The process of offshore bank licensing for a neobank has been simplified by a new bank licensing program designed especially for the rapid incorporation and operation of a neobank with minimal paperwork. It provides a simple, cost-effective, and fast process to obtain an offshore bank license which can then operate a new bank and accept customers from across the globe.
An offshore bank license comes with the following key benefits:
- Ability to offer offshore current and savings account in a private bank
- Permission to provide asset management services, fiduciary services, and investment services
- Issuance of loans, debit, and credit cards is possible
- As a SWIFT member, the customers of the bank can send and receive funds worldwide
- Inbuilt online banking software which can be provided to customers
How can I get an Offshore Bank License?
The process of obtaining an offshore bank license is relatively straightforward and is composed of six key steps as discussed below:
First Step: In the first step, an international business company (IBC) is opened in the selected jurisdiction (normally in the autonomous regions of Comoros). It requires only one director and one shareholder.
Second Step: In the second step, the due diligence process is conducted based on the documents which are submitted for the license. The list of documents required is listed in the next section.
Third Step: In the third step, the depository agent is set up in Georgia in the tax exempted free zone or in Kazakhstan with a license issued from the national bank of the country. The license will enable the performance of financial services including dealing in securities and foreign exchange, binary options, ICO launch, operation of a crypto exchange, offshore wealth management and private equity and venture capital funds. A bank account is opened with a prominent bank such as Sberbank or Alfabank which allows transactions in multiple important currencies. The depository agent will allow the processing of all payments on behalf of the bank which you want to establish.
Fourth Step: In the fourth step, the application for a banking license is made with the regulator.
Fifth Step: A contact with the requisite authorities is made for your inclusion into the debit card issuance program and for registration with SWIFT. Assistance is provided for the application process and the decision is made by the authority.
Sixth Step: Online banking and CRM software are integrated and provided to you for operating your services and for managing services. They also enable account management and performing requisite customer management services.
Now you are ready to accept customers in your new bank. You can set up your bank in a manner that you provide services only through online banking or a mobile bank and become a new age neo-bank which is not limited by global boundaries.
Offshore Bank License Requirements
The documentation requirements for an offshore bank license are:
- A business plan with a 5-year revenue forecast, information about software and internal procedures
- A compliance manual which is prepared to comply with OECD Guidelines and Guidelines on Preventing Money Laundering and Terrorist Financing
- AML and KYC Manuals
- Application forms
- Passports and identity documents for the director and shareholder
Assistance will be provided in the preparation and compilation of all the documents.
There are no minimum capital requirements for an offshore bank license and the costs are some of the lowest in the world. The entire licensing procedure may take between 6-8 weeks.
Empire Global has a team of experienced professionals who will assist you through the entire process of an offshore bank License application including assistance in the preparation of documents, submission of application and responding to any queries from the regulator. We request you to get in touch with Empire Global at the earliest to understand the entire process and apply for an offshore bank license which will enable you to open a neo-bank.