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Regulatory Requirements for Banks in Dominica

Dominica has established a reputation as a respected jurisdiction for the establishment of offshore banks. The island nation’s banking industry is regulated by the Financial Services Unit (FSU), which oversees all aspects of banking operations.

Obtaining a Bank License

To acquire a bank license in Dominica, applicants must meet stringent requirements set forth by the FSU under the Offshore Banking Act 1996 and the Offshore Banking Act 1997. Both full bank licenses and offshore bank licenses are regulated by the FSU, with the latter being equivalent to Class A licenses in other jurisdictions.

Minimum Capital Requirement

One of the key requirements for acquiring a bank license is meeting the minimum capital requirement. The FSU has set a specific amount that must be maintained at all times, which varies depending on the type of license and the applicant’s business plan.

Due Diligence Procedure

All connected physical persons, including directors and promoters, must undergo a due diligence procedure prior to being approved by the FSU. This involves a thorough investigation of their background, financial history, and business activities.

Turn Key License Application Services

Vardikos & Vardikos offers turn key services for acquiring a bank license in Dominica, handling all formalities on behalf of clients. This includes assistance with due diligence, incorporation of the corporate structure, drafting and preparing the bank license application, and conducting meetings with the FSU until the license is obtained.

Bank Activation Process

Upon being granted a license, banks must activate their operations by following several steps:

  • Renting an office
  • Employing local staff, including a director, compliance officer, and clerk
  • Fitting out the office with equipment
  • Purchasing bank software
  • Establishing corporate bank accounts with other financial institutions
  • Applying for SWIFT membership

Dominica Bank Licence Requirements

To establish a bank in Dominica, applicants must meet specific requirements set forth by the FSU. These include:

  • Meeting the minimum capital requirement
  • Undergoing due diligence procedures
  • Establishing a local presence, including renting an office and employing local staff
  • Purchasing bank software and establishing corporate bank accounts with other financial institutions

Get in Touch with Vardikos & Vardikos

Get in touch with Vardikos & Vardikos to learn more about acquiring a bank license in Dominica. Our experienced team is available to guide you through the process and ensure a smooth establishment of your bank operations.

Contact Information:

  • Vardikos & Vardikos
    • Address: 4 Koumbari Street, Kolonaki Square, Athens 10674 Greece
    • Phone: +30 210 3627888-9 | +30 210 361 1505 | +30 6937 22 88 88 | +30 6934 555 555
    • Email: info@vardikos.com
    • Website: www.vardikos.com