Dominican Republic is an independent country located on the island of Hispaniola in the Caribbean region. Dominican Republic shares the island with another sovereign state, Haiti. Dominican Republic is the largest economy not only in the Caribbean region but also in Central America. As part of an island, Dominican Republic has an important place among offshore jurisdictions. The country favors the establishment of offshore company formation and many foreign investors take advantage of this opportunity.
Providing lucrative benefits and advantages is the reason that many IBCs have already been established in the Dominican Republic and it is expected that more will be established in future. Following are the main advantages available for offshore companies that attract foreign investors towards this Caribbean country.
- There are no taxes applied on Dominican Republic IBCs. These offshore companies are only allowed to earn income from outside country which is not taxable
- Minimum two shareholders and one director are required to setup IBC in Dominican Republic. The position of director can be taken by a shareholder
- Both shareholders and directors can be of any nationality and can also reside in any country. Apart from that, shareholders and directors can be an individual or a corporate entity
- There is no need to appoint company secretary
- Minimum authorized capital is $2,300 while minimum paid up share capital is just $1
- Audits are not required but verification of income from outside country is necessary by filing annual financial statement
- Annual meetings of shareholders are compulsory but these meetings can be held anywhere in the world
- The IBC formation process is bit lengthy that can take a month. But this period can be shortened by using the facility of shelf companies in Dominican Republic
Though, Dominican Republic is not as famous as few of other offshore jurisdictions, but it provides lucrative benefits to foreign investors. Due to these advantages and opportunities in Dominican Republic, there are several offshore companies already operating and their numbers are increasing continuously with the passage of time. If you are willing to setup your offshore company in a safe location, then Dominican Republic is a place where you should think about seriously.
Apart from the above mentioned advantages, the Dominican Republic IBCs also get several more benefits. Opening offshore company in Dominican Republic can prove beneficial for foreign investors as compared to several other locations that are not internationally recognized. If you want further inquiry and assistance regarding offshore company formation in Dominican Republic, then you can contact DOCS Consultancy via our landline # 971-4-5586339.