Dominica Offshore Banking License_Guideline

Dominica Offshore Banking License

The Offshore Banking Act 1996, provides the legal framework for the provision of Offshore Banking Business in Dominica.

Permitted Activities

Under the Offshore Banking Act 1996, the term Offshore Banking Business is defined as Banking Business conducted exclusively in currencies other than East Caribbean dollars.

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is a Dominican company under the Companies 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 Offshore Banking Business will need at least 2 (two) shareholders.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
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.
Authorized Agent
  • The Applicant must employ at least two individuals as their Authorized Agent and an alternate Authorized Agent which is a corporate body.
  • The authorized agents shall reside in Dominica and shall be responsible for the Compliance of the Company in all statutory requirements.
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 USD 1,000,000

Ongoing Obligations

  1. A licensee to carry on Offshore Banking business shall on or before the 15th day of January pay the prescribed annual fee. Subject to satisfying the requirements for the issuance of the license.
  2. Filing of Audited Accounts: A licensee shall within Four (4) months of the end of the financial year forward the audited financial statements to the Financial Secretary, unless previously agreed otherwise with the Financial Secretary.
  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.

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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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