Business
1 year ago
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DOMINICAN INTERNATIONAL BANKING LICENSE

Financial Licensing
Bank Licensing

DOMINICAN INTERNATIONAL BANKING LICENSE

Key information:
License type: International Bank License
Regulator: Financial Services Unit (FSU)
Time for approval: 5-7 months
Minimum share capital: $1 000 000 (on balance sheet as working capital i.e. crypto, shares/bonds)
Minimum number of shareholders: 1
Minimum number of directors: 1
Qualifications of the director: Financial Services Background
Other staff: 1 compliance officer with a proven track record
Location of board meetings: Anywhere
Documents needed: Passport, proof of address, bank statement of UBO
Annual renewal: $8 000

PROCEDURAL TIMELINE:
1. Formation of Dominica International Business Corporation.
2. Preparation and drafting of shareholder & officer agreements
3. Preparation and drafting of narrative business plan.
4. Prepare three year financial projections.
5. Preparation and drafting of current financial statements
6. Preparation and drafting of personal financial statements for owners
7. Identification and draft letters naming principal representative and auditor.
8. Draft and prepare required bank charter and prospectus
9. Preparation and drafting application with Dominica Financial Services Unit
10. Respond and draft responses to FSU application inquiries.
11. Receipt of banking license from the FSU

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