Foreigners can open a bank account in Dominica following specific procedures imposed by the bank that they have selected. The application for a new bank account can be made online, but in-person procedures are most common. It must also be noted that not all banks will work with foreign clients, especially if they are not residents, therefore it is advisable to do your due diligence if interested in this service.
Our consultantscan provide the necessary legal support to persons who want to set up an offshore bank account for personal or corporate purposes. The latter can be required when starting the process of offshore company formation.
The offshore companyrefers to a legal entity that is set up by a foreign businessman in a country outside of his/her place or residence (Dominica in this case), incorporated as per the rules of the respective jurisdiction.
A characteristic of the offshore company is that, although it is incorporated in a given jurisdiction (offshore jurisdiction) it can only engage in economic activities with companies and clients located overseas and for this, it is necessary to open an offshore bank account. The corporate bank account is mandatory for onshore companies as well.
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Is it necessary to be a resident in order to open an offshore account in Dominica?
While most jurisdictions offer foreigners the right toopen a bank account, some of them will only be able to approve the client if he or she meets residency requirements, as per the laws of the respective countries. In other words, in some locations, foreigners can open the account, but only as long as they are also residents, even temporary ones.
As said above, Dominica allows foreigners toset up a bank account and this right is granted regardless of the residency situation of the applicants, which means that non-residents are also welcomed. In order to open the account, they can simply prepare the set of documents requested by the bank and meet the deposit requirements, where applicable.
Documentation required for corporate clients
Many clients who open an offshore bank account in Dominica are corporate clients or foreign investors who want to start a business here. Given this, in the following list, our consultants have prepared a short list of the documents that are usually requested by banks to investors who need to open a bank account:
- the company’s statutory papers (the articles of association and the memorandum);
- the certificate of incorporation;
- a bank reference letter;
- the company’s tax identification number;
- information on the company’s shareholders and directors.
For those who opt toopen an overseas bank account, the standard setup procedure will include a video call with the applicants.
What types of services can foreign clients obtain from Dominican banks?
Dominican banks offer modern services, in line with the global banking standards. First of all, foreign clients may set up their bank accountin a variety of currencies, and some of the most popular choices are: the American dollar (USD), the Euro (EUR), the British Pound (GBP), the Swiss Franc (CHF).
Secondly, clients whoset up an offshore bank account or an onshore one can benefit not only from the bank account itself, but also from the services offered by having a card (debit/credit) issued for the respective account (useful for withdrawing money, making payments, etc.).
High net-worth individuals can open personal accounts for wealth management purposes. These services can be accessed by both natural persons and corporate clients.
Details about the banking system in Dominica
Although Dominica is recognized worldwide as a touristic destination, it must be known that it also represents an attractive investment destination, as it has a citizenship by investment program. Its banking system is a stable and reliable one, as it is part of the Eastern Caribbean banking system, which includes several insular states.
In the list below, we invite you to discover some of its characteristics:
- Dominica has around 15 banking institutions;
- it is part of a system of 8 insular states, all regulated by the same monetary authority, the Eastern Caribbean Central Bank;
- banks in Dominica can be onshore and offshore, the latter being regulated following the provisions of the Offshore Banking Act 1996;
- the minimum deposit requirement is $100 (but the sum will vary for those who opt for a corporate bank account or for an offshore account, reaching $50,000).
Can clients open the bank account remotely in Dominica?
Yes, this service is possible and we invite you toaddress our team for assistance if you want to open an overseas bank account. In order to complete this procedure, the client will initially start an online process in which he or she will submit specific documents, as a part of the preliminary check.
If the bank is satisfied with the documentation presented, the person will be asked to send additional papers via post.
How easy is it to open a bank account in Dominica?
Given that foreign clients benefit from remote bank account setup, the procedure can be quite simple. However, it must be noted that it is simpler for natural persons rather than those who are corporate entities, given that the latter must comply with more requirements and banks need to do additional check-ups and abide by specific laws applicable to companies.
We also mention that the procedure may be completed in only a few days (1-3 days), which represents a very short amount of time for the setting up of an account whose owner is a non-resident.
Even so, we highly recommend you get in touch with our team for personalized assistance, as foreign clients need to make the proof that their funds are obtained from legitimate sources (as per the anti-money laundering laws). For this, they need to submit specific financial documents, which may vary on case-to-case basis. Please know that not all banks provide the remote account setup service.
Most banks in Dominica will serve international clients interested in theirbanking services and our consultants can provide assistance to those who want to set up an offshore bank account here. We also invite you to contact usif you want information on how to open an offshore merchant account.