Our Turnkey Offshore Bank with Iban and Sepa Under $1 Million and a Central European Office is an unparalleled offer. Embark on a transformative banking journey with Ovalor’s exclusive offer—a fully operational turnkey offshore bank, meticulously crafted to deliver global financial capabilities at an unmatched price. For less than a million USD including 1 year of operating expenses, step into the realm of high-caliber banking, equipped with multicurrency corresponding accounts, IBANs, SEPA and SWIFT functionalities, and a comprehensive full banking software suite, including advanced mobile banking features.
This all-inclusive package not only sets you up with a fully licensed operation but also covers all the essentials to kickstart your bank: professional fees for obtaining the license, complete office setup from rental to high-end fitting, innovative software solutions, and all operating fees for the first year.
Our A Turnkey Offshore Bank with Iban and Sepa Under $1 Million is not just about launching a bank; it is about creating a powerful financial conduit that connects your business to the major financial arteries of the world, efficiently and securely. With decades of expertise and strategic partnerships, Ovalor guarantees a swift and smooth transition from licensing to full-scale operation, letting you focus on growing your business without the typical startup strains.
We guarantee 100% issuance of your bank license in the event of new bank license application.
Total Budget to Obtain Bank License + Operationalize the Bank + First Year Operating Expenses
In the table below we give you the whole budget to start a bank in Dominica, inclusive of:
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| Expense Category | Cost Description | Cost (USD) |
| Setup Costs | ||
| Bank License Application Professional Fees | Initial fees for legal and consulting services up to obtaining the license | $499,000 |
| Bank Activation Expenses | $188,000 | |
| – Office Rental Deposit | Deposit for leasing the bank’s office space | Included |
| – Office Fitting | Expenses for furnishing and equipping the office | Included |
| – Full Banking Software Suite license | Costs for core banking software, including licensing fees | Included |
| – Mobile Banking | Costs for setting up mobile banking services | Included |
| – Light SWIFT Fees | Fees associated with SWIFT network services | Included |
| – Corresponding Account Setup Fees | Bank fees for setting up corresponding accounts | Included |
| Annual Operating Costs | ||
| Yearly Expenses | Includes director, legal retainer, agent retainer, humanitarian fees, and license fees | $122,000 |
| Local Office Operations | Includes compliance and risk officer salary and office rental | $96,000 |
| Total Costs for Setup and First Year Operation | $905,000 |
Remark: the capital of 1,000,000 is not included in the table because capital is not an expense: Capital is the financial resources that owners inject into a bank to meet regulatory capital requirements. Unlike expenses, which are costs incurred during the operation of the bank (such as salaries, office rental, and professional fees), capital does not diminish through the bank’s operations. Instead, it remains on the bank’s balance sheet as an asset.
Budget 120,000 CHF if made from scratch (3 months) Can be made in parallel to the bank license
220,000 CHF for a ready made.
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| Category | Details |
| General Features | – Privacy and Confidentiality: Strong protections for account holder identities. |
| – Favorable Tax Regime: Exemption from local taxes on foreign income, capital gains, and inheritances. | |
| – Regulatory Framework: Governed by the IBC Act and the Offshore Banking Act, ensuring standards and flexibility. | |
| – Currency Flexibility: Capability to handle transactions in multiple currencies. | |
| – Political and Economic Stability: Stable environment conducive to offshore banking. | |
| – Technology and Infrastructure: Advanced infrastructure supporting secure and efficient banking operations. | |
| – Client Onboarding: Ability to onboard any client not a resident of the Commonwealth of Dominica. | |
| – Banking License Types: Retail banking, Investment banking, Crypto Currency Banking, Restricted for CARICOM countries. | |
| – Minimum Capital Requirement: $1,000,000 USD minimum, can be deposited outside Dominica, pledged in favour of the government. | |
| – Directors Requirements: Minimum one physical person residing in Dominica, one compliance officer, both FSU approved. | |
| – Shareholder Requirements: Minimum one, either physical person or corporate entity, must be approved by FSU. | |
| – Regulatory Authority: Financial Services Unit (FSU) oversees non-bank financial sector and anti-money laundering. | |
| Banking Specializations | – Merchant Banking: Services to support international trade such as trade financing and issuing letters of credit. |
