For Business
Offshore Bank Licence
Licensing an offshore bank under the supervision of the Financial Services Unit.
Dominica issues offshore banking licences to applicants who satisfy the Financial Services Unit on capital, management and controls. This is a supervised licence, not a registration, and the assessment is thorough.
Core requirements
Minimum paid up capital as prescribed, deposited before the licence is issued.
A detailed business plan with three year financial projections.
Fit and proper assessment of every director, officer and significant shareholder.
A compliance officer and written anti money laundering procedures.
A physical presence and records kept in Dominica.
Audited accounts filed annually.
Timeline
Expect several months from first submission to licence. Applications are commonly delayed by incomplete source of wealth evidence for shareholders.