There are over 70 jurisdictions and territories in the world providing for tax-free regime to offshore and/or non-resident companies. All of them have a comprehensive range of services and benefits for international business. It may appear difficult indeed to choose the best one for you.
You may consider all and every jurisdiction trying on your particular situation to each one and spend a lot of time with no satisfactory results. Instead, sometimes it happens that just one look at the jurisdiction’s profile makes you sure it’s good for you. We wish to make your decisions easier. Being closely familiar with many jurisdictions, here we speak about advantages of Dominica or the Commonwealth of Dominica (its legal name, do not confuse with the Spanish speaking Dominican Republic).
Dominica – One of the Best Offshore Tax Havens
Dominica is a decent country by itself, politically and economically stable, with the Common law based legislation and English as official and main spoken language. A uniquely green Caribbean resort with good geographical location, you can easily travel there combining business and pleasure.
You don’t need to travel to Dominica though to enjoy the benefits of its offshore services sector. Everything can be done remotely with assistance of your local licensed registered agent.
Incorporation and operation of Dominica International Business Companies (“IBC”) are governed by the International Business Companies (IBC) Act 1996 (“IBC Act”) providing for the following features and advantages:
- Lifetime tax-exempt status of an IBC. Whatever happens to the existing company law, the Government of Dominica guarantees 20 years of tax exemption for an International Business Company (IBC).
- No annual reporting. There are no obligations to file annual reports, financial statements or sworn income declarations in Dominica. You are to keep books and records of the company in order for a case of necessity.
- Fixed annual renewal fees. To keep in good legal status the company is to pay flat rate fees annually on the anniversary date.
- Multiple types of activities. The company may undertake any legal business activity in any part of the world, except for in Dominica or with its residents, and excluding acting as a bank institution or insurance company. No currency control.
- Directors and shareholders names are not being lodged with the Registry and thus they are closed to public. One or more persons can setup a company. Same persons can be the directors. Minimum number of directors is one. Directors and shareholders can be individuals and/or corporate bodies of any nationality and domicile, including Dominica. Secretary is not required by law.
- Meeting of shareholders and directors can be conducted anywhere, including in Dominica, both in person and by any available electronic means of communication.
- No limitations to its share capital value and no requirements to the paid up capital to start business. Share capital can be set in any recognizable currency. Incorporation and annual fees do not depend on the value of the authorized share capital.
- Bearer and non par value shares are allowed. However, you should be aware that bearer shares must be held by an approved custodian on the territory of Dominica.
- Time of incorporation is merely 24 hours. Shelf companies are available.
- Dominica recognizes re-domiciliation and continuation under different jurisdiction. You can re-domicile your existing company to continue under International Business Companies Act of Dominica, or change domicile of your Dominica IBC to another jurisdiction at any time.
- Apostille is permitted. Dominica joined the Hague convention abolishing legalization for foreign public documents and legalizes documents by Apostille. That makes international business paperwork much easier.
- Costs of incorporation seem rather attractive, comparing the quality of service and prices for same services in other jurisdictions.
Offshore Advisor gives you an opportunity to incorporate in Dominica for only $890. This is a unique package for starting a legitimate international business company with a bank account. The total price for services included in the package is even $150 lower than our regular first-hand fees, when ordering separately. If you’re looking for an offshore company, this offer is definitely worth looking into – read more.
Multiple uses of Dominica IBC
Due to its very flexible regulation of non-resident (IBC) companies, Dominica can easily fit most of business cases. Here is the vast list of situations and ways you can use your Dominica offshore company, including but not limited to:
- offshore banking for saving, investing or trading purposes;
- protection of asset and family wealth; simplification of probate procedures;
- international trade, marketing and distribution;
- intermediary company as an instrument to receive and deliver loans in cash or commissions for products and services;
- transportation services;
- forex and stock trading;
- e-commerce, Internet trading;
- online casino and other gaming providing you obtained the necessary Internet gaming license;
- ship management and maritime operations; owning of yacht & vessels; international lease of aircraft, vehicles, machinery, vessels and others;
- foreign and home investments; holding of title to any property (apartments, lots, houses or other movable or immovable asset, intellectual property (copyright, royalty, patent, know-how, trademark), shares of subsidiaries in other companies including high tax jurisdictions;
- professional service company;
- employment of overseas stuff;
- other financial or commercial activities.
Additionally to International Business Companies, Dominica allows for registration of:
- exempt insurance companies under Exempt Insurance Act 1997, Act 14 of 1997;
- international exempt trusts under International Exempt Trust Act 1997, Act 10 of 1997;
- offshore banks under Offshore Banking Act, 1996, Act 8 of 1996.
Considering all above said, Dominica definitely merits your attention as a jurisdiction of your international business enterprise. Contact us for more details.