INTERNATIONAL BANKING LICENCE IN THE COMMONWEALTH OF DOMINICA
WHAT IS AN INTERNATIONAL BANK ACCOUNT?
An international, offshore, or overseas bank account is one that you have in a country that is outside your country of residence. They allow you to make and receive payments, invest in simple and sophiscated financial instruments, hold money and set up savings and investment accounts in multiple currencies.
Why use international or
offshore accounts?
- you're already living or working outside your home country or abroad
- you're planning to move abroad, for work, or to retire for example
- you're an international assignee and move countries regularly for work
- you make frequent trips between countries for business
- you get paid in a foreign currency, for example, for freelance work
- you own assets abroad such as investments, or property
- you receive regular international transfer and makes frequent international payments
- you have family members abroad who you support financially, for example, for a child's school fees, daughter’s university tuition
- you want to invest outside of your home country
What are the benefits of offshore banking?
The benefits are endless. While each offshore account will come with different features and benefits, here are some of the primary common ones:
- Potentially tax-efficient savings and investments in various currencies,
- Although any tax benefits would depend on your circumstances
- Hold money, make and receive payments in multiple currencies
- Manage foreign exchange
- Access international expertise and investment advice
- Keep your money in a secure and central location, connected to your local accounts
- Keep the same bank account every time you move
- Account longevity
They typically also come with regular banking features, such as a debit card, credit cards and online and mobile banking.
What else do you need to consider?
Tax
While offshore accounts could provide a tax-efficient way to save and invest, you need to disclose your income to any relevant tax authorities and declare any interest earned on offshore accounts.
Costs
Some offshore accounts may have a monthly fee, or may charge for international transfers. Others don’t. For example, the HSBC Expat Bank Account has no monthly fee and transfers between HSBC accounts are free.
Other fees and charges may apply so you should read through the terms and conditions before opening an offshore account.
Security
Offshore accounts are not protected by the Financial Services Compensation Scheme (FSCS), which protects savings held with authorised UK banks and building societies, up to £85,000 per person.
However, some offshore accounts are covered by other schemes. For example, the HSBC Expat Bank Account is covered by the Jersey Bank Depositor Compensation Scheme, which offers protection for eligible deposits of up to £50,000.
How can I open an offshore bank account?
Consult our WhinChester Offshore Bank Specialist. They will assist you and present you with a myriad of options including HSBC Expat based in Jersey.
For your international bank account, consult with our WhinChester Bank Account Advisors. We can get you your International Business Account within quick time. Then Send us your Orders, Enquiries and Questions
Contact us online or call us at:
INTERNATIONAL OFFSHORE BANKING LICENCE IN THE
COMMONWEALTH OF DOMINICA
International Offshore Banking Licenses are issued by the regulatory authority of the jurisdiction in which you have chosen to establish your bank. In order for you to secure a banking license, you must go through long-term complicated procedures, which primarily involves the applicant lodging an application for the license with the Financial Services Division of your choice jurisdiction.
Banking licenses are divided into different categories, and the terms and procedure for obtaining license depend on the requirements of the category in which your bank falls.
Fund Management is one of the specialized services provided by international banks. There are other services like card and settlement services, provision of retail services, cash management, trade finance and others.
It is not a simple procedure to obtain a bank license. The most expensive and time-consuming process is obtaining package license combining all the services listed. However, you can apply for obtaining specialized banking license, which is aimed at providing only the banking services you intend to offer.
There are many reasons according to which companies tend to obtain international banking license. But the main advantage is time-efficient consideration of the application for obtaining banking license and relatively flexible system of requirements for establishment of a bank in the most favourable jurisdiction. Dominica is one favourable jurisdiction for the establishment of your international offshore bank
Dominica,
To obtain an international banking license in you must apply to the Minister through the Financial Services Unit in Dominica. The company applying for the license has to ensure that its operations can adequately be defined as banking business. Banking business according to the Offshoring Banking Act Chapter 73:02 of the revised laws of the Commonwealth of Dominica, 2017 is described as:
- The business of accepting deposits.
- Receiving on current or savings deposits or on other similar account.
- Money which is repayable by cheque or order and which may be invested by way of loans or advances to customers or otherwise or which may be withdrawn or repaid on demand or after a fixed period or after notice and the employment of these deposits in whole or in part by lending or any other means for the account and at the risk of the person accepting such deposits, and a person shall, without prejudice to the generality of the foregoing be deemed to accept deposits of money if he advertises for or solicits such deposits from the general public irrespective of any terms or conditions under which deposits or money are solicited or received or whether or not certificates or other instruments are issued in respect of such deposits.
- The acceptance of monetary deposits that are repayable on demand or after notice or any similar operation.
- The sale or placement of bonds, certificates, notes or other securities and the use of them, either in whole or in part, for loans or investment for the risk of the customer; and
- Any other activity recognised by the Central Bank or the Authority as customary banking practice and which a financial institution may additionally be authorised to do.
If you are interested in obtaining offshore banking license, please contact us. WhinChester Corporate & Immigration Services PowerHouse conducts preliminary consultations with the purpose of clarifying the needs of clients and providing them with the necessary practical information and requirements that must be satisfied for the license.