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Obtaining a Commonwealth of Dominica Banking License: A Comprehensive Guide
Tetra Consultants can aid in determining the ideal business entity for clients, considering factors like liability and regulatory demands.
Step-by-Step Process
Incorporate a Company
Once incorporated, Tetra Consultants facilitates comprehensive assistance for bank account openings in Dominica, including guidance on eligibility criteria and documentation requirements.
Submit Application
- The capital requirement is a minimum of US$1,000,000, that can be submitted in a bank account with an international bank.
- Submit various forms, including disclosure and consent forms, and provide supporting documents such as a business plan, KYC manual, and profit and loss projections for the first three years.
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.
Things to Follow
- Office setup: Allocate a reasonable budget to properly outfit the office and acquire necessary servers and computers to support operations.
- Personnel: Legally, you will need to employ two individuals who should be resident of Dominica to handle Know Your Customer (KYC) and compliance tasks.
- Swift application and fees: Consider expenses associated with Swift application and related fees as part of your budgeting process.
Timeline
The process for Commonwealth of Dominica company formation usually takes 6-12 weeks. This timeline is subject to variations based on several factors such as the thoroughness of due diligence, the accuracy of information provided, and unique case circumstances.
Engagement Fee
The total fee encompasses company registration, license fees, and any additional costs. We prioritize transparency, discussing the detailed engagement fee upfront to ensure clarity before initiating the registration process.
Contact Us
Looking to obtain a Commonwealth of Dominica Banking License? Tetra Consultants offer a full suite of services tailored to expedite the acquisition of a banking license in the Commonwealth of Dominica. Our expertise encompasses evaluating diverse jurisdictions, compiling requisite background information for license applications, and aiding in the establishment of corporations pursuing banking licenses.
Contact us to know more about the Commonwealth of Dominica Banking License. Our executives will revert within the next 24 hours.