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 isalegitimate financial exercise undertaken asaform ofinvestment and means tofinancial security and freedom.
Offshore Bank Licensees acquire the powerto:
CCP Inc. delivers reliable offshore bank licensing agent services.
Offshore bank licensing inDominica isusually completed within six months after submission ofapplication paperwork tothe Government.
Wegenerally encourage applicants toinquire about Second Citizenship-by-Investment since the document requirements for licensing are similar tothose for second citizenship applicants.
Dominica isarespectable offshore jurisdiction with robust statutory framework for both domestic and international financial services. Among others, statutes regulating offshore banks include:
Dominica offers aunique opportunity toobtain both offshore and onshore licenses; hence the possibility ofdelivering banking services toboth local residents and non-residents, including Dominica registered IBCs. Offshore banking must bedirected only atforeign nationals who are non-residents.
Separate books must bekept for onshore and offshore banking services, sothat income tax can beallotted accordingly. Offshore banks operate tax free.
Forming anoffshore bank inDominica will allow you toperform all types oflegal banking operations for foreign companies orforeign individuals, even for the IBCs registered inDominica.
Tosuccessfully apply for bank licensing, requirements generally include:
Applicants are free tochoose asuitable name for their banks; certain restrictions apply, such asthe use ofthe word Royal and Government ofDominica inthe banks name.
Summedup, formation with the application fees, Government Offshore Banking License fees, and registered agents services for the first year isUSD 33,000. (License fee $8,000 + CCP fee $25,000). From the second year and each subsequent year the cost isUSD 16,000. (License fee $8,000 + CCP fee $8,000).
CCP Inc.s fee for this service isUSD25, 000 and covers:
Kindly note that due-diligence costs are not shown above and are not included, asthis varies onacase bycase basis.
Usually, however, due diligence for offshore bank licensing varies from USD 4,000 toUSD 10,000 (ormore) for each director and shareholder. Factors which influence costs include:
Please dont hesitate tocontact our office ifyou require additional information. Wewill bepleased toanswer all your questions.
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