Procedure of the bank establishment and obtaining of an offshore bank license in Dominica
The procedure and timetable for passing each stage and necessity to implement payments, including payment for services of our company:
- We will send you a retainer letter which sets out a summary of the process including our fees. Once the retainer is settled, you pay a half of our retainer fee.
- Formation of a local company which will be the applicant for the offshore license. You must pay - 5000 USD. Formation time 2 days.
- You will fill the necessary application documents (time depends on the particular case). At the same time it will be submitted the form to due diligence agency for background checks (time normally 4 to 6 weeks depending on country of residence of shareholders and directors). The fee depend on the number of persons to be investigated and it is negotiated directly with the due diligence agency.
- After submitted application to us, we peruse and verify the documents - 2 days. If everything is in place and correct, we will submit documents to the Government. At the same time you will pay to the Government the application processing fee - 2 000 USD. Consideration of application by Government usually takes 3 months.
- After receiving indication by Government that approval will be granted, you will post the minimal capital and make the payment of balance of our retainer, and registered agent fee of US$3000.00
- You will be granted the banking license. Recruitment of local staff and rental of premises.
Offshore banking license fee payable to the Government is 8 000 USD per annum. This sum is pro-rated in the year of the grant of the licence. An offshore bank desirous of carrying on general trust business is also required to pay 4 000 USD per annum.