Background

 

The island sits midway along the Eastern Caribbean archipelago, just a few miles from Martinique to the south and Guadeloupe to the north. Its official name is the Commonwealth of Dominica, which is mostly referenced in official communiqués and to distinguish the island from its northerly Caribbean sister, the Dominican Republic.

Dominica was first discovered by the Spanish, then colonized by the French and British before finally obtaining independence in 1978. Dominica has been nicknamed the “Nature Isle of the Caribbean” for its unspoiled natural beauty. Rivers, lakes, streams, and waterfalls abound, fed by the island’s high annual rainfall. Its volcanic physique points to extensive geothermal activity – even underwater. The Morne Trois Pitons National Park was the first UNESCO World Heritage Site in the eastern Caribbean.

IBC Formation

International companies who choose to base out of Dominica enjoy advantages including tax exemptions, capital and structural flexibility, and member confidentiality.

The Dominica International Business Companies Act passed in 1996 was aimed at creating a competitive environment for companies looking for an offshore jurisdiction to base their operations.

Since the Act’s initial adoption in 1996, progressive amendments have been passed to further enhance the nation’s attractiveness and viability to prospective entrepreneurs.

Some of the features an IBC based in Dominica can expect include:

INTERNATIONAL BUSINESS COMPANY TAXATION
Offshore companies formed in Dominica enjoy total exemption from local taxes including:
• Income and capital gains taxes
• Withholding taxes
• Transfer taxes
• Stamp duties

IBC CAPITAL
• No minimum paid up share capital
• Capital may be denominated in any currency
• Capital may be denominated in different currencies

IBC SHARES
• A minimum of one share may be issued
• Shares may be issued with or without par value
• Shares may be denominated in any currency
• Shares may be acquired, re-issued or purchased

IBC DIRECTORS & SHAREHOLDERS
• A minimum of one shareholder and one director is required
• Shareholders/directors may be individuals or corporations
• No annual general meeting of shareholders is required
• Shareholders/directors need not reside in Dominica
• No business license is required
• Shareholders/directors meetings are optional
• Meetings may take place outside Dominica

MOBILITY/CONFIDENTIALITY

  • Re-domiciliation is permitted either into or from Dominica
    • IBC assets may be transferred to Trustees either within or outside Dominica
    • Maximum confidentiality is assured by Dominican law

ADMINISTRATION AND REGISTRATION

  • A Dominica IBC can be created within 24-48 hours after an application to the Dominca Maritime         Registry is submitted.
    • No annual returns must be filed or published

CORPORATE NAME

  • Any company that registers as an IBC in Dominica must contain the phrase Limited (Ltd), Sociedad Anonima (S.A.), Corporation (Corp.) or Incorporation (Inc.) as a suffix to its name.
    • No company forming in Dominica shall ever contain the words “Dominica” “royal” “national”
    “chamber of commerce” or any other word that may be construed as having any connection to the
    Dominican Government or its activities.
    • No company can use a name that already exists as a registered Dominica IBC.

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