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The Commonwealth of Dominica

Dominica, officially the Commonwealth of Dominica, is an island nation in the Caribbean Sea, formerly a Crown colony under the United Kingdom. In 1978, Dominica became independent and  now the country is a member of the United Nations, a member of the Commonwealth of Nations and a member of the Caribbean Community. The legal system is modeled on the Common Law of England.

Official language — English.
Currency — East Caribbean dollar (ЕС$).
Main sources of Dominica income — tourism service and offshore companies. 
Main act of legislation for registration of an international company in Dominica - The International Business Companies Act, 1996. Additional important acts: The Offshore Banking Act, The Exempt Insurance Act, 1997 and The International Exempt Trust Act.

Necessary information you need to know planning to register a company in Dominica:

Registered type of company — International Business Company (IBC).
Company's name – can be written in any language, but must end with the following words or abbreviations: «Limited», «Corporation», «Incorporated», «Societe Anonyme», «Sociedad Anonima» or «Ltd.», «Corp.», «Inc.», «S.A.».
Company's documents – it is allowed to make out the constitutive documents at any language, but the translation into English language is obligatory.  
Registered address / Agent — company must have a registered address in Dominica and a local registered Agent. The Agent presents a company to all state departments.
Minimum number of directors and shareholders allowed — one. It can be either a natural person of any nationality and residence or a legal entity.
Information about directors and shareholders — closed for public access, likewise the data on shareholders and directors is not entered to the open list.
Authorized capital — minimum allowed sum of authorized capital is 100 $ or the equivalent amount in another currency. There is no restriction on the maximum amount or terms of its payment. The amount of authorized capital does not influence the registration fee for a new company and annual duty. Most companies are registered with the authorized capital of 10,000 $ (1,000 shares of par value 10 $ each).
Shares – any number of shares of different classes and series can be issued. Directors may issue shares in hard currency, privileged shares, and shares with or without the right of voting. Registered and bearer shares can be exchanged for each other. Shares can be paid in cash or by the transfer of other assets or by the provision of services. It is enough to issue at least one share to open a company. Minimum number of shares allowed - one share at par value or one share of no value.
Limitation of offshore company activities - companies are neither allowed to do any onshore business nor to have property in Dominica. Special licences are needed to run banking, insurance and trust services.
Accountancy — company must keep its financial statements but there is no requirement to give any account or perform annual audit of the company.
Taxation — a company is exempted from any kind of taxation and must pay only fixed annual state fee. This rule also applies to all dividends, interests, rent, royalty, reward, increase of capital, and any other company's profits.

Advantages of Dominica comparing with other offshore countries:

  • Dominica is neither included into the “black list” of the Central Bank of the Russian Federation nor the “black lists” of most countries of the Commonwealth of Independent States. The “black list” of the Russian Federation includes the Dominican Republic, but Dominica has nothing common with this country.  
  • Registration of a new company in Dominica takes only several hours. 
  • According to the Article 112 of the International Business Companies Act, 1996, there is fine and penalty of imprisonment for two years if any information about the company is disclosed by any clerk, auditor or official registrar. Information about offshore 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.
  • There are no signed 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.
  • Share capital can be paid in any currency.
  • Guarantee of tax exemption for the period of 20 years.
  • Possibility of receiving tax exempt profit on bank deposits in Dominica banks. 
  • Offshore company is allowed to own or to run a ship or a boat registered in Dominica, to protect this vessel from any possible suits and claims. The purpose of this registration is to confirm the right of ownership.
  • Many real owners do not want to disclose their real names that is why most yachts and vessels are owned by corporations, not by natural persons.
  • There is a possibility of registration of the bank's head office with preferential terms. The process of registration of the bank (including receipt of a special bank license) takes no more than two months. Dominica has very low requirements for the sum of minimum size of authorized capital – 1 million $. Offshore bank of Dominica may do all kinds of legal bank operations with any foreign companies and natural persons including the companies registered in Dominica. At the same time offshore bank does not pay any taxes except annual fee for bank license.
  • There is a possibility of registration of the insurance company with preferential terms. It is necessary to receive insurance license.
  • Dominica supports the program «Citizenship in exchange for investments” and offers the easiest way in the world to receive legal citizenship and passport (the validation period of passport in Dominica is 10 years, then the owner of passport changes it for a new one). The main advantage of this program in comparison with the programs presented by other countries is a little amount of necessary investment. The citizenship of Dominica allows entering more than 100 countries including Great Britain, Liechtenstein, South Korea, Hong Kong, Singapore, and Switzerland. It takes only one day to receive a Schengen visa. The Government of Dominica does not provide any information about the present place of your stay and your second (third, etc.) citizenship to the authorities of your country. It is much easier to receive a stay permit or a permanent residence in the third country if you are a citizen of Dominica. For a family (without children, with one or two children aged up to 18)  the amount of necessary investment to apply for Dominica citizenship is 100,000 $. The sum of such investment for an individual person is 75,000 $.