Dominica Banking License

Dominica Banking License

A banking license in Dominica can be obtained by contacting our professionals at IT-OFFSHORE. The Commonwealth of Dominica is a state in the Caribbean Sea. The country is known as an offshore center, as well as a politically and economically stable jurisdiction.

What kind of license can be obtained

According to the laws of the state, it is possible to obtain an international banking license if the required conditions are achieved. The decision regarding the issuance of licenses takes the Department of Financial Services. This organization monitors the activities of banks and can withdraw a license.

Getting a banking license in Dominica allows opening credit and financial institutions. With a permit, it is possible to carry out such activities as providing banking services.

What activities can be performed:

  • Opening accounts for individuals and organizations;
  • Accepting deposits;
  • Granting loans;
  • Execution of international transactions.

Offshore banks may provide consulting services in the field of investments, it is possible to manage the wealth of individuals and companies.

Conditions for getting a license

To register your own bank you will need a special permit to operate in advance. You need to establish a local company in Dominica and prepare a business plan. It will allow the regulator to assess the attractiveness of the planned activities.

What should be specified in the plan for the development of activities:

  • The need for an application to open a bank;
  • Economic objectives;
  • Growth projections;
  • Confirmation of the legitimacy of funding sources;
  • Structure of the corporation;
  • Proof of competence of bank representatives.

It will be necessary to prove the positive financial reputation of the applicant and to describe international activities. The physical presence of an office will be required. The compliance officer and managing director are both required. Norms and rules that govern the bank's activities must be prepared in advance.

How to keep a license active

Once the independent bureau review has been passed, an internationally recognized activity license may be granted. In order to keep the license obtained, it is required to start performing banking operations within six months. Besides, it is necessary to take care of the presence of a representative office in the jurisdiction.

It is important to have an authorized agent in the country. Special permission is required to make adjustments to the address of the head office of the bank. Business must be conducted in a way that is in the best interest of the account holders. All anti-money laundering requirements and standards must be met.

One must maintain a paid-up share of capital, as well as monitor liquidity, and use an accounting system according to the rules. License fees must be paid regularly and a profit and loss statement must be provided.

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