| – Retail Banking: Personal banking services including bank accounts and personal loans in foreign currencies. | |
| – Commercial Banking: Business accounts, commercial loans, and other services for corporations. | |
| – Private Banking: Personalized services for high-net-worth individuals, including wealth and asset management. | |
| – Crypto Banking: Services related to cryptocurrencies, including transactions and investment services. | |
| Permitted Activities | – Deposit Taking: Accepting deposits in foreign currencies from individuals and corporations. |
| – Loan and Credit Facilities: Offering loans and credit to non-resident individuals and companies. | |
| – Foreign Exchange Transactions: Engaging in forex trading and currency exchanges. | |
| – Investment Services: Providing investment advice and managing portfolios with various financial instruments. | |
| – Trust and Fiduciary Services: Managing trusts and providing fiduciary services for international clients. | |
| – Payment Processing Services: Facilitating international payments and electronic transfers. | |
| – Debit and Credit Card Services: Issuing debit and credit cards for international use. | |
| – Letters of Credit and Guarantees: Issuing letters of credit and guarantees for international trade. | |
| – Wealth Management: Offering wealth management services including tax planning and asset protection strategies. | |
| Optional Features | – Corresponding Accounts in Europe: Facilitating broader transaction capabilities across Europe. |
| – Corresponding Accounts in Switzerland: Offering CHF or EU IBAN issuance. | |
| – EU IBAN Issuance: Providing EU IBANs for transactions across multiple jurisdictions. | |
| – CHF IBAN Issuance: Providing CHF IBANs for transactions across multiple jurisdictions. | |
| – SEPA Payment: Enabling payments within the Single Euro Payments Area for easier and faster transactions. | |
| – SWIFT Payment: Facilitating global financial transactions via the SWIFT international payment network. |
Click Here to Read Our Post on Fake Comoros Bank License
Owning an offshore bank often comes with a unique set of challenges. In Our Turnkey Offshore Bank with Iban and Sepa Under $1 Million we’ve addressed two of the most frustrating issues faced by offshore bank owners, significantly easing their operations and improving client satisfaction.
One of the biggest hurdles for offshore banks is the lack of International Bank Account Number (IBAN) and Single Euro Payments Area (SEPA) options. We’ve successfully integrated these services, enabling seamless and efficient international transactions. This not only enhances the bank’s functionality but also significantly improves the client’s banking experience.
Many offshore bank clients face the inconvenience of long, multi-leg flights to meet with their bankers. To address this, we have established a centrally located EU office. This office serves as a convenient meeting point for clients, reducing travel complications and enhancing client relations.
By tackling these two conundrums, we are making offshore banking more accessible and efficient for both bank owners and their clients.
We have effectively resolved the challenges often faced by offshore banks regarding IBAN and SEPA integration, by setting up corresponding accounts in Switzerland and across Europe.
To address the challenges associated with the typically limited physical presence of offshore banks, a sophisticated and strategic approach involves the establishment of a Swiss entity that operates in conjunction with the offshore bank, although not directly as a shareholder.
This arrangement offers a smart, legal framework for extending services beyond the offshore bank’s jurisdiction.
For instance, if the offshore bank is named Infinity Capital, the corresponding Swiss company could be named Infinity Finance. Here is how this setup effectively addresses the limitations:
Once these capabilities are established, any client opening an account with Infinity Capital Bank will also at the same time open a money remittance account with the Infinity Finance Swiss SRO.
When the Client want to withdraw or deposit cash from his account at Infinity Capital Bank, he will visit the offices of Infinity Finance of which he is also a client. Technically client will interact with Infinity Finance in Switzerland, not directly with Infinity Capital Bank but the end result is the same as if he was interacting with the Bank
This allows them to deposit or withdraw cash through Infinity Finance, which then facilitates the transfer of funds to or from their Infinity Capital Bank account swiftly, as the offshore bank has corresponding accounts in Switzerland.
This setup not only mitigates the physical limitations of offshore banking (i mean it is easier to fly to Geneva or Zurich than to fly to Roseau in Dominica) but also enhances client service capabilities in a legally sound and effective manner.
