Frequently asked questions about offshore banking licenses

1. How long is it takes by the licensor the consideration of applications for to get the banking licence?

About 3-6 months.

2. How much time in practice (from previous experience) is it takes to get such license?

About 3-6 months.

3. When should be paid the authorized (own) capital of the bank ($ 1 million)?

After consideration of your application and receiving of provisional approval from the Dominica Government that the banking license will be granted.

4. In what form is provided to the licensing authority the proof of presence of indicated capital at the bank founders?

Deposit, letter of credit and treasury bills.

5. Is it possible that the bank founders can be only individuals?

Yes.

6. What professional requirements for nominations of bank directors?

Banking or business related.

7. What, in addition to copies of diplomas of higher education qualification, may serve as proof of their professional aptitude, or diplomas enough?

It is necessary that their CV's show relevant experience.

8. What services for the newly created bank your company can offer and what is the price of it?

Staff recruitment, rental of premises, and telecommunications.