Country’s geography & information in brief: The Commonwealth of Dominica, better known as Dominica (which is different from the Dominica Republic) is an English speaking former British Colony, now a Constitutional Independent Democracy (1978), is located in the Eastern Caribbean. National currency – East carribean Dollars.
Entity type: International Business Company (IBC)
Directors: Dominica IBC requires a minimum of one director and corporate directors are permitted. Details of the directors do not appear on the public file. There is no requirement to have resident directors..
Shareholders: A minimum of one shareholder is required which may be an individual or a body corporate. The details of company beneficial owners and shareholders are not part of the public records. Shareholders may reissue and reacquire their own shares..
Secretary: Dominica companies must maintain a registered office and registered agent who may be corporate body or individual resident in Dominica. Copies of the Articles of Association, Memorandum of Association, and Certificate of Incorporation must be kept at the Registered Office. A copy of the Register of Directors must also be kept at the Registered Office of the IBC. The Register is not available to the public.
Authorized capital: There is no specific minimum capital requirement. The standard authorized share capital is US$ 100,000. The minimum issued capital may be one share of no par value or one share of par value. Issued shares must be fully paid. Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights are permitted.
Names’ restrictions: The name of a Dominica Offshore Company must end with a word or phrase or the abbreviation thereof which indicates Limited Liability. Examples are “Limited”, “Ltd.”, “Corporation”, “Corp.”, “Société Anonyme”, and “S.A.”.
The name of a Dominica Offshore Company shall not use a word or phrase which may suggest the patronage of Government such as “Government”, “Govt”, “National”, “Royal”, “Republic”, “Commonwealth” or “Dominica”.
The name of an IBC may not end with a word, a phrase or an abbreviation thereof such as Bank, Assurance, Building Society, Chamber of Commerce, Foundation, Trust etc., without special permission or license.
Information about the beneficiary: The IBC Act under Section 112 makes it an offence punishable by a fine of US $25,000.00 and imprisonment for two years for anyone including an auditor or official liquidator to reveal any information regarding a Dominica corporation, except by order of the Court, and solely relating to criminal activities.
The information on the Beneficial Owners is kept at the Registered Office and not available to the public.
Audit & financial reports: Whilst there is no requirement to file audited accounts or annual returns with the authorities, a company is required to keep financial records, which should reflect the financial position of a company.
Taxation: Law provides minimum twenty (20) years Tax Exemption for offshore companies beginning from the day of incorporation