INTERNATIONAL BANKING REQUIREMENTS

Persons desiring to carry on international banking business in Western Sahara shall apply in writing to the Central Reserve Authority of Western Sahara for the granting of a license under any of the following categories:

Class I International Banking License

A licensed institution holding a Class I International Banking License shall maintain a minimum capital as may be determined by the CRA of Western Sahara from time to time, but not being less than three million United States dollars in paid-up capital, of which five hundred thousand United States dollars shall be deposited with the CRA of Western Sahara or in a manner approved by the CRA of Western Sahara on the recommendation of the appropriate official, as the case may be.

Class II International Banking License

A Class II International Banking License permits the licensed institution to carry on international banking business for a restricted list of customers, approved by the CRA of Western Sahara from time to time, or specified in the list issued as part of the terms upon which the license is granted. A licensed institution holding a Class II International Banking License shall maintain a minimum capital as may be determined by the CRA of Western Sahara from time to time, but not being less than five hundred thousand United States dollars in paid-up capital, of which one hundred thousand United States dollars shall be deposited with the CRA of Western Sahara or in a manner approved by the CRA of Western Sahara on the recommendation of the appropriate official, as the case may be.

Passed by the CRA of Western Sahara from 10 of November 2017, the Act provides for the regulation of the business of banking; and for the licensing, regulation, and supervision of financial institutions carrying on banking businesses in Western Sahara and for purposes connected therewith.

BANKING LICENSE REQUIRED DOCUMENTS

An applicant for a banking license must submit the following information for assessment by the CRA of SADR. The guidelines for the issue of offshore bank license can be summarized as follows:

  • Details of ownership, financial capacity, and financial history
  • Information on major Shareholders and the character and experience of Senior Management and Board of Directors
  • Details of the applicant's capital structure
  • A detailed Business Plan outlining the types of services to be offered including three-year projections for assets, liabilities, and profitability
  • Certificate of no criminal record to ensure that there are no criminal records about Authorized Person, Additional Authorized Persons (if any), all Directors/Officers, Shareholders and Beneficial Owners, not older than 3 months
  • Utility bill of all Shareholders and Directors
  • Banking Reference of all Shareholders and Directors
PDF Icon Application Form