A quite famous island nation in the world is Dominica. Despite being a small country, it has a strong banking connection with developed countries such as the United Kingdom & the United States. The country is known for its incredible banking and payment services. This is one of the reasons many international banks have made their presence in this country. Continue reading to learn how to set up a Dominica banking license.
What Things You Need to Consider Before Applying for the Offshore Banking License
Step 1: Check out the Capital Requirement
Usually, the capital requirement is $1,000,000. However, it goes high as the set-up fees and operating budget fees are also included. Therefore it can be around $ 2,000,000.
Knowledge Fact
The scope of retail banking, cryptocurrency banking, and investment banking is more. This comes under the Class A banking license.
Step 2: License One Need to Activate
- Office: Undoubtedly, you need an office. However, in September 2017, many buildings were destroyed on the island due to a storm. So, you can expect the vicinity which can charge your dollar two thousand to three thousand.
- Personnel: The legislation includes that your international banking business must include two employees who take care of KYC and compliance.
- Office Outfitting and Equipment: You also require a good budget to purchase the computers and servers. Moreover, Ensure to use the tested software package, which is used in several offshore banks & institutions.
- Hiring a Professional: If you are interested in hiring a professional to manage and monitor all the tasks related to set-up, then you can add around $ 50,000 to your budget.
How to Apply for the Dominica International Bank License?
➤Due Diligence
The shareholders and directors of the bank must have a clear history. In other words, there should be no fraud or bankruptcy history of the key persons of the banks. They must have a good reputation. Moreover, such key persons must never be fired by their country, or their visas have never been refused. Some vital documents which must be submitted by the director and shareholder are as follows:
- Notarized copy of ID
- Notarized copy of passport
- Copy of original proof of address
- In the case of the second address, then again a copy of the second address.
- A recommendation letter by a lawyer that explains critical things:
- The client is honest and trustworthy to obtain the offshore license
- How long the lawyer knows the client
- A reference letter from an accountant
6. A reference letter ( copy) of a bank that states:
- An individual has been working with the bank for over two years
- The individual has no criminal or lousy record in the past
7. A CV that highlights the individual's education and experience.
➤ Application
There are various things included in the application:
- Fill out the application forms related to license
- Attach the documents which are required, such as the Profit & Loss sheet, Business Plan, KYC manual, etc.
During the process, there can be several meetings. I hope you find the blog useful.
