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  • Writer's pictureCreimerman Product Team

Dominica: One of the easiest countries to create an Offshore Bank Account.

With an emerging financial system, it is wise to consider opening a bank account in

Dominica. As part of your international business activities, there are many excellent advantages to banking there. So in this article we are going to provide you with all the information you need to know about creation an offshore bank account in Dominica

As a member of the Commonwealth of Nations, English is the official language of Dominica. It's also worth bearing in mind that Dominica is a very strict enforcer of privacy laws. These laws are in place to protect the privacy of individuals and businesses with banking relationships in the country.

How to open a bank account in Dominica?

The opening of an offshore bank account in Dominica is not unlike the opening of an account anywhere else. There is a need for contact with the bank and an understanding of the bank's rules and regulations. Suits are still the uniform of business in this part of the world, so if you are visiting in person, dress accordingly.

Banks in the Dominican Republic like to keep it simple and straightforward when dealing with their customers. Your banking history is one of the first things a Dominican bank will ask for. Your new bank will want to see proof of having banked with another for at least three years. If you don't have a banking history, it will ask for a credit reference. This is a documented letter from a business acquaintance, friend or lender. It confirms your ability to pay. Once again, the relationship must have existed for at least three years.

You'll need certified documents to prove your source of funds. This could be a rental agreement showing your rental income, or a reference from your employer showing how much you get paid.

In addition, you'll need to prove your identity and where you've come from. You'll need to show a driving license or passport to prove your identity. To prove your residence, you'll need a recent (less than three months old) utility bill.

At least $5,000 is required as an initial deposit. There will also usually be a non-refundable bank account opening fee in Dominica. Also allow for maintenance fees. The deposit can rise to between $20,000 and $50,000, depending on the type of account.

Here we leave a list with the Top banks in the Dominica for you to choose the one that best suits your needs.

  1. EQIBank

  2. Ferz Global Bank

  3. National Bank of Dominica Ltd.

  4. Dominica Agricultural Industrial & Development Bank

  5. CIBC FirstCaribbean International Bank

So, if you are interested in finding out more about creating offshore bank accounts and its opportunities to develop business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.

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