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Jurisdictions: Dominica
Basic information about the jurisdiction of Dominica
The Commonwealth of Dominica is an independent republic located on the island in the Caribbean. The country has beautiful nature (this is where many feature films are shot, in particular, the popular Pirates of the Caribbean).
- Area - 751 square km
- Population - 72.000 inhabitants
- Political status - Republic
- Capital - Roseau
- The official language is English
- Official currency - Caribbean dollar (XCD)
- Time zone - GMT – 4
Legislative power in the country is represented by the parliament; the head of the state is the president. In 1805, the island became a colony of Great Britain, and in 1978 it gained independence.
The main income of the jurisdiction is the tourist and financial / offshore sector.
Acting in Dominica since 1996, the International Business Companies Act 1996, establishes a complete exemption of companies from taxation.
It is important to note that the English-speaking Dominica (Commonwealth of Dominica) has nothing to do with the Republic of Dominica, also located in the Caribbean, which is a Spanish-speaking country with a significantly larger area and population.
Type of Company | International Business Company (IBC) |
|---|---|
Company directors | Quantity: minimum - 1. Status: natural or legal persons. Residence: may be residents of any country. Information about the directors: stored with the registered agent. Nominee directors: allowed. |
Shareholders of the company | Quantity: minimum - 1. Status: natural or legal persons. Residence: may be residents of any country. Information about shareholders: stored with the registered agent. Nominee shareholders: allowed. |
Company secretary | There are no requirements for the position of secretary. |
Share capital of the company | Standard declared capital - 5.000 USD. There are no requirements for payment of this capital or part thereof. |
Company name | It must end with the word '' Incorporated '', '' Corporation '', '' Limited '', or the abbreviation '' Inc. '', '' Corp. '', '' Ltd. '', '' S.A ' '. Without obtaining the appropriate licenses, registration of names containing the words '' Bank '', '' Insurance '', '' Trust '', '' Assurance '', '' Imperial '', '' Royal '', etc. will not be allowed. |
Company Owner Information | Information about the owner of the company is provided only to the registered agent and is confidential. |
Submission of the annual return | There are no requirements for submitting an annual return. |
Submission of the financial statement | There are no requirements for submitting a financial statement. |
Taxation | Taxation of IBC companies - 0%. |
Treaties on avoiding dual taxation | Since IBC companies are not Dominica residents (taxpayers), they do not fall under the interstate treaties concluded by this country. |
Is the jurisdiction included in «Black lists» | Belarus: no Latvia: yes Russia: yes Ukraine: yes Kazakhstan: yes |
Period of company registration | 4-5 working days; the term of receipt of the full package of documents is 4-5 weeks. |
“Ready – made” companies | Buying '' Ready-made '' companies is possible. '' Ready-made '' companies are usually available. |
Jurisdiction of Commonwealth of Dominica has a good infrastructure and optimal legislation for International Business Companies. Therefore, if the entrepreneur gives priority to working with an offshore company from less frequently used jurisdiction, then Dominica is undoubtedly one of the recommended options.
* This information is informative, its use in practice requires additional advice on your individual business situation.