Looking for reliable and flexible international banking solutions? Dare opt for a non-traditional route and consider Dominica!
Why Dominica?
The nation offers several advantages for corporate banking. Here, businesses enjoy a stable and reliable environment supported by a strong regulatory system. The latter is a guarantee of secure financial transactions. Banks in Dominica cater to the diverse needs of international clients, offering them services like multi-currency accounts, business financing, asset management, and commercial lending. With advanced digital banking solutions right at hand, you can manage your accounts on the fly. The fact that non-residents can open business accounts remotely here makes Dominica an appealing choice for companies that need efficient and secure financial services.
Need more reasons? Well, look here:
- Unlike the Cayman Islands, Dominica’s Financial Services Unit (FSU) does not require proof of a connection to the country, allowing non-residents to open bank accounts with ease.
- Dominica is one of the most accommodating jurisdictions for non-residents looking to open personal or corporate accounts, all thanks to the FSU’s commitment to providing discreet services.
- As a Commonwealth country, Dominica’s official language is English, which translates to smoother communication and transactions.
- Dominica strictly enforces confidentiality laws, with reliable privacy protection for both individual clients and businesses banking within its borders.
Reasons to cooperate with Dominica’s trusted bank: key benefits for international businesses
At International Wealth, we highly recommend the bank in Dominica that we partner with. They provide a comprehensive range of services specifically tailored for businesses. Among other things, you are welcome to establish corporate accounts in multiple currencies and enjoy favorable terms.
Highly respected for its stability and reliability, the bank in Dominica has more than five years of experience in the banking sector. Their corporate banking services are top-notch, offering business financing, asset management, commercial lending, and merchant services.
Here are the key advantages to enjoy:
- Debt Financing and Advisory Services: The financial institution in question provides comprehensive support for capital raising.
- International Financial Commitments: It facilitates business activities across various nations and regions.
- Convenient Online Banking: The bank allows you to manage your accounts regardless of where in the world you are.
- Remote Account Opening: Non-residents are welcome to open accounts via video interviews, which eliminates the need for physical presence.
The Dominican bank is an excellent choice for international clients in need of reliable protection for their financial data.
Current restrictions: jurisdictions not accepted by the bank
Regrettably, the bank currently does not accept customers from several jurisdictions that are blacklisted at present, including Afghanistan, Iran, South Sudan, Belarus, Iraq, Sudan, Bosnia and Herzegovina, Libya, Syria, the Central African Republic, Myanmar, the Democratic Republic of Congo, Nicaragua, Venezuela, Cuba, North Korea, Yemen, Eritrea, Zimbabwe, Ethiopia, and Somalia.
Services offered: deposits and corporate accounts
Below, you will find some details as to the services offered by the Dominican bank and the fees it charges.
For deposits ranging from USD 25,000 to USD 100,000, interest rates are 3% for 6 months, 3.25% for 12 months, and 3.75% for 24 months. If you deposit between USD 100,000 and USD 500,000, the rates increase to 4% for 6 months, 4.25% for 12 months, 4.50% for 10 months, and 4.75% for 24 months. For larger deposits between USD 500,000 and USD 1,000,000, the rates are even higher, with 5% for a 6-month term deposit, 5.25% for the one termed 12 months, 5.50% for 10 months, and 5.75% for 24 months. For deposits of USD 1,000,000 and above, the interest rates vary based on the specific deposit amount and term.
Corporate account setup fees include a one-off fee of USD 900 for opening a multi-currency account. To set it up, a minimum initial base deposit of USD 25,000 is required, which must also be maintained as the minimum current balance. Additionally, there is a monthly account maintenance fee of USD 100. For those opting for a Money Market Premium account, both the minimum initial base deposit and the minimum current balance make USD 50,000.
Fees charged by the bank
The bank fees are as follows:
- Closing an account incurs a fee of 1% of the transfer amount.
- Bank transfers cost USD 40.
- Incoming EUR transfers are charged at EUR 40 per transfer, while incoming USD transfers cost USD 50 per transfer.
- For outgoing transfers in EUR, GBP, and CHF, the fees are EUR 150 for amounts between 1,000 and 249,999.99, EUR 300 for amounts between 250,000 and 999,999, and 0.15% of the transfer amount for amounts of 21,000,000 or more, with a minimum fee of EUR 1,000 per transfer.
- Outgoing USD transfers have similar charges: USD 150 for amounts between 1,000 and 249,999.99, USD 300 for amounts between 250,000 and 999,999, and 0.15% of the transfer amount for amounts of 21,000,000 or more, with a minimum fee of USD 950 per transfer.
- SWIFT transactions cost USD 100, and refunds are charged at USD 100 per transaction.
Ready to establish a corporate bank account in Dominica? Prepare these documents
To open a corporate bank account in Dominica, a company must prepare and submit a number of documents. These include:
- Taxpayer Identification Number (TIN)
- Articles of Incorporation and Company Bylaws
- Incorporation Certificate
- utility bills for the last 3 months (paid)
- reference letter from the customer’s bank
- completed bank application form.
If owners, directors, or other individuals are acting on behalf of the company under a corresponding PoA, additional documents are required:
- passport copy (notarized)
- utility bills for the last 3 months (paid)
- reference letter from the customer’s bank.
FYI: You can convert these documents to PDF and send them to International Wealth via email.
Join the Dominican bank: easy steps to get started
Would you like to become a customer of the Dominican bank? Nothing could be easier! Simply contact International Wealth using the details on the company’s website. Our seasoned experts will guide you through document preparation, answer the questions you may have, assist with video interview preparation, and offer any further support you may need.
