Offshore Company (IBC) in
Dominica
Country's Profile
Dominica is an English speaking country in the Eastern Caribbean with a population of approximately 72,000. The Island is one of the largest in the Eastern Caribbean and is situated between the two French islands of Martinique and Guadeloupe. Offshore tax haven Dominica is easily accessible from Antigua, Barbados and San Juan. There are approximately 365 rivers, with rainforests covering about 60% of the country. Dominica's economy is predominantly agricultural and in turn the agriculture sector is dominated by the banana industry. In recent years, construction, distribution and tourism have experienced steady growth. The official currency is the Eastern Caribbean dollar (which is tied to the United States dollar at the rate of EC$2.70 per US$1.00) is freely convertible and considered to be one of the strongest currencies in the region. The US Dollar is also legal tender and it circulates freely. The Government has embarked on a program to diversify the economy by developing the island into a high quality offshore centre. In offshore haven Dominica the necessary legislative and administrative framework has already been adopted for the registration of offshore banks and International Business Companies (IBC).
Independence was attained in 1978, and at that time the former British Crown Colony was officially renamed the Commonwealth of Dominica. Dominica enjoys a Westminster style parliamentary democracy, with election of members of parliament every five years. Dominica is a member of the British Commonwealth with a President as Head of State, although executive power lies with the Prime Minister and his Cabinet of Ministers.
Offshore tax haven Dominica has excellent telecommunications provided by Cable & Wireless (Dominica) Ltd (which ensures a high speed internet connection) and local telecom company Marpin. Cable &Wireless (Dominica) Ltd is jointly owned between Cable and Wireless of the UK as a major shareholder and the Government of Dominica. Any part of the world can be dialed directly from Dominica without difficulty. Postal facilities and courier services (like FedEx, DHL and UPS) are well established in the country.
Air services from Europe to Dominica are provided by a number of major carriers, including British Airways, Virgin Atlantic, Air France through Barbados, Antigua and the neighboring French islands of Martinique and Guadeloupe. Service from North America is provided by American Airlines, BWIA and Air Canada through Puerto Rico and Antigua. Connecting flights out of Puerto Rico and Antigua are easily available with American Eagle, LIAT and Canadian Airlines.
Overall by choosing Dominica from the list of offshore tax havens, you choose political and economic stability for your investment, tax free income and profits, no capital gains tax, no annual reports, no exchange controls for offshore IBC's, supported by an excellent communication infrastructure. Dominica is becoming an increasingly popular offshore destination for re-domiciliation from the Bahamas and other offshore jurisdictions due to the unfavorable changes in the Bahamas and other offshore countries' laws.
Offshore IBC formation in Dominica has the following features:
TAXATION
From the day of the offshore company formation, an IBC pays no taxes/similar charges for a period of 20 years.
DIRECTORS/SHAREHOLDERS
An offshore IBC requires a minimum of one director and one shareholder. Corporate directors are permitted. A copy of the Register of Directors must be kept at the registered office of the offshore company. The Register with the directors' names is not available to public.
BOOKS & RECORDS
Copies of the following company documents must be kept at the registered office - The Articles of the Association, the Memorandum of Association, Certificate of Incorporation.
ANNUAL REPORTING
No annual returns need to be filed. It should be noted that penalty fees of up to 50% of the annual Government fee will be incurred if the license fee is not paid when due.
TIMESCALE FOR COMPANY REGISTRATION
The incorporation process will be finished the same or not later than the next working day after the receipt of the funds and filled forms. However, the delivery of the documents varies from 1 to 5 working days depending upon where the client is located, despite the fact that we use respectable couriers like FedEx. For example time delivery to the UK is two working days, to the US - one working day, to Australia - 4 working days. We also keep offshore shelf and vintage companies in stock available for immediate purchase.
RESTRICTIONS ON NAME AND ACTIVITY OF AN IBC
Names must end with one of the following words, or abbreviations thereof: Limited, Sociedad Anonima; Societe Anonyme; Corporation; Incorporated; Pty Ltd; GmbH; LLC; PLC; etc. All other used abbreviations indicating limited liability are permitted in Dominica. The following words cannot be used: Assurance; Bank; Building Society; Chamber of Commerce; Chartered; Co-operative; Imperial; Insurance; Municipal; Royal; National and Dominica. In addition, names must not suggest a connection with any branch of the Government, a political party or professional association.
LOCAL REQUIREMENTS FOR AN IBC
As a matter of local company law, an offshore company MUST maintain a registered office within Dominica and must also appoint a Dominican resident as the registered agent. We provide all these services.
SECRECY
Section 112 of the International Business Companies Act 1996 makes it an offence punishable by a fine of US$25,000.00 and imprisonment for two years for any officer, auditor or official liquidator to reveal any information regarding the company except by an order of the Court on an application by the Attorney General relating solely to activities which are criminal under the laws of Dominica.
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Virgin Island/ Dominica / Seychelles/
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