How to Get an Offshore Banking License
We advise to set up a new Bank License in this country
Why do we recommend this country at this time as a country to seriously consider for acquiring a banking license and incorporating your bank?
Apart from the fact that we have some insider connections, these are our top 10 reasons as to why you should consider incorporating a bank here:
1. This country has a very stable political and economic situation. This country is headed for over many years where both the executive and the legislative are governed by the same majority.
2. You should also choose this country to be your offshore banking jurisdiction because it is not a micro-country which can be suspected to be an offshore center for your clients and for their local tax department. As you know an aggressive campaign against the offshore financial industry has begun leaded by the U.S and the European Union.
3. Although the $37.5M capitalization requirement for an international (offshore) license is higher then in some others jurisdictions, only $1,000,000 of that actually has to be held by the government bank – the rest can stay with the bank as working capital. Most jurisdictions require a lot more, if not all of the minimum capitalization amount to be deposited – and frankly we don’t know of any jurisdiction where much less then $37.5M will now obtain you a bank license even if the official minimum capitalization amount is still only $1M.
4. Fast track (60 day) sponsored SWIFT membership. The banking superintendent department takes care of the application process for this most important bank facility and allows your bank to be a member without waiting the normal two year waiting period that will usually apply for new banks.
5. Guaranteed sponsored correspondent account opening. Banks formed in most jurisdictions today have a very difficult time in obtaining bank correspondent accounts with major banks when they are just starting out.
6. Strongest banking secrecy laws in the world. Since this new nation is a neutral country, the U.S. and Europe have largely left this country alone and have not brought any pressure to bear for banking privacy laws to be amended. Finally, its banking system is safe, reliable and internationally recognized.
7. Decision guaranteed within 90 days – please note that the decision may be a request for further information or documentation, but that is never a bad sign.
8. This country has a modern business and technology infrastructure inside a Regional Community.
9. This country provides you the opportunity to grow your bank with relatively little bureaucratic red tape.
10. This country’s economy is fully free and open to the rest of the world. However, its banking system is hardly influenced by the World banking situation. Legislation and banking supervision are very lax and allows almost everything against fee.
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The average cost to form a bank here is about $150,000 in licencing and legal fees. It could be somewhat less or it could be a little more, depending on what professional services you provide yourself or whether you need turn key assistance with things like IT integration, or preparing the business plan and provision of a local senior bank director to serve as the bank’s local officer.