant can only apply for one class of banking license, as Dominica does not have different classes of offshore bank licenses. This bank license is broken down into two classes: Class A and Class B Restricted. A Class A Dominica bank license allows for general offshore banking activity, and requires a start up capital of US$1,000,000. A class B Restricted license requires a start up capital of US$500,000. This type of bank license only enables the license holder to offer offshore banking services to a specific list of clients.

The Dominica banking industry is regulated by the International Financial Services Authority. Dominica offshore bank licenses are regulated by the Offshore Banking Act 1996 and the Offshore Banking Act 1997. In order to qualify for a Dominica bank license, the holder must have a completely transparent bank structure, whereby all shareholders and directors are natural persons and not legal persons. In addition any shares distributed cannot be bearer shares. The process of applying for a Dominica bank license can be a relatively complex and long winded one and therefore it is advisable to seek the guidance of a professional consultancy company.