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Banking License

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Banking License

  • To provide other financial services
  • To undertake electronic commerce (e-commerce)
  • Full Banking Licence Issued
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Banking License

A banking licence regime in offshore jurisdictions allows new companies to obtain a provisional licence and to operate and provide services to other companies and individuals. The licence is restricted to the offshore jurisdiction from which it is issued and does NOT permit licence holders to provide services to companies or individuals outside of the jurisdiction.

Companies and entrepreneurs from all over the world who have innovative ideas in finance are encouraged to come and develop their ideas and business plans in a controlled managed environment.

The offshore jurisdiction is attracting companies from all over the world due to its ease of setting up operations and attractive tax regime. We anticipate over 100,000 companies registering and requiring Banking Services.

Managed Banking Regime

All corporate entities that want to acquire a Banking Licence must apply for a Provisional Licence, which will allow them to initiate the process of obtaining a full licence to operate as a bank.

The Provisional Licence will enable the new entity to open banking facilities with a sponsoring bank initially, and to use any terms relating to banking in the Company Name. The provisional licence does not allow the newly incorporated bank to begin actively trading as a bank.

A Provisional Bank Licence holder may only begin actively trading if they are able to appoint themselves to an existing bank with a full licence that is willing to act as a Principal to the provisional bank.

Once the provisional licence is issued, the Bank entity has 6 months to fulfil a number of obligations before it may apply for a full licence. The obligations are as follows:

  • An experienced board of directors to be appointed
  • Detailed Business Plan including service provisions and planned capital activities
  • Documented Risk Management, Data management and Compliance procedures
  • Evidence of access to sufficient capital to support the business plan
  • Implementation of approved Banking Software and infrastructure
  • Once these obligations have been met, the bank may apply for a full Banking Licence
  • The Bank Licence will permit holder to conduct┬áthe activities below in the offshore jurisdiction and subject to international regulations in other countries where the banking operation has been authorised
  • To accept cash deposits of any type (depositary transactions)
  • To provide loans and borrow funds (loan transactions)
  • To carry out currency and exchange transactions
  • To issue securities and credit cards processing
  • To provide securities safekeeping, manage securities and accomplish securities purchase or sale
  • To act as intermediary in securities trading
  • To provide guarantees of any type (guarantee business)
  • To effect payments (opening of accounts for legal entities and individuals)
  • To hold assets, capital, precision metals, bonds, shares or another financial instruments for third parties
  • To undertake electronic commerce (e-commerce)
  • To provide other financial services

Process

  • A provisional application form and fee is received.
  • This is accompanied by a preliminary business plan and CV of at least one of the nominated members of the bank board.
  • A review is undertaken
  • If approved a Provisional Licence is Issued
  • Within 6 Months
  • A detailed business plan for the bank based on the activities highlighted to be provided
  • A Board of Directors is to be appointed and CV’s of all the directors must be submitted
  • All documentation, process management, customer data management to be supplied
  • Implementation of Bank Software (Approved Software and Hosting available upon request)
  • Payment of Licence Upgrade Fee
  • Asset availability evidence to be provided
  • Full Banking Licence Issued
  • The entire process takes typically 3 months
  • Regular submission of activity reports to the Registry for 12 month as part of Compliance requirements