Offshore Bank Accounts

Offshore BankingOur offshore services provides an highly experienced team of offshore banking agents, who can help you to open an offshore bank account in Dominica. Whether you are looking for offshore financial privacy, or you would simply like to open a bank account in Dominica, our highly reputable agents are available to help you through the process. Please contact us with details about your banking needs. We will work quickly and at a reasonable cost to help you to open your offshore bank account in Dominica.

APPLYING FOR AN OFFSHORE BANKING LICENSE

Dominica offers offshore banking licenses to reputable individuals who follow the requirements set by the government of Dominica for obtaining an offshore banking license. These guidelines include:

• (b)The desired share capital to start the offshore bank;

  (c)Minimum & Maximum number of Directors of the offshore bank facility;

  (d)Bank directors names, occupation and mailing address.

• Completed application form. This form requires information to be provided in respect of the following:

  (a)Financial standing and reputation of the beneficial owner;
  (b)The beneficial owner's record in international business;
  (c)The financial performance of affiliated companies for the preceding 3 years;
  (d)The audited financial net worth of each shareholder, associated or affiliated company;
  (e)The character and standing of each shareholder, director or proposed director;
  (f)Evidence that the applicant company has paid up capital of at least US$1M in cash, or readily negotiated instruments or an irrevocable letter of credit stating that the money is held as the capital of the bank and will not be disbursed without the consent of the Government.

  
  OFFSHORE BANKS: SCHEDULE OF FEES

• Non-Refundable Application Processing FeeUS$1,500.00
  
• License Registration FeeUS$8,000.00 pro-rated
  
• Annual License Renewal FeeUS$8,000.00 due by January 15
  

OFFSHORE BANK CAPITAL REQUIREMENTS

Below are the requirements for startup capital:
1.Minimum start up capital of US$1,000,000 freely available in cash and or readily negotiable instruments.

2.Total paid up capital plus reserves of accumulated profits less accumulated losses cannot be less than
US$1,000,000 or its equivalent in another convertible currency.

3.A Reserve Fund must be maintained and must not be below the level of the issued paid up capital of the company. Whenever the Reserve Fund falls below the level of the issued paid up capital of the company, at least 25% of net profit before payment of dividends, must be transferred to the Fund.

4.Permanent capital of at least US$1,000,000 or 5% of deposit liabilities whichever is greater, must be maintained.

We trust that the foregoing information will be helpful paving the way for a fruitful and beneficial offshore relationship in the future. If you need any further clarification, please do not hesitate to contact us.