Dominica

Key benefits

Dominica, officially known as the Commonwealth of Dominica, is located in the Lesser Antilles region of the Caribbean. Formally a British colony Dominica’s official language is English and the legal system in the Commonwealth of Dominica is based upon English Common Law.

Dominica is an excellent offshore jurisdiction with a progressive legal framework that ensures that Dominica’s offshore sector is well developed and regulated.

Key benefits of Dominica:

  • Lifetime tax-exempt status of an IBC – The government of Dominica guarantees 20 years of tax exemption for an IBC.
  • High degree of confidentiality / privacy – It is an offence to reveal any information regarding a Dominica corporation, except by a court order solely relating to criminal activities. The punishment for this is a fine of 25,000 USD and two years’ imprisonment for anyone (including an auditor or liquidator) who reveals information. In addition there is no public register of directors, shareholders or beneficial owners therefore preserving client confidentiality.
  • No Annual Reporting required – no requirement to file annual reports or financial statements.

Tax and accounting regulations

Summary of Requirements for a Dominica IBC

General Information
Type of CompanyNon-resident International Business Company (IBC)
Timescale to incorporate2 working days
Corporate TaxationNil
Double Tax Treaty Access:No therefore no requirement for exchange of information with other Tax Authorities.
Directors
Minimum No. Required1, Corporate Directors are permitted
Local Director RequiredNo
Publicly accessible informationNo
Location of MeetingsAnywhere
Shareholders
Minimum No. Required1, 100% foreign shareholders allowed
Publicly accessible informationNo
Location of MeetingsAnywhere
Company Secretary
RequiredNo
Local Secretary RequiredN/A
Registered Office / Agent RequiredYes
Share Capital
Standard CurrencyUSD
Standard AuthorisedUSD 50,000
Minimum Paid Up CapitalNo minimum authorised share capital. No minimum paid up capital.
Accounting & Compliance
Requirements to prepare AccountsNo
Requirement for AuditNo
Local Auditor RequiredN/A
Requirement to File AccountsNo
Requirement to file Annual ReturnNo
Additional Information
Bank Account OpeningService Pro can open a bank account in Cyprus for a Nevis Company without presence. We can also offer bank accounts in a number of other jurisdictions, please contact us for information.

 

Procedure of company registration

Company formation in Dominica is very straightforward. Service Pro require the following to proceed:

  • A completed Company Registration Application Form
  • A copy of the passport of the Beneficial Owner, Director and Shareholder
  • A recent utility bill (under 3 months old) for the Beneficial Owner, Director and Shareholder

Shelf Companies

Shelf companies are ready made companies whose primary purpose is to bypass the lengthy registration or incorporation process that can be required when forming a business.

Certain jurisdictions may take from 3 business days up to 3 weeks for the whole incorporation process to be completed. Shelf companies can be up and running within 4 business days. In some cases banks, government projects and investors will not provide credit ratings, projects or be interested to invest in newly formed companies. This is where shelf companies offer invaluable creditworthiness as they are able to show company history.

Benefits of a shelf company include:

  • Saving time involved in taking the steps to create a new company (such as filing corporate documentation).
  • Shelf companies gain the opportunity to bid on contracts. Some jurisdictions require that a company has been trading for a certain length of time to have this ability.
  • To show that the company has been up and running for some time in order to attract consumers or investors.
  • Shelf companies can gain access to corporate credit.
  • Clients generally trust companies that have been trading for a number of years.
  • Usually, the older the company, the higher it's standing in the business community.
  • Opening a bank account for a shelf company is generally a faster process.