Banking for offshore companies, including the Dominica IBC, contains crucial differences with traditional retail banking. The jurisdiction of the company often differs from the residence and domicile of the beneficial owner. This creates a potential difficulty for the bank where multiple legal systems might apply. Another point of interest is the ambiguity and lack of control over an offshore company. Hence the reason that financial institutions frequently ask for updated company documents, an update of the business activities, and financial statements such as management accounts and an audit.

Financial institutions, including (offshore) banks are considered the gatekeepers of the financial system. They are heavily penalized for failure to comply with global standards. Sometimes banks and other financial institutions involved in offshore financial centers lose their license to operate at the expense of their customers. Most bank clients are unaware of the risks involved in offshore banking. Severe losses can be the result. It is therefore crucial to carefully decide on the best banking solution possible.

The collaboration between Legal Floris LLC and Equation CS ensures reasonable and risk averse solutions for offshore companies. Our motto is to prevent, instead of repairing what went wrong. To accomplish this we look for a variety of factors that determine the right choice. Also, when customers have a negative previous experience and still need to recover assets from an offshore bank, Legal Floris LLC can assist.

For the novice, banks and electronic money institutions are seen as one. Regrettably, this is untrue with all possible negative consequences for the client. Over the years many offshore companies, small business owners and high net worth individuals have lost considerable amounts when their bank or electronic money institution failed. The rise of financial technology (FinTech) brought many good things but also created a different risk profile for financial institutions. A risk profile most customers are unaware of.