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To obtain an offshore banking license in Yap State, your business must navigate a series of structured requirements and processes. In both jurisdictions, the primary license offered is a full-unrestricted International Banking License (Class B), allowing for comprehensive banking services outside the respective regions. This includes banking and investment banking services in major foreign currencies, and encompasses fund administration, custodial services, trusteeship, international portfolio management, money market operations, and other treasury activities
Formation of the Bank
Forming an offshore bank is a streamlined process due to minimal bureaucracy. Once an International Business Company (IBC) is secured through the Registrar of International Businesses, you must submit a detailed application to the relevant authority—the Anjouan Offshore Finance Authority (OFA) or Yap State authorities. While local offices and staff are not mandatory, establishing a local presence is advisable and can be arranged at a minimal cost.
Required Documentation
The application must include a comprehensive business plan detailing the bank’s activities, target investment countries, ownership structure, and information on ultimate beneficial owners (UBOs). Alongside this, provide CVs of all directors, full contact details of directors and shareholders, and references from banks and business contacts. Additionally, certified passport copies, proof of addresses, legal documents for shareholding companies, and recent audited financial statements are necessary. A certificate proving that beneficial owners do not have a criminal record is also required.
KYC and Due Diligence
KYC and due diligence procedures involve submitting certified copies of identification documents, proof of residential addresses, and original bank references for each beneficial owner, director, manager, authorized signatory, shareholder, or agent. For corporate entities, include certificates of incorporation, the latest audited accounts, a certificate of good standing, and a certified board resolution granting transaction authority.
Fees and Ongoing Requirements
Expect to pay due diligence fees per individual, which are non-refundable if the application is rejected. Additionally, all licensed banks must annually submit their financial accounts to the appropriate regulatory body.