Why Individuals Choose Offshore Banking in the Commonwealth of Dominica

Several reasons are there as to why one should choose the commonwealth of Dominica to create an offshore bank. Certain procedures are there for banking offshore with Dominica. One of the things that many people do not know is that the Commonwealth of Dominica is a highly reputed jurisdiction to create or establish an offshore bank. Another thing, that you will know about Dominica or offshore banking in Dominica is that it has a strict reputation for maintaining the privacy of the bank customers and it has astringent confidentiality law. Due to this reason, many international customers follow and open a bank account. 

Dominica Financial Services Unit (FSU) – 

The financial services unit (FSU) regulates the Dominica banking industry. The offshore Dominica banking license is regulated by the offshore banking act, 1996, and the offshore banking act, 1997, as amended and added during the period. The licenses of the offshore banking are issued by the FSU i.e., financial services units are complete bank licenses that are equal to class A in another jurisdiction. One of the things that you should know is that the bank licenses are divided into classes – 

Types of Banking License 

You will find that an offshore Dominica banking license is of 4 types that you can acquire. They are as follows – retail banking license, investment banking license, cryptocurrency banking license (one of the complete jurisdictions that presently permits the same), restricted territory and nationals: CARICOM countries and their nationals. 

Minimum Capital Requirement in Offshore Banking License 

The minimum capital requirement is fixed at a minimum of 1,000,000 USD minimum is required for an offshore banking license in Dominica. One can deposit the capital in the bank account in the name of the bank outside Dominica, which is vowed in favor of the Government of Dominica. Let’s look at the directors. They require one person to be a director who is residing in the Commonwealth of Dominica. Another requirement is a minimum of one compliance officer and both of them need the approval of the financial services unit. (FSU). You can also have an additional non-resident director as long as they have been approved by the FSU. Plus, the due diligence procedure is mandatory. 

In the shareholder’s list, a minimum of one person or corporate entity is a must. All the concerned persons in physical need to be approved by the FSU and due diligence procedure is mandatory. Another thing that you should know is that the Govt. of Dominica conducts enhanced due diligence on all the information and applicants submitted to the FSU. The financial services unit of the Commonwealth of Dominica is the sole regulatory authority for the money laundering supervising authority and the non-bank financial sector in Dominica. To process for the Dominica offshore banking license, the needed documentation with completed forms is required. 

Requirements for Dominica Offshore Bank License – 

The requirements to apply for a Bank License in Dominica are a disclosure form and a consent form. 

Method of Obtaining an Offshore Bank License in Dominica – 

The applicants who want the license should be of high reputation with clean records and no criminal record or background in all or any country they reside or have resided or have or had business activities. Present due diligence requirements for the applicants are as follows – 

• Passport Copy Notarized and Legalized through Apostille
• Copy of his National ID and Driving License Notarized and Legalized through Apostille
• Utility Bill not less than 2 months old
• Professional Reference from a Lawyer
• Professional Reference from an Accountant
• Bank Reference the relationship with the bank should be more than 2 years
• Curriculum Vitae 

Conclusion 

Some extra requirements at this stage are that the bank may also need proof and source of funds which is destined to capitalize the bank corporation, incorporation of the company or existing license buy out, applying, or a new business plan for the acquired bank. On request, you can get the application forms.