By establishing a Swiss entity like Infinity Finance, the owner creates a bridge that connects global financial services with secure and compliant banking operations, making this solution both slick and smart.
| Setup Option | Cost (CHF) | Timeframe |
| From Scratch | 120,000 | Around 3 months |
| Ready-Made | 220,000 | Immediate setup |
We recommend doing it from scratch in parallel to the license like that both entities are licensed at the same time
| Items | Cost (CHF) per year |
| Local Mandatory Director | 13,000 CHF |
| Local Registered Compliance Officer | 10,000 CHF |
| Office for application period | Included above |
Monthly Expenses of Swiss Office
In order to receive your client, you will need a real office with at least 100 SQM (reception area, conference room, and office space. If in Geneva, we recommend an office located 5 minutes from the airport
| Items | Cost (CHF) per months |
| Real Office | 2,500 CHF |
| An office worker / secretary / standard | 6,000 CHF |
| One Client Manager | 8,000 CHF |
APPLICATION PROCESS – First Step Due Diligence
Duration: Typically, 3 to 5 weeks, influenced by the director/shareholder’s place of residence.
Conducting Firm: A U.S. consulting firm manages due diligence under commission from the Government of Dominica. The firm’s client is the government, meaning the due diligence report is sent directly to the FSU, and the applicant does not receive the report directly but will be notified by the FSU regarding eligibility to proceed with the application or purchase.
Cost: Typically, $10,000 per person. In complex cases (e.g., the individual has residences in multiple countries or countries where information is harder to access), the cost can rise to $15,000.
To ensure a smooth due diligence process, we conduct a preliminary assessment by asking you a series of questions.
If you successfully pass our initial due diligence, your chances of passing the official due diligence are significantly high. It is crucial that you disclose all relevant information and do not withhold any potential issues. In past instances, we have successfully navigated challenges by collaborating closely with the Financial Services Unit (FSU). Transparent communication allows us to address and resolve issues effectively, enhancing your prospects for approval.
Below is a table that outlines the current due diligence requirements for applicants aiming to secure a bank license.
| Requirement | Details |
| Passport Copy | Notarized and legalized via Apostille |
| National ID and Driving License | Notarized and legalized via Apostille |
| Utility Bill | Must be less than 2 months old |
| Professional Reference (Lawyer) we provide model | Required from a practicing lawyer |
| Professional Reference (Accountant) we provide model | Required from a certified accountant |
| Bank Reference | The banking relationship must be more than 2 years old |
| Curriculum Vitae | Detailed CV/ Resume outlining professional background and qualifications |
Please be aware that the due diligence process completed for becoming a director/shareholder of a bank can also be utilized for the application for Dominica citizenship. If you are considering this option, inform us in advance so we can notify the citizenship services accordingly. Note that the validity of the due diligence results is limited to one month.
Benefit of Commonwealth Citizenship in the context of Bank Application
If you are a citizen of Dominica, you will not be required to have a local resident director, which typically costs $30,000 per year. Over a period of six years, the savings from not needing a local director can fully cover the costs of obtaining citizenship, including the initial donation.
The application process for obtaining a bank license in Dominica involves a comprehensive and demanding series of steps, requiring meticulous attention to detail and a deep understanding of regulatory requirements.
Our team offers expert knowledge and extensive experience in navigating this intricate process, ensuring that every component is managed with precision to facilitate a successful outcome. Here is a detailed breakdown of the essential stages and supporting documents involved:
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Our Scoop of work will be as follows
| Application Component | Description |
| Preparation and Filing of Official Forms | Detailed completion and submission of all required official forms, demanding precision, and careful diligence. |
| Supporting Documents | Compilation of critical documents including the KYC manual, AML Manual, Business Plan, and three-year profit and loss projections.
This process requires accurate and comprehensive financial and operational data, with substantial client input to ensure realistic and compliant projections. |
| Feedback and Provisional Data | Interactive process requiring your active feedback to refine provisional data and assumptions. Crucial for realistic and compliant planning. |
| Lobbying and Meetings | Extensive lobbying efforts and coordination with various authorities on your behalf to facilitate approval processes. Involves strategic communication and negotiation. |
| Filing Application with FSU | Submission of the complete application to the Financial Services Unit, followed by ongoing meetings and communications to address any queries and ensure progress. |
| Incorporation and Local Representation | Incorporation of the bank corporation, including the provision of a local director and agent to meet regulatory requirements. Involves legal and procedural steps to establish the business entity in compliance with local laws. |
Below is a detailed list of the critical deliverables required throughout the application process for a bank license.
