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Offshore Tax Haven - Dominica: International Business Companies

Dominica ranks a high position among best offshore tax havens due to its incontestable advantages.

Progressive legislative system of offshore jurisdiction:

Dominica's law is based on British common law and contains human rights and freedom, which guarantee the future political stability of the nation.
The main type of company, which is registered in Dominica to facilitate international trade and investment activities, is the international business company or "IBC", also called "offshore company".

Dominica's off-shores activity is regulated by The International Business Companies Act of June 26, 1996 which guarantees complete tax exemption, privacy, flexibility of company's structure and fast registration.

Taxes and payments for offshore company maintenance:

All locally formed offshore companies are absolutely exempt from taxes.
Dominica didn't sign any agreements on avoidance of double taxation with other countries, so there is no data exchange between state bodies of Dominica and tax authorities of other countries.
To run the off-shore company, it is necessary to pay a small government duty or fee. It must be paid on the day of the company's registration. Its amount doesn't depend on the authorized capital. If the payment is paid not in time, the company is required to pay an additional amount. The amount depends on the term of delay of payment.

Annual accounts:

There is no requirement to give any accounts or to make annual audit of the company.
Registered agent must keep copies of the following documents: Memorandum and Articles of Association, Certificate of Incorporation and copy of Register of Directors.

Privacy:

Only registrar keeps the data on real owners of the off-shore company. This information is not shown at any public report.
Data on share holders and directors is not entered to the open list. The services of nominal director and/or share holder are allowed (we provide such services).
The International Business Companies Act (Article 112) provides penalty of imprisonment for two years and fine of 25000 US dollars if any information about the company is disclosed by any clerk (auditor or official registrar). Information about off-shore Company can be provided only by the legal decision of Dominica's court and only in cases, when the Company's activity is penal action according to Dominica's law.

Structure of the Company:

To register the Company in Dominica it is necessary to have minimum one Director and one share holder, who can be the same legal or natural person, resident of any country and nationality.
Director needs not be the owner of the company.
Nominal Directors and Nominal Share Holders are allowed (at your request we can grant these services).
There is no requirement to have a local secretary.
Share holders' meeting, should it be necessary, can take place in any part of the world. The share holder may take part either personally or by phone or other means of remote communication.

Authorized capital and offshore company shares:

There are no requirements as to the sum of the authorized capital and terms of its payment. It is quite enough to declare a nominal amount when registering. The amount of authorized capital has no influence on the registration and annual duties.

Shares can be issued in the following ways:

with declaration of face-value or without declaration of face-value,
nominal shares or shares payable to bearer (the original of these shares must be kept in Dominica),
in any hard currency.

Shares are paid in cash or by the transfer of other assets or by the provision of services.
To open the offshore company it is enough to issue only one share.

Company's documents:

Since 2003, Dominica has been a member of The Hague Convention of 1961 and all the registration documents can be duly certified by Apostille.
It is allowed to make out the constitutive documents at any language (they must be translated into English).

Requirements of companies registered in the offshore tax haven of Dominica. It's necessary to have a registered office in Dominica and local registered agent (we offer these services).

Company's name:

The name of the offshore company must end with the following words, phrases or abbreviations, which shows the status of the stock-company: "Corporation", "Corp.", "Incorporated", "Inc.", "Limited", "Ltd.", "S.A.".

It is not allowed to use the following abbreviations, words or phrases, which can be associated with the Government of Dominica - "Government", "Gov't", "National", "Royal", "Republic", "Commonwealth", "Dominica", etc., and also it is not allowed to use the following words without special permission or license - Assurance, Bank, Building Society, Chamber of Commerce, Foundation, Trust, etc.

Limitation of offshore company activities:

There are no limitations on the exercise of any legal trade or investment activity outside Dominica, except activities, which require special license by the law, for example, permission to exercise bank, trust or insurance services.
Generally, Dominica offshore companies have no to do business or own property in Dominica.

Time of offshore company registration:

Offshore tax haven Dominica offers the fastest registration of companies. It takes only 24 hours to prepare all the documents and register a company with the Registrar of Companies of Dominica.

How to register a company in offshore tax haven Dominica?

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