Bank licenses

Offshore banking license

The main advantage of obtaining an offshore bank license is unlimited financial freedom and safety, as well as an opportunity to increase the income through offshore companies.

Moreover, offshore banks have benefits in preferential taxation, as far as they either provide a tax-free activity, or pay significantly reduced tax rate compared to resident banks.

There are a few categories of offshore banks licenses. Activities of an offshore bank may be slightly or a lot limited compared to resident banks activities.

Pros of an offshore bank

• activity is not subject to currency control
• avoiding of the excessive regulation by the Central Banks
• low start-up capital for bank establishment
• unlimited specter of financial bank services for people
• taxation optimization
• tax planning for banks and companies
• strict confidentiality of every banking operation
• reliability of storage assets in your bank account and making payments through your bank
• bank ownership is a highly profitable business.

Here is some short information about some of the offshore jurisdictions in a view of obtaining bank license.

Cayman Islands

Pros

• Tax-free and fee-free incomes, capital growth and rate from offshore banking business
• Cayman Islands are officially known as a jurisdiction with providing the most safe banking transaction
• Currently has a status of a jurisdiction with a lead bank center
• Over 5,000 bank licenses are given on Caymans
• No currency control

Cons

• Significant state fees for filing and submitting license (from 100,000 up to 600,000 USD)
• Annual state duty ‘for license renewal’ and annual fee

Saint-Vincent and the Grenadines

Pros

• Tax-free income, tax-free capital gains
• No stamp duty, no currency control
• The cost of bank establishment is lower compared to Cayman Islands

Cons

• Relatively strict bank currency regulation
• Stricter control regime of bank activities in 2000 leaded to significant decrease of amount of registered offshore banks in jurisdiction in 2001 from 40 up to 10 till the end of December, 2010
• Each and every bank obligated to pass through a local control every 12-18 months

Dominica

Pros

• License allows to service both of nonresidents and residents of Dominica
• Only income from activity with residents is under tax
• Offshore bank registration in Dominica is regulated by “The Offshore Banking Act”, 1996 and “Offshore Banking (Amendment) Act”, 1997, that allows to incorporate bank within only 1-2 months
• The required authorized capital of bank in Dominica – is a relatively loyal requirement for registration.

Cons

• Compulsory evidence of origin of shareholder’s funds
• Verification of the shareholder, every employee of the bank through a private detective agencies on the subject of their reputation, criminal record, publicity etc is required. Cost of a verification per one person is approximately 10,000 USD

Gambia

If you are willing to gain an offshore bank in a simple jurisdiction, and where the bank can be established in a limited time, than don’t waste your time for research, because we already have a solution that you were looking for!

Offshore jurisdiction Gambia

As far as economic potential of an African continent is been growing, it is not a surprise, that one after another African countries are showing up at offshore jurisdiction market. Gambia is going to become one of the most popular offshore jurisdictions because of effective tax regulations, flexible corporate structures and availability in banking licensing.

There are over 12 registered and working banks in Gambia. http://www.cbg.gm/finance_systems/banking.html

Gambia and the OECD

Gambia is an optimal and clear jurisdiction, it can not be found either in black no gray list of OECD

Gambia and FATF

Gambia is an optimal and clear jurisdiction, it can not be found either in black no gray list of FATF. Besides, Gambia is a member of GIABA group.

Restrictions

In Gambia there are no particular restrictions. If you want to work with clients from USA, bank can be established as one that is compatible with FATCA regulations.

If you are willing to start your activities in a short time, SBSB recommends you an offshore bank in Gambia.

For launching your first bank, offshore in Gambia would be a perfect option, because of it’s lower cost and lower limits compared to banks in any other jurisdiction.

Panama

Pros

• Faster obtaining of membership in SWIFT compared to other jurisdictions
• Bank is free from taxing and fees for income, capital growth and rates from offshore banking
• Panama banks provide the most strict lows for banking secrecy.

Cons

• Complicate procedure of obtaining a license
• Local control and monitoring of bank activities

Bahamas, Belize, Marshall Islands

There is quite a strict control and bank regulations in Bahamas, Belize and Marshall Islands. Same is for filing and submitting an application for license, preliminary data validation and further operating are tricky.

Cook Islands (South Pacific)

Cook Islands are interesting with a very simple procedure and short terms consideration of documents for getting a license – about 6 weeks.

Bank is free from taxing and fees for income, capital growth and rates from offshore banking. No currency control.

However, the offshore banks in the Cook Islands occasionally referred by media as an offshore bank, that is often used for fraudulent purposes.

Besides mentioned above jurisdictions there are other options, such as Guernsey (the island as part of the Channel Islands), Jersey, Isle of Man and others.

Our services

Cayman Islands, Panama, Saint Vincent and the Grenadines, Gambia are the most recommended by our specialists jurisdictions for getting bank licenses.

Some offers in buying/selling ready offshore or European banks licenses are available.

For gaining an offshore bank or obtaining a bank license please contact our specialists via phone numbers or using the contact form right on the page.