Each document plays a vital role in demonstrating compliance and operational readiness to regulatory authorities, underscoring the importance of thorough preparation and expert guidance.
| Supporting Document | Description |
| Business Plan | A comprehensive document detailing the bank’s strategic vision, operational goals, target markets, and projected growth. |
| Profit and Loss Projections | Three-year financial projections showing expected revenue, expenses, and net profit, demonstrating the bank’s financial viability. |
| KYC (Know Your Customer) Manual | Outlines the procedures for identifying and verifying the identity of the bank’s clients, crucial for regulatory compliance. |
| AML (Anti-Money Laundering) Manual | Describes the bank’s systems and controls to prevent, detect, and report money laundering activities. |
| Risk Management Manual | Document detailing the risk assessment processes and control measures for managing operational, market, and credit risks.
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Those fees are included in the total 905,000 USD budget
Please find below our payment schedule that outlines the financial commitments at each stage of the application process for obtaining a new bank license.
Payment Stage | Description | Amount |
| Budget | Due Diligence fees are not included in this initial estimate. | $499,000 USD |
| First Payment | Due Diligence Fees (per person) plus deposit for legal fees for preparing the application. | Due Diligence: At least $10,000 USD x number of persons<br>Deposit on Legal Fees: $99,000 USD |
| Second Payment (3-4 weeks after first payment) | Upon FSU Greenlight and prior to filing the application. | $300,000 USD |
| Third Payment (around 3 months after the second payment) | Upon FSU confirming readiness to issue the license. | $100,000 USD |
We will prepare most of the application forms and deliverables; however, your cooperation is essential for sections requiring personal details that only you can provide.
For forms containing both general and personal information, you will only need to complete the personal information section.
Additionally, to develop a realistic business plan and profit and loss projections, we require your active collaboration to provide us with the necessary information, as these documents cannot be created without your specific input and guidance.
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Those fees are included in the total 905,000 USD budget
Please see on the next table the breakdown of first year fees
| Application and First year Expenses | Amount | |
| Application Fees | $2,000 | |
| Annual Fees | $25,000 | |
| Legal Retainer | $20,000 | |
| Agent Retainer | $20,000 | |
| Local Director | $30,000 | |
| Humanitarian Fees | a “voluntary” (but mandatory) contribution mandated by the licensing agreement to support local humanitarian and development initiatives, fostering a positive corporate image and cooperative presence in Dominica | $25,000 |
| Total | $122,000 | |
Renewal Fees will be $128,000 after the first year
Those fees are included in the total 905,000 USD budget
One Time Expenses for Bank Activation
Activating a bank involves various one-time expenses beyond obtaining the license itself. Here is a breakdown of the additional expenses typically incurred during the bank activation process:
| Activation Expenses | Cost |
| Full banking software suite + website + online banking (licensing fees) | $65,000 |
| Corresponding account in Switzerland (Professional fees) | $29,000 |
| Corresponding account in Europe (Professional fees) | $29,000 |
| Swift Light Version Fees (payable to Swift) | $15,000 |
| Renting office initial deposit (6 months at $2,000) + office fitting | Max $50,000 depending on features |
| Total Activation Expenses | $188,000 |
Mandatory Local Office Expenses
Those fees are included in the total 905,000 USD budget
This table provides a detailed overview of the basic operating expenses associated with running a local office for your bank in Dominica.
| Expense Category | Monthly Cost (USD) |
| Office Rental | $2,000 |
| Salaries for Two Local Employees Risk Management and Compliance officer | $6,000 |
| Humanitarian fees | |
| Total Monthly Cost: | $8,000 per month ($96,000 per year) |
As you can see this is very budget friendly considering that you are running a full fledge bank
We did not include accounting and audit because they are prestation based on turnover and number of transactions. So, a budget will have to be obtained for this. Approximatively $10,000
Other Expenses
Of course, this is not the end of it you will have marketing people, you may also have a central European office as well and so on… But at the end of the day, it will cost you less than running a bank in Europe.
Contact us to get started
Dive into the future of banking with a sophisticated, ready-to-operate bank that promises not just to meet but exceed the demands of modern financial dynamics. Connect with Ovalor today and start your journey in the world of elite offshore banking, where potential meets opportunity at an unprecedented value. Do not hesitate to contact us for more information on this set-up at connec@swissfintechpro.com for more information about Our Turnkey Offshore Bank with Iban and Sepa Under $1 Million
