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Dominica

Main corporate features
General
Type of Company IBC
Type of Law Common
Shelf Company Availability Yes
Company Registration Period 2 days
Corporate Taxation Nil
Double Taxation Treaty Access No
Automatic Information Exchange Agreement No
Share capital 
Standard Currency US$
Permitted Currencies Any
Minimum Paid-Up Capital US$100
Bearer Shares Yes
Directors
Minimum Number One
Residency Requirement No
Publicly Aсcessible Records No
Board of Directors’ Meeting Location Anywhere
Shareholders
Minimum Number One
Residency Requirement No
Publicly Aсcessible Records No
Place of holding of Meetings of Shareholders Anywhere
Company Secretary
Secretary Appointment  No
Keeping of records
Preparation Requirements No
Annual Return  No
Audit Requirements No
Account Filing Requirements No
Publicly Accessible Accounts No
Recurring Government Costs
Incorporation Fee (regardless of share capital size) US$100
Annual Fee (regardless of share capital size) US$100

 

Corporate Legislation 

The modern legislative system is based on IBC Act of 1996 (as amended). As per the law provision an offshore company (IBC) registered in Dominica can be engaged in any business activity worldwide. 

Type of Company used for  International Business and Investments
IBC - Company of the International Business.

Business Activities  
Any activity allowed by IBC Act, 1996 (as amended), except for banking, insurance and trust activity.

Obligatory Requirements to Offshore Company
IBC should have a Registered Office and Registered Agent in the Dominica and cannot conduct business operation on the territory of Dominica.

Taxation 
The offshore company is exempted from taxes on 100%.

Authorized Share Capital 
There is no requirements to the size of authorized share capital.
Standard Authorized Share Capital is 1,000 USD divided into 1,000 shares of 1 USD each .
There is no requirement for payment of share capital.

Bearer Shares
Yes.

No par value Shares
Yes.

Shareholders and Directors
The minimum number of Shareholders - one (physical or legal person). 
The minimum number of Directors - one (physical or legal person). 
There is no requirment to the nationality and residence. One and the same person can be director and shareholder.

Company Secretary 
The secretary in not required by law. It is optional. 

Provision of Fiduciary Services 
Yes.

Disclosure of Information on the Beneficial Owner and Bank Operations
Information is not available to the third parties. 

Shareholders/Directors Meetings
Meetings of shareholders and directors can be carried out worldwide.

Filing of Annual Accounts 
No. However for all companies there is an obligatory requirement to maintain the internal accounting records reflecting a financial position of the organization.

Keeping of Documents of the Company
The place of keeping of operational documentation (resolution, minutes of meeting etc.) of the company is up to the decision of the directors.
The exceptions are registers of directors and shareholders, share certificates and minutes of the first meetings and Directors' appointment which are kept at the legal address of the company (registered address).

Registration Time Frame 
IBC can be registered within 1-2 working days.

Shelf Company availability 
Available.

Redomiciliation 
It is possible "to import" foreign IBC to jurisdiction of Dominica and also Dominica offshore company can be "exported" to other offshore jurisdictions.

 

General Information

The Commonwealth of Dominica is located on a small island in the Caribbean Sea, not far from Martinique and Guadeloupe. This English-speaking used to be a British colony. Today, it is part of the British Commonwealth of Nations and is a member of the Caribbean Community (CARICOM). Traditionally, Dominica's economy is based on agriculture, particularly banana export to the UK under the preferential arrangement, which gradually began to feel the pressure from the GATT, and now from the WTO, so the government of Dominica has decided to focus on other spheres, such as the offshore services sector.
Dominican offshore companies can conduct any business and investment activities and they are completely tax-exempt. 

 

 

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