The Commonwealth of Dominica (not to be confused with the Dominican Republic) is located in the Eastern Caribbean offers attractive offshore formation opportunities for potential foreign individuals and companies. Dominica currently offers a broad range of offshore services, the most popular product being the International Business Company (IBC), also known as an offshore company or a non-resident company. Dominica has experienced rapid growth in the offshore sector due to its liberal legislation, quick incorporation procedures and low government formation fees. The Dominica IBC offers individuals fully tax exempt status, with zero obligations on financial reporting and low fixed annual fees for licensing.
Advantages & Top Uses of a Dominica Offshore Company
There are a number of advantages given to individuals and companies who choose to incorporate in Dominica, including:
– Flexible requirements: With respect to capitalization, shareholders, directors and shares of the company
– Efficient business regulations: Fast incorporation, straightforward registration procedures, no limitations to the share capital value and currency, no requirements of minimum paid-up capital
– No financial reporting requirements: Financial statements are not made available to the public
– Flexible legislation: Allows for multiple uses of a Dominican offshore company
– High Confidentiality and Privacy: Names of directors and shareholders are not made public. Additionally, nominee shareholders and directors are also available in Dominica, providing yet another layer of privacy
– Asset security and protection: Maintained via provisions that restrict seizure, expropriation or confiscation of assets by foreign authorities or creditors
Dominica’s offshore jurisdiction enables companies and individuals to take advantage of numerous other benefits including:
– Zero tax
– Political and economic stability
– Absence of exchange, currency and capital controls
– Absence of tax treaties
– Modern and simple incorporation laws and procedures
– Excellent communications and transportation systems
– Superior banking and professional services
– An English Common Law System
– English speaking country
– Minimum disclosure requirements
– Currency diversification
– Limiting personal liability
– Reduction in transaction costs
Top Uses of a Dominica Offshore Company
Due to Dominica’s progressive IBC legislation, incorporation procedures are both easy and flexible, making an IBC a useful tool for many different business activities. The formation of an IBC can be made for any legal purpose and for any legal activity, except for the banking and insurance sectors. An IBC can be used for any commercial enterprise, including but not limited to:
– Offshore savings and investments
– Trade and distribution
– Forex and stock trading
– Professional service company
Dominica Company Requirements to Incorporate
There are very few requirements in order to set up a Dominica IBC:
– A single individual can set up an Dominica IBC with just one director and one shareholder to set up an offshore company (the director can be the same person as the shareholder)
– Certified copy of identification pages of passport
– Police clearance certificate
Dominica Company Corporate Taxation
Individuals and companies interested in establishing a Dominica offshore IBC benefit from a number of tax incentives including:
– Tax exemption from all taxes for a minimum period of twenty years
– Tax exemption from all income generated through an IBC including dividends, royalties, capital gains, inheritance, and rents
– There are no exchange controls on the movement of funds by IBC’s and there is unrestricted operation of bank accounts
– Dominica is not party to any double tax treaties
The IBC Act makes it an offence for anyone to reveal any information regarding a Dominica corporation, except under criminal investigations through a court order. The affairs of any offshore IBC can only be looked into when its principal is found guilty of a crime in his/her country of residence and only if that offence is deemed criminal in the offshore jurisdiction had the same act been committed there.
Corporate Business Relations Allowances
– Make and maintain deposits in Dominica
– Engage professional services in Dominica
– Hold shares, debt obligations or other securities in a company owned by a resident, locally registered company or one incorporated through the Local Companies Act.
Powers of Company
An IBC is given all rights, powers and privileges of an individual.
Restricted names are any that suggest the patronage of the Royal Family, the government, political party, university, professional association, or any names that may considered to be objectionable or that have already been taken.
Suffixes to Denote Limited Liability
An IBC name must indicate Limited Liability, ex. Ltd, Corp.
Copies of Articles of Association, Memorandum of Association, and Certificate of Incorporation, must be kept at the Registers office, though the register is not available to the public.
Shares may be issued: with or without par value, can be issued as registered or in a bearer form, can be issued for consideration other than money and without par value.
Incorporation time frame
1-2 working days
How we can help you
If you are considering forming a business or you need expert help with company registration in Dominica, LegalGenius™ is ready to assist you with its skilled team of lawyers, consultants and tax experts. We are committed to making the process as stress-free and streamlined as possible for you, and we will take care of all your document preparation and administrative tasks regarding the registration forms, payment of government fees, local address registration, banking support, etc., whilst always keeping your exact objectives and unique vision in mind throughout the process.
Please use our Company Formation Wizard if you would like to set up your registered company in Dominica or if you would like to know the costs involved prior to proceeding with our exceptional services. For other queries and special requests for complex or customised company formation services, please contact us at email@example.com