Dominica Offshore Banking License_Guideline
Dominica Offshore Banking License
The Offshore Banking Act 1996, provides the legal framework for the provision of Offshore Banking Business in Dominica.
Under the Offshore Banking Act 1996, the term Offshore Banking Business is defined as Banking Business conducted exclusively in currencies other than East Caribbean dollars.
|Entity Requirements||The entity making the application is a Dominican company under the Companies Act 21 of 1994.
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|Local Office||The applicant must have premises acceptable to the DFSU. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The licensee shall appoint annually an auditor who shall be a chartered accountant, a certified public accountant, a member of the Institute of Chartered Accountants of the Eastern Caribbean or some other professionally qualified accountant, satisfactory to the Authority.|
|Insurance||The applicant will need to have indemnity insurance coverage or a fidelity bond acceptable to the DFSU.|
|Minimum Capital Requirements||The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities. The prescribed minimum paid-up capital is USD 1,000,000|
- A licensee to carry on Offshore Banking business shall on or before the 15th day of January pay the prescribed annual fee. Subject to satisfying the requirements for the issuance of the license.
- Filing of Audited Accounts: A licensee shall within Four (4) months of the end of the financial year forward the audited financial statements to the Financial Secretary, unless previously agreed otherwise with the Financial Secretary.
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
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