Offshore bank license in Gambia

Published:
March 16, 2023
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Having a permit such as offshore bank license in Gambia gives possibilities to offer accounts opening and management services, and to carry out all related operations related to them. Offshore-accounts in the Gambia give certain advantages. The list of such privileges includes:

  • strong assets protection-mechanisms;
  • higher interest-rate;
  • low-rates or no taxation.

How to get offshore banking licenses Gambia?

Getting such a permit as offshore Gambia bank-license is a rather complicated process. Entrepreneur needs to clearly indicate what services will be provided by this banking-institution and what services are covered by permission. To do it, you need to familiarize yourself with financial normative bases for banking-establishments in this space and history of servicing Gambian clients.

In some cases, in order to grant permission, the regulator may request recommendations from another party or put forward certain requirements for transactions carried out on accounts. Therefore, it is imperative to study all the requirements and then prepare a package of relevant documents.

Previously, offshore-banking in Gambia was used as a variant for transferring personal finances abroad, but the rise in tax-evasion and tax-havens usage in Gambia has led to new regulations making it tight to get such permission.

Privileges of getting Gambia offshore banking license

Gambian offshore-banks possess standard features like any others. But what may be different is the fees related to getting clients access to their funds can be lower, including commissions for wire-transfers and foreign-transactions in or outside Gambia. Banking normative bases in Gambia are frequently adjusted to prevent illegal deals engaging international bodies, including country itself.

Opening and using Gambian offshore-accounts is a convenient way to store money, nevertheless, many customers worry as for confidentiality of process. Having received Gambia offshore bank-licenses, entrepreneurs will offer accounts’ opening services without disclosing personal data during operations. Banks maintain confidentiality of all processes, regardless how much funds are withdrawn or credited.

Offshore Gambia bank license requirements

If entrepreneurs decide to get such permission, then they present all documents for issuing such permission.

  1. Banking institution name and registration form.
  2. Status – branch, subsidiary or new establishment.
  3. Details of shareholders, management and directors.
  4. Information about structure of bank’s capital.
  5. Confirmation of payment of capital.
  6. Confirmation that all applicable fees and royalties have been paid by the company.
  7. Presence of an office.
  8. Description of type of services bank intends to provide to customers.
  9. Business-plan.
  10. Description of internal mechanisms for minimizing and controlling risks, and protecting client funds.

To obtain such a license, it will also be necessary to hire two residents, one of whom must have relevant managerial knowledge and experience.

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