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Obtaining a Commonwealth of Dominica Banking License: A Comprehensive Guide

Obtaining a Commonwealth of Dominica Banking License

To establish a bank in the Commonwealth of Dominica, follow these key steps:

Incorporation

  1. Incorporate a Local Company: The process begins with incorporating a local company in the Commonwealth of Dominica. Tetra Consultants can facilitate this process.

  2. Open a Corporate Bank Account: Once incorporated, clients can open a corporate bank account through Tetra Consultants’ assistance.

  3. Submit Application Forms: Obtain application forms for a banking license from the Financial Services Unit (FSU) of the government.

  4. Comply with Regulatory Requirements: Clients must comply with mandatory requirements such as:

    • Capital requirement
    • Submission of various forms and supporting documents
    • Physical presence and local director
    • Compliance officer approval
    • Directors’ appointment

Regulatory Approval

Upon a positive assessment by the Financial Services Unit (FSU) of the government of Dominica, the eligible party is granted the opportunity to assume the role of promoter/incorporator and serve as one of the directors, facilitating the establishment and governance of the banking institution within the Commonwealth of Dominica.

Timeline for Obtaining Banking License

The process typically takes 4-6 weeks. However, this timeline may vary based on factors such as:

  • Thoroughness of due diligence
  • Accuracy of information provided
  • Unique case circumstances

Costs Associated with Obtaining Banking License

The overall engagement fee for Tetra Consultants’ services varies based on specific requirements. The total fee encompasses company registration, license fees, and any additional costs.

Additional Requirements

To successfully establish a bank in the Commonwealth of Dominica, consider the following:

Office Setup

  • Secure an office space: Essential for conducting business operations.
  • Employ personnel: Hire two individuals to handle Know Your Customer (KYC) and compliance tasks.
  • Office setup and equipment: Allocate a reasonable budget to properly outfit the office and acquire necessary servers and computers.

Regulatory Bodies

The Dominica banking industry is regulated by the Financial Services Unit (FSU).