Dominica bank license

Dominica banks are regulated by the International Financial Services Authority by the Offshore Banking Act 1996 and the Offshore Banking Act 1997.

To obtain an offshore banking license there must be absolute transparency in regards to shareholders and directors of the offshore bank. According to the Dominica Offshore Banking Act, the applicant cannot be an IBC and bearer shares are not allowed. There is only one kind of bank license which can be used to offer any kind of offshore banking activities to nonresidents of Dominica. The formation of an offshore bank in Dominica can be completed within six months upon completion and submission of all the necessary documents to the Government of Dominica. It usually takes thirty (30) days to perform the due diligence by a Government approved agency.

Dominica banks are fully tax-exempt. There is no exchange control. The procedure consists of the following steps:

• Submitting the documents for the formation of a local company that will be the applicant for the Banking License. The company can be incorporated after the approval of the Financial Service Unit.
• Collecting and filling the necessary Application documents for obtaining a Banking License.
• Submitting forms for Due Diligence procedure of shareholders and directors.
• Upon submission of all the Application documents, starts the process of the documents verification. After verification documents are submitted to the Ministry of Finance. Consideration of application by Government usually takes 3 months from the day of submitting.
• Receiving confirmation by Government that approval will be granted.
• Obtaining the granted Banking License.