OFFSHORE BANKING

With the advent of the Offshore Banking Act in Dominica Corporate and Trust Services (Caribbean) Limited has been engaged in bank introductions in that jurisdiction with much success. One requirement is that initial contact be made with the International Business Unit of the Ministry of Finance with some outline of the business plan, objectives, organization and resources of the proposed bank. These initial contacts are facilitated by ourselves following which the formal application shall be made. Upon application the Minister is required to consider the following:

  • the financial reputation of the applicant
  • the applicant's record in international business
  • performance of affiliated companies for three years immediately preceding the date of the application, the same certified by an independent auditor
  • the character and standing of all the shareholders/directors or proposed directors of the applicant company.

Requirements for the grant and retention of a Banking Licence in Dominica

The company must have a representative office in Dominica;

  1. The company must obtain prior approval from the Minister for the appointment of two individuals or body corporate as its authorized agent and alternate authorized agent;
  2. Changes to address of the principal office or in respect of authorized agents should be approved by the Minister in advance;
  3. The company must conduct business in a manner consistent with the interest of depositors and the public, and make adequate provision against loan defaulters, devaluation of currency and deposit losses;
  4. On commencing business the capital issued and paid up in cash must not be less than US$ 1 million or its equivalent in other convertible currency;
  5. The company must maintain paid up capital of at least US$500,000 or five percent of deposit liabilities or any other percent fixed by the Minister whichever is greater;
  6. The company must maintain adequate liquidity by way of cash or marketable securities including Treasury Bills or other convertible or time deposits with a maturity of less than twelve months with an acceptable international bank amounting to at least twelve per cent of total asset or such other percentage as may be determined by the Minister by order;
  7. An accounting system must be established and maintained to the satisfaction of the Minister;
  8. Any other condition relating to the structure and operation of the company which may be required by direction of the Minister;
  9. The company must attach a letter authorizing the Minister to obtain character and professional reports from referees. The letter should include the name and full addresses of the referees;
  10. The prescribed licence fee of US$8000.00 must be paid by January 15th each year;

Reporting Requirements

The licencee must submit to the International Business Unit a statement of Assets and Liabilities for every quarter within thirty (30) days of the end of the quarter;

What we will do for your offshore bank

Corporate and Trust Services (Caribbean) Limited provides full service corporate, administrative, and management services to facilitate the successful completion of your bank application and licence plus the provision of ancillary services. These include:

  • Incorporation
    • Preparation and filing of articles of incorporation and by-laws
    • Preparation of incorporation charter
    • Obtaining Certificate of Incorporation
  • Corporate Secretarial Services
    • Facilitating the organizational meeting of the directors
    • Preparation of share certificates, resolutions and other corporate documents
    • Preparation of a register of shareholder(s)
    • Preparation of a register of the directors
    • Opening of bank accounts
    • Provision of registered agent and office
    • Maintenance of corporate records
    • Attendance at the annual meetings of the shareholders
    • Payment of annual licence and renewal fees


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