The Commonwealth of Dominica is an island nation in the Caribbean Sea. Business community representatives are increasingly taking advantage of the opportunity to register an international bank in the offshore jurisdiction of Dominica. This is facilitated by the country's economic and political stability, developed financial services sector, reliable reputation in matters of client confidentiality, as well as the amazing landscapes of the Nature Island of the Caribbean, as Dominica is sometimes called.

What license can be obtained

Opening your own banking institution in Dominica is only possible after obtaining permission from state authorities. Licensing of banking activities in Dominica is under the competence of the Ministry of Finance. The Financial Services Department is directly responsible for issuing permits.

The license holder gets the opportunity to provide various banking services, including:

• acceptance of monetary deposits;
• lending and borrowing of funds;
• currency exchange operations;
• international transactions;
• services for storing, buying and selling securities;
• opening accounts for legal entities and individuals;
• electronic payments and transfers;
• nominee asset holding services;
• investment consulting services.

The banking license also covers card products, subject to concluding relevant agreements with international card providers.

How to obtain a license in Dominica

Obtaining a banking license in the Commonwealth of Dominica includes several stages. It is necessary to register a company in Dominica. The next step will be preparing a detailed business plan that will allow the regulator to assess the attractiveness of the planned activities.

A representative office must be located on the territory of Dominica, which can also be the bank's head office.

Obtaining a license requires a charter capital of at least 1,000,000 USD.

An audit certified by a local or accredited international auditing company is submitted to the regulator annually.

Obtaining a license typically takes 1-2 months from the moment of document submission.

If you wish to obtain an international banking license and open an offshore bank in Dominica, IT-OFFSHORE specialists are ready to assist you.