Obtaining a banking licence in Dominica
In the State of Dominica it is not possible to obtain different types of licenses for offshore financial institutions. There is one type of license available for such banks. Such a permit allows the owner to provide all types of offshore banking services. A bank with the license does not cooperate with local companies and Dominicans. If the owner of the license plans to obtain the rights of a resident bank, it is possible to issue an additional permit.
A license for an offshore financial institution is considered to be the subject of regulation by the state's financial services division. This unit is responsible for issuing and revoking the permit, and it performs supervisory functions.
An offshore bank usually has the status of a registered and licensed institution in the international financial centre. It is entitled to accept deposits and perform various types of transactions for clients living abroad.
What services are offered by an offshore financial institution in the country:
- Investment solutions for private secured persons;
- Real estate work and trade;
- Optimization of e-commerce procedures;
- Raising finance for high-value science and technology projects.
In a situation where the reserve fund differs from the paid-in capital issued to a lesser extent, at least one-quarter of the profit made is required to be paid into the reserve fund.
Banks that are licensed to do so receive an exemption from net income tax. In order to obtain a license, it is important to ensure transparency with regard to shareholders and directors of the bank. Registration can take from 3 to 6 months.
To learn more about the nuances of obtaining a banking license for Dominica, please contact our specialists at IT-OFFSHORE.