Under the Offshore Banking Act of 1996, companies and individuals can form and operate private offshore banks in Dominica provided that prescribed requirements are met. Here you will find full details, requirements and terms for licensing of an offshore financial institution in Dominica.
Offshore banking is a legitimate financial exercise undertaken as a form of investment and means to financial security and freedom.
Offshore Bank Licensees acquire the power to:
CCP Inc. delivers reliable offshore bank licensing agent services.
Offshore bank licensing in Dominica is usually completed within six months after submission of application paperwork to the Government.
We generally encourage applicants to inquire about Second Citizenship-by-Investment since the document requirements for licensing are similar to those for second citizenship applicants.
Dominica is a respectable offshore jurisdiction with robust statutory framework for both domestic and international financial services. Among others, statutes regulating offshore banks include:
Dominica offers a unique opportunity to obtain both offshore and onshore licenses; hence the possibility of delivering banking services to both local residents and non-residents, including Dominica registered IBCs. Offshore banking must be directed only at foreign nationals who are non-residents.
Separate books must be kept for onshore and offshore banking services, so that income tax can be allotted accordingly. Offshore banks operate tax free.
Forming an offshore bank in Dominica will allow you to perform all types of legal banking operations for foreign companies or foreign individuals, even for the IBCs registered in Dominica.
To successfully apply for bank licensing, requirements generally include:
Applicants are free to choose a suitable name for their banks; certain restrictions apply, such as the use of the word ‘Royal’ and ‘Government of Dominica’ in the bank’s name.
Summed up, formation with the application fees, Government Offshore Banking License fees, and registered agent’s services for the first year is USD 33,000. (License fee — $8,000 + CCP fee — $25,000). From the second year and each subsequent year the cost is USD 16,000. (License fee $8,000 + CCP fee $8,000).
CCP Inc.’s fee for this service is USD25, 000 and covers:
Kindly note that due-diligence costs are not shown above and are not included, as this varies on a case by case basis.
Usually, however, due diligence for offshore bank licensing varies from USD 4,000 to USD 10,000 (or more) for each director and shareholder. Factors which influence costs include:
Please don’t hesitate to contact our office if you require additional information. We will be pleased to answer all your questions.