Bank Formation

Why do I need a business plan

When establishing a bank or financial institution, it is imperative to obtain the relevant banking license from the jurisdiction’s financial regulatory body. One of the primary requirements of acquiring a banking license is to file the official business plan of the institution along with the licensing…

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Can I own a bank

Individuals who wish to own a bank are able to do so provided that they fulfill the necessary criteria outlined by the jurisdiction’s financial regulatory authority. It is imperative to conduct the necessary research and obtain the relevant type of banking license in order to legally engage in financial…

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What are the benefits of setting up an offshore bank

Individuals and companies that wish to establish an offshore bank are required to obtain the relevant license. There are a number of benefits of setting up an offshore bank, including favorable taxation and higher levels of privacy. Setting up an offshore bank or financial institution…

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Why do I need a fit and proper test

Individuals and companies who wish to establish a bank are required to take a fit and proper test as a part of the bank formation procedure. You are required to apply for the fit and proper test if you are: sole proprietor of the business, a partner in the business…

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How to complete a fit and proper test

Individuals and companies are often required to complete a fit and proper test in order to complete the bank licensing procedure. The fit and proper test will contribute to your obtaining of a banking license and if completed correctly, will facilitate the acquisition…

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Which offshore jurisdiction

When setting up an offshore bank, one of the most crucial decisions that must be made is selecting an offshore jurisdiction to establish the banking institution in. Choosing the right jurisdiction for the application of your offshore banking license is an important part…

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What is SWIFT membership

SWIFT stands for Society for Worldwide Interbank Financial Telecommunications, and is a financial telecommunication system that provides secure messaging services and interface software solutions to wholesale financial entities. SWIFT is an international system that…

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What is bank formation

Bank formation involves the establishment of a bank through obtaining a banking license. Bank formation can only be possible with the acquisition of an offshore bank license and enables you to set up a bank in the jurisdiction of your choice. The bank formation…

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What is the fit and proper test

A fit and proper test assesses your suitability in running an offshore bank or other financial institution. It is conducted to ensure that individuals are fully capable of running an offshore bank and have the necessary knowledge and information to successfully operate…

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How to establish a bank

Individuals and companies that wish to offer financial services and conduct banking activity are required to establish a bank. To successfully set up a bank, investors are required to complete a number of crucial steps in order to ensure that they comply with the jurisdictional…

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