Dominica Money Services Business License_Guideline

Dominica Money Services Business License

The Money Services Business Act #8 of 2010, provides the legal framework for the provision of Money Services Business in Dominica.

Permitted Activities

Under the Money Services Business Act #8 of 2010, the term Money services Business is defined as the business of providing (as a primary business) any one or more of the following:-

  • Money Transmission;
  • Cheque Cashing;
  • Currency Exchange;
  • The Issuance or, sale or redemption of money orders or travelers checks

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is a Dominican company under the Companies Act, 1994, Act 21 of 1994.

Company includes:

  1. A company,
  2. Limited partnerships,
  3. Unit trust or
  4. Other business entity, which is incorporated, registered or otherwise established under the laws of a member territory of the Eastern Caribbean Currency Union.
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The Money Services Business will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Local Office The applicant must have premises acceptable to the DFSU. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
Auditor The licensee shall appoint annually an auditor who shall be a chartered accountant, a certified public accountant, a member of the Institute of Chartered Accountants of the Eastern Caribbean or some other professionally qualified accountant, satisfactory to the Authority.
Insurance The applicant will need to have indemnity insurance coverage or a fidelity bond acceptable to the DFSU.
Minimum Capital Requirements The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.

The prescribed minimum paid-up capital is EC$ 50,000 (Approximately USD 18,500)

Ongoing Obligations

  1. A licence to carry on money services business is valid from the date of first issue to the 31st December of that year and, renewable is each year on the payment on or before the 15th day of January of the prescribed annual fee. Subject to satisfying the requirements for the issuance of the licence.
  2. Filing of Audited Accounts: A licensee shall within three (3) months of the end of the financial year forward the audited financial statements to the Commission, unless prior written approval for an extension has been granted by the Commission.
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
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The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

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