Offshore Bank Formation - Form an Offshore Bank. Forming Offshore Bank in Dominica

	1. Who wants to go through offshore bank formation and for what reasons?
	2. Why is Dominica a good jurisdiction for offshore bank formation?
	3. Requirements, procedure and prices for offshore bank formation.
	4. Total fees to form an offshore bank.

1. Who wants to go through offshore bank formation and for what reasons?

Almost all big and medium banks, big corporations, groups of companies working closely together, groups of investors (corporate bodies or individuals) want to form an offshore bank. Offshore banks can also be registered as a private and separate venture, and a shareholder can be a corporate body or individual.

Typical shareholders' objectives for an offshore bank are as following:

	To optimize payments;
	To improve tax planning opportunities;
	To avoid excessive regulations of banking activities from National or Central Banks of different countries;
	To provide 100% funds safety and enhance the performance of the investment through your own bank;
	100% safety of funds and the performance of the investment through your own bank;
	To provide asset protection through the use of offshore bank accounts.

In the financial and business world there is nothing more reliable and respectable than to own your own bank in a good jurisdiction. And it could be a unique instrument together with the citizenship of Dominica.

OFFSHORE BANK FORMATION SERVICE

Offshore bank formation is one of the business services we offer in Dominica. We provide local agent services during the offshore bank formation. We will attend all your needs during the offshore bank formation in Dominica.

2. Why is Dominica a good jurisdiction for offshore bank formation?

Just as an introduction to this issue we would like to highlight the differences between onshore and offshore banks in Dominica. An onshore (ordinary) bank can provide all types of banking services without restrictions to local residents (corporate bodies or individuals) and to foreigners. But an onshore bank has to pay income taxes just like any other ordinary Dominican company. Offshore bank formation in Dominica can provide a wide spectrum of services (Dominica issues bank license type "A"), but it cannot provide its services to Dominican residents or companies.

Forming an offshore bank in Dominica will allow you to perform all types of legal banking operations for foreign companies or individuals, even for the IBCs registered in Dominica. An offshore bank is exempted from all taxes except the annual licensing fee. Dominica is a respectable offshore jurisdiction. Its banking legislation is based on the Offshore Banking Act 1996 and Offshore Banking (Amendment) Act 1997.

Formation of an offshore bank in Dominica can be completed within three months. You can also establish the main office of the bank in Dominica. All banks have S.W.I.F.T. addresses. Internet connections are possible at various speeds. Two companies: Marpin Telecom and Broadcasting (Dominica) and Cable & Wireless (Great Britain) provide telecommunications services on the island. Minimum Share Capital requirement for the bank is US$ 1,000,000. There is practically no limitation in regards with the name choice, with the exception of the word "Royal". Dominica offers you a unique opportunity to obtain both offshore and onshore licenses. This way, you can provide services for non-residents and residents of Dominica (the population of the island is nearly 75,000 plus tourists). You will have to keep separate books in order to pay income tax from the services provided to the residents of Dominica. But this will help you to establish correspondence relations with the big banks more easily, and it will also speed up your application to issue your own Visa and/or MasterCard. Dominica has branches of the following banks with onshore licenses: National Bank of Dominica and Agricultural Industrial Development Bank (Government is the main shareholder in both of these banks), The First Caribbean International Bank (formally Barclays Bank PLC), Royal Bank of Canada (Canada), Bank of Nova Scotia (Canada), and Bank Francaise Commerciale. Seven offshore licenses were issued in Dominica. Dominica offers a choice of an offshore bank license or an offshore/onshore license.

3. Requirements, procedure and prices for offshore bank formation

The license application process normally takes three months after you have presented all the required documents to the Government. The documents are very similar to the ones required for the application for citizenship; this is one of the reasons why we recommend that you apply for both simultaneously. We can provide you with the list of documents required upon your request. Please also bear in mind that you have to have a due-diligence and Interpol check done on you by an independent agency approved by the government of Dominica. It normally takes from ten to thirty days, but can take longer than that, depending upon the countries where such check is performed.

In order to submit the application you need to:

	Register a company and apply for the offshore or offshore/onshore banking license for this company, through the registered agent (We at “CCP Inc” can provide this service).
	Have a registered agent representation during the whole term of operation of the financial institution (CCP can provide this service)
	Have a representative office, but you can always have a main office in Dominica
	Have paid up Share Capital in the amount of not less then USD 1,000,000.
	Reserve in Government Bonds USD 150,000 (possible from your share capital) for the whole period of operation
	Pay License fee of USD 8,000 for the offshore license or USD 20,000 for the offshore/onshore license by the 15th of January of every year
	Provide annual audited statements conducted by a local or internationally recognized auditors' company to the Government of Dominica.

"CCP Inc." ’s fee for services rendered in respect of the incorporation of the company, processing of the application for the license and the first year's fee for the registered agent services is USD 25,000. Due- diligence fees are not included as they can vary. Please refer to the note in subsection 4. Each subsequent year, fee for the registered agent services is USD 6,000 annually.

4. Total Fees to form an offshore bank are as Follows:

- Formation of Offshore Bank with the application fees, Government Offshore Banking License fees, and registered agents' services for the first year is USD 33,000. (License fee- $8,000 + “CCP's fee – $25,000). From the second year and each subsequent year the cost is USD 14,000. (License fee $8,000 + CCP's fee $6,000).

- Incorporation of the Bank with the application fees, Government Offshore/Onshore Banking Licenses fees and registered agent's services for the first year is USD 45,000. (License fee $20,000 + Agents fee $25,000).

Pay attention that due-diligence costs are not shown above and not included. We cannot give the exact amount as it varies from case to case. It usually varies from USD 2,000 to USD 5,000 for each director and shareholder. But it can exceed this amount. The cost depends upon the applicant's age, the country of present citizenship and permanent residence, how often he (she) changed residency and the country of their last residence.

From the second year and each subsequent year it is USD 26,000. (License fee $20,000 + Agents fee $6,000).

Don't hesitate to contact our office if you require additional information. We will be pleased to answer all your questions

* * *

Home Page - Offshore Companies - Offshore Services | About Us

Second Passport and Second Citizenship - Why do you need it? | Offshore Services | Offshore Account

Second Passport - Dominica Economic Citizenship Program | Second Citizenship - Grenada Citizenship Program

Dual Citizenship - Dual Nationality - Next Residence | Ready Made Offshore Companies | Offshore Corporations in Dominica

Offshore Business Formation - Prices and Packages | Annual Fees | Offshore Incorporation | FAQ's