Offshore Banking in Dominica

We are glad to assist you with opening of personal and corporate bank accounts in the Commonwealth of Dominica, an independent English-speaking nation in the Caribbean Basin, ventured in international financial services since 1996.

Benefits of Banking in Dominica with Our Partner-Bank

  • High level confidentiality – bank secrecy in Dominica is reinstated by statutes. Authorities have access to bank information in specific situations only for tax matters under TIEA or where a court order is present;
  • Multi-currency account – You operate all currencies within one account, your expenses for the account maintenance are limited to one account; only one initial deposit is required; one same amount of monthly balance is to be observed, no matter how many currencies you operate.
  • Favorable tariffs for the transfer of funds and account maintenance;
  • Full operative secure Internet-banking facilities, with no need to install specific software on your personal computer;
  • Multilingual customer service;
  • Straightforward account opening procedure and reasonable requirements to corporate and personal documents from you;
  • Companies and clients from any country, including newly formed companies from lot-tax jurisdictions and tax havens are welcome;
  • No personal visit to the bank in Dominica is required to open a bank account;
  • Low account opening fees.

Country Profile (Dominica)

Official name: The Commonwealth of Dominica (to be distinguished from the Dominican Republic, a Spanish-speaking nation in the Caribbean).
Geographical location: Caribbean Basin, between the French overseas territories of Guadeloupe and Martinique.
Capital: Roseau.
Time: UTC/GMT-4, Atlantic Standard Time.
Language: English.
Political status: independent state (since 1978).
Legal system: based on Common Law.

Currency: Eastern Caribbean Dollar (XCD or EC$), stable exchange rate (US$ 1.00 = EC$2.70). Member of: CARICOM, CFATF, Caribbean Development Bank (CDB), the Commonwealth of Nations, United Nations, International Monetary Fund, World Bank and Organization of American States (OAS); maintains missions in Washington, New York, London, and Brussels and is represented jointly with other Organization of Eastern Caribbean States (OECS) members in Canada.

Offshore sector: represented by international business companies (IBC), offshore banking facilities, offshore trust business, exempt insurance business, international ship registry, economic citizenship program.

Tax Treaties and exchange of information: 2 DTTs, with Switzerland and CARICOM (Antigua and Barbuda, Barbados, Belize, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago).

TIEAs with Australia, Belgium, Canada, Denmark, Faroe Islands, Finland, Greenland, Iceland, Netherlands, New Zealand, Norway, Portugal, Sweden, UK, USA. Local authorities are required to gather certain information about final beneficial owners; however, they are only obliged to exchange information with other countries in tax matters subject to DTT or TIEA, or if there is a criminal case on file in the national court of the requesting country. Access to information is through Financial Intelligence Unit.

Banking Profile (Dominica)

Bank services: current personal and corporate accounts; savings personal and corporate accounts; international transfers; term deposits; back-to-back loans;

Currency of accounts: multicurrency accounts allowing for operation of transfers in USD, EUR, GBP;

Internet banking: full Internet banking facilities, with enhanced three level security, allowing for 24/7 access and operation of your account from any place in the world;

Initial deposit requirement: US$ 5,000 or equivalent in other currency;

Minimum monthly balance: US$ 1,000 or equivalent in other currency;

Account opening fee (bank tariff): US$ 120.00

Monthly service fee: US$ 10.00

Transfer of funds: (credit to your account): US$ 10.00

Transfer of funds: (from your account, SWIFT): 0,1%, min US$ 35.00, max US$ 150.00 (covering intermediary bank charges)

Transfer of funds: (internal, between your own accounts): US$ 5.00

Deposit interests: up to 5% depending on the amount and term; all interest is free of tax in Dominica and not subject to withholding tax

Undesirable types of activities: Online gaming and related activities; Dating agencies; Promotion of adult content websites and related industry; Trade of weapons and military arms; Trading of pharmaceutical products; Wholesale of mobile phones, electronic computer components, cigarettes and other tobacco products; Businesses that intend to raise funds from the public or promote multilevel marketing programs; Businesses that offer alternative payment systems, e.g. e-gold, e-cash, or plan to use the company and its bank account for offering unlicensed clearing services / third party settlements for investments and securities; Professional intermediaries that hold funds on behalf of clients; Regulated financial services (insurance brokerage, money transfer systems etc.) whereby a proper license has not been obtained. Applications for banking from such business are considered on a case to case basis. Please always ask for pre-approval.

Account Opening Requirements (Dominica)

Company documents:

  • notarized copies of standard company documents (certificate of registration, memorandum & articles of association, registers of directors and shareholders, certificate of good standing and of registered share certificates);
  • company resolution or power of attorney to open a bank account. In case of bearer share certificates, as well as for corporate directors and shareholders, please contact us for exact requirements;

Personal documents:

  • a notarized copy of passport and one more ID document;
  • a notarized copy of one more ID document;
  • an original recent utility bill (or other proof of address);
  • an original reference letter from your current bankers;
  • All documents must be in English or with official translation into English;
  • These documents are required from each authorized person, director and shareholder;
  • Personal visit to the bank in Dominica: not required; at your discretion.

Our Services – We Provide

  • Preliminary consultation on opening of accounts, bank services, fees and charges;
  • Assistance with preparation of the corporate and personal documents and application forms for account opening;
  • Obtaining a pre-approval from the bank on account opening, if required;
  • Introduction to the bank;
  • Guidance through the account opening process, mediation and communication with the bank until you and/or your company is assigned a bank account number.

To request pricing information or initiate the account opening process, please click on the below button, and we will send you all further information.

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